Guten morgan! GCC - Germany trade doubles
A free trade agreement would further push Germany-GCC business ties and encourage bilateral investments
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"Trade volumes between the GCC and Germany have more than doubled in the last decade," said Dr. R Seetharaman, Group CEO of Doha Bank, on the sidelines of the upcoming Business and Investment in Qatar Forum scheduled to take place in Berlin this week.
In a press release, Dr. Seetharaman highlighted the bilateral developments between GCC and Germany. "In 2010 the trade was worth €16.98 billion placing GCC amongst the leading export markets for German products. In 2010, Germany was Saudi Arabia's third largest trading partner with exports to Saudi Arabia totaling €5.7 billion. The UAE was the largest buyer of German products in the Arab world, importing €7.5billion. German exports to GCC mainly comprise of automobiles, machinery, industrial equipments and electrical equipments. GCC exports to Germany include petrochemical and hydro chemical products. A free trade agreement would further push Germany-GCC business ties and encourage bilateral investments. German companies are very interested in the areas of healthcare, infrastructure and construction in Saudi Arabia apart from petrochemical sector," he said.
"The GCC sovereign invests in German companies. Kuwait has been a major shareholder of Daimler, and Qatar recently became shareholder in the German automotive industry with a substantial investment in Volkswagen AG and Porsche. Abu Dhabi has invested in the industrial services provider, Ferrostaal. German automotive invests heavily on dealer network. One of the major projects in GCC includes the largest Audi terminal in the world in Dubai which was opened in 2012. German industrial group, Siemens, have been growing their business in GCC region in the healthcare, power and water, and energy sectors. Germany and GCC can work on renewable energies. Saudi Arabia and UAE are the largest recipient of plastic and rubber machine exports from Germany in 2011 contributing to more than 85 per cent of the GCC market," he added.
"Qatar trade with Germany has increased by more than 30 per cent in 2012 over the previous year to €1.47 billion. The imports by Qatar from Germany mainly comprise of automobiles and machinery and exports by Qatar to Germany mainly comprise of machinery. German firms are set for an aggressive drive to promote partnerships with the Qatar business community. Qatar also acquired 9.1 per cent stake in German construction company Hochtief," Dr. Seetharaman commented.
"Germany can now actively participate in Qatar's infrastructure development. In November 2009, German rail operator Deutsche Bahn had signed a 17 billion euro contract to build rail and underground lines in Qatar and Bahrain. The five stadium projects launched for FIFA 2022 have been designed by German architect Albert Speer & Partners. German power tools firm Metabowerke GmbH seeks to gain from Qatar growth drive. Germany has plans to work with Qatar to improve the country's education and research. In June 2010, Siemens launched development centre at Qatar Science and Technology Park. There are growing bilateral partnerships between Qatar and Germany," he concluded.
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