Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar, Portugal to boost trade  Join our daily free Newsletter

MENAFN - The Peninsula - 08/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - The Peninsula) The visiting Deputy Prime Minister of Portugal, Paulo de Sacadura Cabral Portas and Qatar's Minister of Economy and Commerce,

H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani, both expressed their keen interest to expand areas of mutual cooperation to further deepen economic ties to enhance volume of bilateral trade and investments.

Both sides yesterday admitted that the current volume of bilateral trade is "below ambition" and a there are "huge untapped opportunities" of trade and investments between the two nations, which can help enhance the trade volume for mutual benefits.

The Deputy PM and the Qatar's Minister of Trade and Commerce co-headed the First Session of 'Qatar-Portuguese Joint Commission on Economic, Commercial & Technical Cooperation'.

The volume of bilateral trade in 2013 stood at QR676m, which, according to both the leaders, was low and have great scope for growth.

Portas said that since the signing of the agreement in 2011, Portugal's exports to Qatar increased by 13 percent, while its imports from the energy-rich Gulf state soared by approximately 100 percent.

Sheikh Ahmed added: "Bilateral trade between the two countries is below our ambition. This shows the need to enhance the trade volume by deepening mutual cooperation through expanding and exploring more opportunities of trade and investments."

He said that industry chambers from both the countries can play significant role in increasing bilateral trade, especially by facilitating private investments.

At the meeting, Qatar sought Portugal's support at the World Trade Organisation for an initiative for which Qatar is striving to declare liquefied natural gas (LNG) and its derivatives as environment-friendly products.

The Minister said that it is a "good opportunity" for both the countries to strengthen economic relations for mutual interests.

He said the private sector companies from Portugal will be extended all needful support and facilities from the Qatari side to take part in Qatar's efforts to transform and diversify its hydrocarbon-based economy into a knowledge-based society in line with National Vision 2030, an ambitious goal set to achieve sustainable growth and developed.

Sheikh Ahmed, inviting Portuguese investment in Qatar, said: "Foreign capital can own up to 49 percent stake in a business entity in Qatar, however, with approval from concerned authorities, some priority sectors can have 100 percent foreign direct investments."

The Minister also sought Portuguese investments in Qatar's agro-business industry, especially in the field of technology-intensive sectors. He said that here is a good opportunity to enhance mutual cooperation, and suggested to include and focus on important sectors such as infrastructure, banking, energy, agriculture, education, tourism, culture and arts in future Sessions of the Joint Commission.

The Qatar-Portuguese Joint Commission Session was outcome of the cooperation agreement singed between the two states on March 7, 2011. Seeking Qatari investments in the cash-strapped Portugal economy, the Deputy PM, said: "Since the signing of the agreement two years ago, Portugal economy has made significant improvements and managed to bring some tangible development in different areas, including reduction in (sovereign) debt, unemployment and trade deficit."

Speaking about the first meeting of the Commission, Portas said: "Both the countries have huge potential to expand mutual cooperation. This meeting will activate the process of the implementation of economic agreements signed between the two nations. We also intend to form Joint Committees to further deepen economic ties."

He noted that the objective is not only to increase trade exchange between the two sides, but to support a vibrant economic and trade relations in all its forms.

 


The Peninsula




  MENA News Headlines
 Oct 20 2014 - Saudi stocks buck trend with healthy gainsArab News
(MENAFN - Arab News) Saudi Arabia's benchmark Tadawul All-Share Index bucked the three-day prevailing downward trend and logged a sharp gain of 2.39 percent on Sunday.The index opened with a largely ...

 Oct 20 2014 - Saudi- NCB pledges conversion to Islamic bank after pressure from scholarsArab News
(MENAFN - Arab News) RIYADH: National Commercial Bank (NCB) has responded to criticism of its operations from Islamic scholars by pledging to convert itself into a full-fledged Islamic bank within ...

 Oct 20 2014 - HE Prime Minister Inaugurates Milipol Qatar 2014Qatar News Agency
(MENAFN - QNA) Under the auspices of HH the Emir Sheikh Tamim bin Hamad Al-Thani, HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani inaugurated the 10th ...

 Oct 20 2014 - HE Prime Minister Meets Commander of Turkey's Aegean ArmyQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Monday with Commander of Aegean Army General Abdullah Atay and ...

 Oct 20 2014 - HE Prime Minister Meets Iran's Police ChiefQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Monday with Chief of Iran's National Police Forces Commander Ismael Ahmadi and the ...

 Oct 20 2014 - Israeli Forces Arrest Four Palestinians from Bethlehem and HebronQatar News Agency
(MENAFN - QNA) Israeli forces arrested early Monday four Palestinians from Bethlehem and Hebron districts, said security sources. Large Israeli troops raided the town of Taqou‘ to the east of ...

 Oct 20 2014 - 20 million to vacation abroad by 2030Arab News
(MENAFN - Arab News) The number of Saudi vacationers spending their holidays abroad will increase sixfold by 2030 a local study revealed.The study carried out by a company specializing in travel ...

 Oct 20 2014 - Student's death in US: Cousin reveals detailsArab News
(MENAFN - Arab News) Several relatives of Abdullah Alkadi the Saudi scholarship student in the US whose body was found late on Thursday more than a month after he went missing are flying to Los ...

 Oct 20 2014 - King orders free treatment for people with special needsArab News
(MENAFN - Arab News) Custodian of the Two Holy Mosques King Abdullah has instructed the Ministry of Social Affairs to pay the treatment costs of people with disabilities at rehabilitation centers. ...

 Oct 20 2014 - S. Korea's Int'l Airline Traffic Grows 9.12 in Q3Qatar News Agency
(MENAFN - Qatar News Agency) Seoul October 20 (QNA) - South Korea's international airline traffic rose 9.1% from a year earlier in the third quarter partly on a rise in the number of flights to and ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help