Qatar’s energy minister HE the Minister of Energy and Industry Dr. Mohamed bin Saleh al-Sada, has underscored the importance of forging stronger trade ties and enhancing economic cooperation between Qatar and Russia’s private sector to boost investment opportunities from both sides.
This came during a meeting hosted by Qatar Chamber in the presence of Russia minster of energy HE. Alexander Valentinovich Novak following a Qatari-Russian businessmen meeting.
He noted that Qatar and Russia welcomed joint investments, especially those from Qatar Investment Authority.
On trade volume, al-Sada said while Qatar-Russia trade exchange increased by 92%, it “does not live up to the aspiration of the two sides.”
“Therefore, the governments of both countries encouraged the private sectors’ participation to increase joint trade,” he said.
This was reiterated by Qatar Chamber vice-chairman Mohamed bin Twar, who, in a separate meeting at the Qatar Chamber headquarters, discussed investment opportunities with Russian-Arab Business Council director Tatiana Gvilava, who was part of Novak’s delegation.
Bin Twar also stressed on the need to increase trade volume between the two countries, which “now stands at around $500mn.”
Data provided by Qatar Chamber showed that total Qatari imports to Russia in 2015 stood at $100.7mn comprising food products, wheat and black wheat flour, electrical machinery and equipment, tools, articles of steel and iron, imitation jewellery, mineral fuels and mineral oils, copper wires, and tubes, pipes, and hollow profiles.
The total Qatari exports to Russia, on the other hand, stood at $10.6 comprising of organic chemical products, articles of iron and steel, glass fibre and its articles, and polymers of ethylene in its primary forms.
Speaking to media representatives on the sidelines of the meeting, Gvilava pointed out that both governments have completed the requirements for the signing of seven import food certificates from Russia.
“We are very serious to do business with Qatar and to attract Qatari investments to Russia,” said Gvilava.