Malaysia represents an attractive destination for Qatari investments in the tourism, hospitality, financial, real estate, and industrial sectors among other vital economic fields, Minister of Commerce and Industry HE Ali bin Ahmed al Kuwari has said.
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Kuwari said this during the second session of the Qatari-Malaysian Joint Trade Committee, which was held in Kuala Lumpur on October 8-10.
The session was jointly chaired by Kuwari and Malaysia’s Minister of International Trade and Industry Datuk Darell Leiking.
The future of Qatari-Malaysian cooperation is promising in light of the economic potential of both countries, which will bolster bilateral trade that reached $291 million in the first half of 2019, he said.
Kuwari stressed the need to pursue joint efforts at the government level to enhance trade and investment, emphasising the importance of streamlining negotiations to ratify and implement the agreement on the Mutual Promotion and Protection of Investments which will provide a framework for the promotion of joint investments.
Kuwari hailed Malaysian companies for contributing to strengthening bilateral economic relations, noting that over 85 Malaysian companies including 13 fully owned Malaysian firms and 72 jointly owned Qatari-Malaysian companies are currently operating in Qatar’s engineering, construction, oil and gas and information technology sectors.
“We are called upon today to strengthen our efforts to establish and activate the joint business council, adopt effective coordination mechanisms, organise additional economic forums and form joint working groups to develop bilateral relations.
“Interactive meetings between Qatari and Malaysian companies will be held to explore and discuss joint cooperation mechanisms including the exchange of investments and expertise in the priority areas of our economies,” the minister said.
Kuwari noted that Qatar’s economy has witnessed a significant boost as new national companies went public and more than 823 Qatari companies was established in the field of food production, services and manufacturing industries in addition to the expansion of industrial cities, which will feature 769 industrial land plots as work continues to complete 337 projects in the manufacturing sector and create promising investment opportunities in non-oil sectors.
He said Qatar has also streamlined procedures and regulations for the issuance of commercial and industrial licences and the development of services and infrastructure available to investors such as Qatar Airways, which operates a fleet of more than 250 aircraft that fly to over160 destinations worldwide and Hamad Port, one of the largest ports in the Middle East.
The port plays a pivotal role in linking Qatar to more than 40 ports in three continents, Kuwari noted.
The meeting brought together representatives from the Ministries of Foreign Affairs, Energy, Municipalities and Environment, and Culture and Sports, along with officials from Qatar Central Bank, Qatar Chamber, Qatar Investment Authority, Qatar Airways, Qatar Civil Aviation Authority, the Investment Promotion Agency, Hassad Food Company, Qatari Diar and Baladna Food Industries.
During the meeting, participants discussed cooperation prospects across various sectors of common interest to both countries.
