(MENAFN- The Peninsula) QNA
Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani discussed aspects of mutual cooperation in the economic, trade and investment fields as well as means to develop them, during a working lunch with Executive Director of the US-Qatari Business Council Mohammed Barakat and the President of the American Chamber of Commerce.
The working lunch, which was held on the sidelines of the 72nd session of the United Nations General Assembly in New York, was attended by members of the US-Qatari Business Council and members of the US Chamber of Commerce, said the Ministry of Economy and Commerce in a statement yesterday, adding that parties discussed and exchanged views on issues of mutual interest.
Following the gathering, the Ministry of Economy and Commerce and the US-Qatari Business Council signed a letter of intent to promote and increase opportunities for cooperation in economic, trade and investment fields.
The importance of signing the letter of intent stems from activating the role of this council, increasing investments in Qatar and the US, increasing the number of the council's members, providing assistance to US companies wishing to do business or actually doing business in Qatar and Qatari companies wishing to do business or do business in the US, supporting entrepreneurs in Qatar and the US, facilitating the exchange of technical expertise, organising workshops between entrepreneurs in both countries and providing the latest information on the regulatory environment for investment in addition to helping the council organise meetings, forums and sectoral events.
According to the statement, the Minister of Economy and Commerce affirmed that the meeting aimed at enhancing cooperation between Qatar and the US in all fields, especially trade and investment.
The signing of the letter of intent between the two sides is an important milestone in the economic and investment cooperation between Qatar and the US, the Minister said, adding that this initiative would contribute to enhancing communication between the business sectors to establish joint projects and facilitate the necessary procedures to create investment cooperation in line with the aspirations of the leaders of both countries.
For his part, the US-Qatari Business Council Mohammed Barakat expressed the desire of US companies to broaden their existence in the Qatari market, pointing that this initiative was an opportunity to exchange information about the developments and trends in the two countries' economies and to identify investment opportunities in various economic sectors.
The volume of trade exchange between the State of Qatar and the US in 2016 amounted to QR19.2bn. The US is the sixth trading partner of Qatar. In 2016, the value of exports from Qatar to the US about QR2.5bn, while the value of Qatari imports from US reached nearly QR16.7bn.
The number of US companies operating in Qatar registered with the Ministry of Economy and Commerce has reached 102 companies, fully owned by the US side.
A visual presentation was also made by the Ministry on investment opportunities in Qatar, and incentives provided by the State to investors.
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