Quotes: 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 setor 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
 Jun 26 2016 - Saudi Arabia chooses financial planners for USD10bn bondMENAFN
(MENAFN) Saudi Arabia has picked Citigroup, HSBC and JP Morgan to arrange its new USD10 billion bond, local financial sources reported.Banks had pitched for roles on the transaction earlier this ...

 Jun 26 2016 - Dubai's new industrial vision to generate USD44bMENAFN
(MENAFN) Dubai has announced its new Industrial Strategy, which will oversee 75 initiatives to add USD44 billion to the emirate's economy.The plan has been approved by Vice President and Prime ...

 Jun 26 2016 - Turkey Anel grasps USD66m in DohaMENAFN
(MENAFN) Turkish-based Anel Mepa has won an USD66.5 million contract for the Red Line of Doha Metro scheme, a report said.In detail, the agreement includes building automation and management and ...

 Jun 26 2016 - Oman engineering college kick off solar projectMENAFN
(MENAFN) The Sultan Qaboos University (SQU) College of Engineering said it's currently working on a new solar project.In detail, the USD559 thousand project is expected to generate electricity with ...

 Jun 26 2016 - Damac awarded USD817m deals in H1MENAFN
(MENAFN) Damac Properties, a UAE firm, said it had awarded 25 construction and consultancy contracts worth USD817 million during the first half of this year.In detail, the leading luxury real estate ...

 Jun 26 2016 - Saudi, UAE say no big financial effect from BrexitMENAFN
(MENAFN) Saudi Arabia and UAE said that they did not expect remarkable effect to their financial institutions after Britain's vote to leave the European Union."Kingdom had already made some ...

 Jun 26 2016 - UAE Embassy in distributes Ramadan aid to Muslims in VietnamEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) HANOI, 26th June, 2016 (WAM) -- The UAE Embassy in Vietnam has overseen the distribution of food aid to 150 underprivileged Muslim families in the Nghia ...

 Jun 26 2016 - Qatar Petroleum announces integration of TasweeqEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DOHA, 26th June, 2016 (WAM) -- Qatar Petroleum, QP, the state owned petroleum company in Qatar, has announced the integration of Qatar International ...

 Jun 26 2016 - UAE- Ajman Chamber organises 4th diplomatic forum and discusses economic cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN, 26th June, 2016 (WAM) -- The Ajman Chamber of Commerce and Industry, ACCI, organised the 4th edition of its annual Ramadan Diplomatic Forum aimed at ...

 Jun 26 2016 - UAE Space Agency and Lockheed Martin partner to train next generation of UAE national space talentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June, 2016 (WAM) -- The UAE Space Agency has signed a Memorandum of Understanding, MoU, with Global technology leader, Lockheed Martin, to ...

more...


 





Google

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help