Qatar Plays Key Role in China's Belt & Road Plan
China’s trade and infrastructure development plan is known as the “Belt and Road Initiative” is determined to shape the future of globalization with emerging economies now accounted for a growing share of international trade, and the global supply of funding and investment. Qatar, which has a dominant position in the Middle East, is said to have a fundamental role in developing the Belt and Road Initiative.
"Qatar's position in the region helps it to play an important role in the Belt and Road Initiative, especially with its economic and geographical components," said Gui Hanfeng, chairman of Global Economic Development Forum. Last year, Qatar signed a memorandum of understanding with the China Council for the promotion of International Trade to join the Silk Road Business Council, and Hanfeng’s statement reinstates the significance of the agreement. He added that FIFA World Cup and Qatar’s National Vision for 2030 create a positive environment for attracting investment, and the presence of shipping lines between China-Qatar will contribute to the growth of economic relations. Under the incentives, bilateral progress is expected to shape the future of globalization.
Hanfeng stated that Qatar was nominated and chosen for this year’s GEDF meet shows, which displays the strong relationship between it and China, as previous editions were held in China, Australia, Malaysia and Germany. On Monday, Qatar and China officials reviewed investment and opportunities for economic growth by addressing the potential business environment that B2B meetings allow between investors from both sides and participants in the forum.
Mohamed bin Towar Al-Kuwari, Qatar Council’s first vice chairman urged Chinese and Qatari companies to benefit from the open investment climate and the incentive laws to increase the capacity of cooperation by welcoming various partnerships and projects that make capital of the Belt and Road Initiative. The incentive is anticipated to rejuvenate and support trades between China and the Middle East as well as re-export to Europe. Al-Kuwari added that bilateral relations between Qatar and China have witnessed positive development thoroughly in political, economic, cultural and sports cooperation since the establishment of diplomatic relations in 1988.
The trade exchange between Qatar-China reached about U.S $10.4 billion last year with an estimated 190 Qatar-China organizations operating within Qatar with a capital of QR 1.4 billion.
Last year, Qatar opened a centre for the settlement of transactions in Chinese currency making it the first of its kind in the Middle East in addition to the successful proposal of the direct shipping lines between Hamad Port and Shanghai. Al-Kuwari added that the private sector in both nations is determined to play a substantial role in the future of their economic relations, by careful investments and initiation of business ventures.
Sources: SCMP, Gulf Times.
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