DOHA: The Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassem bin Mohammed Al Thani, said yesterday in Washington that Qatar is keen to further bolster bilateral ties with US across all fields, particularly on the economic and investment levels.

The Minister highlighted that $24bn worth of goods were traded over the last five years, noting that 84 percent of the trade balance is in favour of the US, the equivalent of $20bn while 16.3 percent of Qatar’s imports came from US in 2017.

Sheikh Ahmed participated in the reception organised by the US-Qatar Business Council on the sidelines of the ‘SelectUSA Investment Summit’ which is taking place in Washington. The ceremony was attended by a number of senior officials and businessmen from both countries and representatives of civil society in the US.

The SelectUSA Investment Summit is a leading event aimed at promoting foreign direct investments in the US with the participation of senior government officials, CEOs, private sector representatives and entrepreneurs.

He stressed that international trade and investment form a key part of Qatar’s future growth and diversification, adding that the US is one of Qatar’s most valued and largest global partners.

Meanwhile, more than 650 American companies are established in Qatar, including 117 companies 100 percent owned by US citizens, he said, adding that another 30 US companies operate under the Qatar Financial Centre. According to Sheikh Ahmed, Qatar has been increasing its investments in the US for many years, creating thousands of jobs across America.  These include partnerships with numerous American companies, such as ExxonMobil, Boeing, ConocoPhillips and Raytheon, the Minister noted. In addition, 15,000 American citizens live in Qatar, where 5,000 highly skilled individuals are currently working in the private sector.

Touching on Qatari investments in the US, the Minister said Qatar Airways alone provided a $92bn boost to the US economy through the purchase of 332 American aircraft, a deal that supports more than 527,000 jobs.

He added that $146bn worth of exports and orders to Qatar have generated one million American jobs that depend on doing business with Qatar.

Qatar Investment Authority has also pledged to invest $45bn for the period from 2015 to 2020. Of that, $10bn will be channeled into the infrastructure sector, the Minister said, noting that these investments represent 23 percent of Qatar’s GDP. In the oil and gas sector, Qatar Petroleum has also invested $10bn in an LNG plant in Texas, which he said, will contribute to generating 45,000 jobs.

Highlighting investments by the private sector, the Minister of Economy and Commerce said private companies have heavily invested in the US economy, with more than $5bn in the fields of technology, hospitality, real estate and household retail, which contributed to bolstering the US economy.

The Minister also pointed out that Qatar spent $200m on medical and healthcare for its citizens in 2017, while more 1,200 Qatari students are studying at universities in the US.

Touching on the measures that Qatar undertook to counter the illegal blockade imposed on the country since June 5, 2017 with the aim of undermining Qatar’s position as an economically independent and sovereign state, the Minister said Qatar has emerged stronger and more independent than ever before.

He also noted that the illegal blockade has presented an opportunity for Qatar to make its economy more accessible to the world and bolster its trade relations particularly with the US.

He added that Qatar has successfully established direct commercial routes with a number of strategic hubs around the world, diverting trade to its major trading partners.

Qatar is utilising its available world-class facilities and hi-tech logistics to mobilise its regional agreements with Kuwait, Iraq, Oman, Turkey, Pakistan, India, Azerbaijan and Central Asia, the Minister said. Through these agreements, Qatar aims to expand its trade activities by establishing a sea fleet that connects Qatar with its major trading partners in the world, targeting a market of 400 million population in its first stage, he added.

The Minister explained that the wise policies adopted by Qatar, which stimulated all sectors of the economy to achieve increased productivity, have reflected positively on the national economy. Qatar’s economy continued its positive performance during the past year, confirming that the country was unaffected by the blockade, he said.

In 2017, Qatar’s total GDP increased to $220bn, compared with $218bn in 2016, he said, noting that the annual real growth rate at constant price reached around 2 percent in 2017, which was better than expected.

H.E. added that several international reports have highlighted the remarkable performance of the Qatari economy.

Quoting the latest report released by the World Bank, H.E. added that Qatar’s real GDP growth is expected to increase to 2.8 percent in 2018, the highest among GCC countries.

Qatar’s foreign trade has also shown remarkable growth, increasing by 16 percent to reach $103bn in 2017, compared with $89bn in 2016, the Minister said.

Qatar’s total exports also increased by 19 percent to reach $68bn in 2017, up from $57bn in 2016, contributing to a total trade surplus that increased by 40 percent from $25bn in 2016 to $35bn in 2017, he added.

He highlighted Qatar’s advanced ranking on the latest Global Competitiveness Index, noting that the country ranks first for its stable inflation rates while leading the Arab world and ranking in 20th place globally on the macroeconomic environment index. Globally, Qatar also ranks third for government procurement of advanced technology, fifth for venture capital availability and fifth for the availability of scientists and engineers.

The Minister  added that Qatar also ranks in advanced positions on the subfactors of the IMD World Competitiveness Yearbook 2018, noting that Qatar ranks third for the labor force,  third for efficiency of government decisions, fourth for transparency, fifth for economic performance and entrepreneurship, seventh for public-private partnerships, eighth for education, tenth for government efficiency and thirteenth for business efficiency.

All these positive indicators, according to Sheikh Ahmed, show that Qatar has overcome the blockade by enhancing its economic competitiveness.

He added that Qatari-US relations extend beyond trade and investment, noting that Qatari-US cooperation is aimed at helping people of both nations overcome challenges and capitalize on opportunities. He said Qatar has donated $100m to help victims of Hurricane Katrina, which contributed in community development, building houses and hospitals. Qatar also provided $30m in aid after Hurricane Harvey.

The Minister reiterated Qatar’s commitment to its vital strategic economic partnership with the US to the benefit of a prosperous Qatar and US.