Germany Key Destination for Qatari Investments: Chamber Official

Germany is an important destination for Qatar’s large-scale investments in sectors like automotive, communication, hospitality, and banking, among others, Qatar Chamber second vice chairman Rashid bin Hamad al-Athba said on Sunday. During the Qatar-German Business Forum held at the chamber’s Doha headquarters, al-Athba said Qatari investments in the Western European country increased after the visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to Berlin in 2018 where he announced Qatar’s intention to invest €10 billion in the German economy over the next five years. Al-Athba said Qatar-Germany trade stood at €1.5 billion in 2020, adding that there are more than 150 German companies operating in Qatar in a variety of sectors, such as trade, construction, services, medical equipment, and others.

The Qatar-German Business Forum was held in the presence of Dr George Milanin, Policy Officer at the Division of Defense and Security Industries, Federal Ministry for Economic Affairs and Energy; Andreas Berg, deputy ambassador at the German embassy in Qatar; and Saleh bin Hamad al-Sharqi, Qatar Chamber general manager. The meeting gathered representatives from 13 German companies and their Qatari counterparts specializing in sectors like IT and IT security systems, ICT, cybersecurity, data management, sensors and radars, civil security, firefighting, and software solutions.

Al-Athba said H1 2021 trade exchange of both countries stood at €830 million, registering a 23% growth over the same period last year. He underscored Qatar and Germany’s “close relations,” saying “all economic and commercial aspects constitute a catalyst for more co-operation between the private sectors of both sides.” He emphasized Qatar Chamber’s interest to encourage both sides to forge more economic partnerships through establishing joint ventures and commercial alliances, noting that there are numerous sectors in which both sides can co-operate, such as digital economy and technology.

On the investment incentives offered to foreign investors, he said Qatar built “a sophisticated infrastructure” and many logistics and free zones that offer many opportunities for German firms willing to invest in Qatar. Milanin lauded the close ties of both countries and assured that Qatar and Germany enjoy “distinct economic and commercial ties,” adding that “Qatar is an important trade partner to Germany.”  He also praised Qatar’s interest in digital economy and digitalization, citing the many fields that require developed technology, which would pave the way for German companies to enhance cooperation with their Qatari counterparts. “Qatar is an important market for German technological companies, which are globally recognized for their high quality and efficiency,” Milanin added.