Germany is a “very important” trade partner of Qatar, said Qatar Chamber (QC) Board Member Dr. Khalid bin Klefeekh al Hajri, pointing out that their economic relations were rapidly growing and developing at all levels.
The bilateral trade hit €1.9 billion last year, he said while addressing the Qatar-German Business Meeting held in Doha on Sunday. The meeting was attended by QC officials and a German delegation led by Prime Minister of Lower Saxony Stephan Weil.
“This meeting, beyond any doubt, offers a good opportunity for us to examine investment climate and opportunities available in both countries, as well as it stimulates the private sector to forge joint ventures whether in Qatar or in Germany,” Hajri said.
“Over the past 40 years, Qatar and Germany managed to build robust relations covering a wide range of fields, including commercial, cultural, scientific, political and sports fields.”
More than 300 German companies operate in Qatar, he noted, pointing out that 45 of them are fully owned by German owners, while the rest are set up with Qatari partners.
“These companies are active in vital sectors such as railways, trade, construction, infrastructure and roads, communication, medical equipment, and services. Indeed, these investments are an added value for the Qatari market due to its high technological expertise.”
Qatari investments in Germany, he said, saw significant growth during the past few years. “They now stand at more than €25 billion in vital projects in the automobile, information technology, and banking sectors.”
Besides, Qatar is planning to invest €10 billion in the German economy over the next five years, making Germany one of the most important destinations for Qatar’s outward investments, he added.
In addition, almost 1,800 Germans are working in Qatar and contributing to its development, Hajri said.
Qatar investment climate is conducive for German investments, especially with recently-reformed investment laws, advanced infrastructure and other incentives meant to attract more local and foreign investments, he said.
“I would like to seize the opportunity to invite German companies to further increase their investments in Qatar and I also invite the Qatari side to identify the opportunities available in German generally and in Lower Saxony in particular.”
