IPA Qatar and Roscongress showcase avenues of growth for investment cooperation
01 June 2021
The Investment Promotion Agency Qatar (IPA Qatar) and the Roscongress Foundation hosted a joint hybrid event titled “Qatar-Russia Economic Partnership: Avenues of Growth for Russian Companies in Qatar’s Investment Ecosystem”. The event was held within the framework of IPA Qatar and Roscongress Foundation’s partnership and in the run-up to Qatar’s participation as the guest country in the upcoming St. Petersburg International Economic Forum (SPIEF).
The event witnessed the participation of Qatar’s Minister of Commerce and Industry and Chairman of the IPA Qatar Board His Excellency (H.E.) Mr. Ali bin Ahmed Al-Kuwari; the Head of the Russian Federal Agency for International Development (Rossotrudnichestvo) Mr. Evgeny Primakov; Ambassador of Qatar to Russia H.E. Mr. Fahad bin Mohammed Al-Attiyah; Chief Executive Officer (CEO) of the Investment Promotion Agency Qatar Sheikh Ali Alwaleed Al-Thani; and Roscongress CEO Mr. Alexander Stuglev.
During his participation in the session, H.E. Ali bin Ahmed Al-Kuwari, praised the multi-dimensional strategic relations between Qatar and Russia, stressing in this regard that both countries continue to achieve progress in their common goals of enhancing economic performance and developing human capital, as well as increasing diversification of industries. H.E. underscored that these goals formed a basis for strengthening cooperation between the two nations in the coming years. On the level of trade relations between the two countries, H.E. indicated that the volume of trade exchange between Qatar and Russia had witnessed an upward trend, reaching US $202 million in 2019 compared to US $118 million in 2012 - a 200% increase during the seven-year period.
H.E. noted that despite the global crisis, measures to respond to the COVID-19 pandemic in both countries had proven successful. Consequently, Qatar and Russia’s Gross Domestic Products are expected to increase by 2.5% and 2.8% respectively in 2021, contributing to the economic growth of both countries, and to the expansion of their relations in various fields.
H.E. referred in this regard to the projects under consideration of a value exceeding US $9 billion in the fields of health care, real estate, infrastructure, agriculture, etc. H.E. touched on the cooperation agreement to boost investment signed between the IPA and the Roscongress Foundation at the 2019 Doha Forum, stating that organizing the session today was one of the fruits of this promising partnership.
Mr. Primakov said the State of Qatar is viewed by the Government of the Russian Federation as both important partner in the Middle East and potential investor in the national economy.
He said: “Since 2018, a number of large and medium-sized Russian enterprises have been actively working with the Qatari government and the private sector to expand their business to Qatar and the GCC region. Qatar is viewed by many as a potential regional hub for their business operations.”
Following up on the ministers’ keynotes, Mr. Stuglev noted that today’s event marks a continuation of the Foundation’s joint efforts to boost Russian-Qatari cooperation.
He said: “Exactly one year ago, in December 2019, we held a St. Petersburg International Economic Forum session at the Doha Forum. Last year’s forum saw us successfully organize several business events, hold a range of significant meetings, and sign an agreement with the Investment Promotion Agency Qatar. A lot has changed during this past year. We were able to cooperate in the fields of healthcare, food security, and mutual investments. These topics will carry on into SPIEF 2021.”
During the seminar, IPA Qatar’s CEO Sheikh Ali Alwaleed Al-Thani delivered a presentation on Qatar’s value proposition and the unique advantages the Invest Qatar brand offers to Russian investors.
“With the support of IPA Qatar and the Roscongress Foundation, Russian companies can leverage Qatar’s business-friendly investment ecosystem, connect to the right resources and platforms, and realize their growth ambitions in a resilient, thriving economy. Today’s event will be a key milestone in further advancing our collaboration with our respective partners and companies in the lead-up to SPIEF 2021,” he noted in his comment on the occasion.
A panel on how licensing platforms of Qatar can support companies in their growth journey with representatives from the Qatar Financial Centre (QFC), the Qatar Free Zones Authority (QFZA), the Qatar Science and Technology Park (QSTP) and the Qatari-Russian Center for Cooperation (QRCC) was followed by a discussion in which high-level representatives from Russian enterprises shared the highlights of their companies’ success journeys in Qatar.
About the Roscongress Foundation
The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions, exhibitions, and public events. The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyze, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.