(MENAFN- Gulf Times) US companies are looking to Qatar to expand investment opportunities in the defence, security, and information and communications technology (ICT) industries, the head of a delegation from the State of Virginia told Gulf Times.
"Qatar offers many different opportunities in infrastructure, defence, security, and logistics, among others. It is a very interesting market for them," said John Elink-Schuurman, international trade manager at Virginia Economic Development Partnership.
He said, "In this particular trip, 80% of the companies are defence, security, and ICT-related, who, for a long time, have been doing business with the US government. Spending, particularly in the defence sector, in the US is diminishing so they are, therefore, obliged to look more carefully of opportunities outside the US."
Elink-Schuurman and his team of Virginia-based businessmen met with representatives of Qatari companies in a meeting organised by the Qatar Chamber led by QC vice chairman Mohamed bin Towar al-Kuwari at the W Hotel Doha yesterday.
Al-Kuwari said the meeting focused on establishing business partnerships and identifying key partners in the fields of information technology, energy, finance, security, logistics, defence, and ICT.
According to Elink-Schuurman, companies in Virginia range from a broad spectrum of industries "but they all understand the importance of diversifying to international markets."
"Some of the companies already have existing businesses in the GCC while for some, it is a fact-finding trip for them to gather information but they all understand the importance of building relationships," he explained.
Asked about the investment opportunities US companies could contribute to Qatar's private sector, Elink-Schuurman said, "I think they are open to pursuing a business opportunity that is a win-win situation for either a local Qatari partner and for them.
"At the end of the day, many of them are from the SME (small and medium-sized enterprises) sector but they are innovative and there's an advantage to being offered a niche product in a very competitive industry."
This was reiterated by al-Kuwari, who said the chamber's recent trip to Washington had helped bolster trade and investment opportunities for both countries.
Earlier, QC director-general Remy Rowhani told Gulf Times the chamber joined HH the Emir Sheikh Tamim bin Hamad al-Thani's state visit to the US to sign a memorandum of understanding with the American Chamber of Commerce in Washington, DC.
Rowhani said the MoU complements the more than $35bn worth of Qatari investments to be channelled into the US. He was referring to a previous announcement from HE the Minister of Finance Ali Sherif al-Emadi, who said Qatar plans to increase investments in the US over the next five years by more than $35bn.
Describing the QC's trade visit a "successful trip," al-Kuwari said the US visit had opened doors for both Qatar-US private sectors to expand investment opportunities, particularly in various mega projects in preparation for the 2022 FIFA World Cup.
Asked about the contribution of US companies to Qatar's SME sector, al-Kuwari said, "I think this is the beginning," referring to Qatar's recent trade visits to the US.
"While there are various mega projects initiated by the government, the direction seems to be headed towards more significant investments with the private sector, which would benefit both countries as the US has seen the available opportunities in Qatar and they want to be part of all of this," al-Kuwari said.
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