Qatar, Australia chambers sign MoU to strengthen cooperation  

Sunday, May 26, 2024

The Qatar Chamber (QC) and the Australian Chamber of Commerce and Industry (ACCI) recently signed a Memorandum of Understanding (MoU) formalizing their shared commitment to improving trade and investment opportunities between the countries.

The agreement was signed by QC First Vice-Chairman HE Mohamed bin Twar Al Kuwari and Lyall Gorman, Vice President of the ACCI.

Also present at the ceremony was HE Shane Flanagan, Ambassador of Australia to the State of Qatar.

According to the agreement, the two chambers will collaborate to identify new and practical opportunities to strengthen business relationships between the two nations. This will include exchanging data and information about business, trade, investment, and economic conditions to facilitate cooperation and mutual understanding. It will also facilitate introductions between respective members to enhance trade and investment.

Furthermore, the Australian and Qatar chambers will also leverage their shared memberships in the International Chamber of Commerce and the International Organisation of Employers to advance the Memorandum of Understanding’s objectives.

In his remarks, HE Mohamed bin Twar said that this agreement represents a new phase of cooperation between both sides, noting that it will promote economic and commercial cooperation among Qatari and Australian businessmen, thereby developing trade between the two countries. He noted that the two counties’ trade volume amounted to QR 2.58 billion last year.

Twar also emphasized Qatari businessmen’s interest in learning investment opportunities available in Australia and the incentives and advantages offered to foreign investors.

He reiterated that the agreement would enable business owners from both countries to explore the investment opportunities galore in both sides and streamline the establishment of joint ventures and mutual investments.

For his part, Vice President of the ACCI Lyall Gorman said: “I am delighted to see the commencement of a formal relationship between the Qatar Chamber and the Australian Chamber of Commerce and Industry. The opportunity for our two organisations to engage more fully for mutual benefit are significant in their nature. I look forward to the strategic dialogue between ACCI and QCCI expanding with a view to developing a greater understanding of our respective cultures, economies, and countries to enhance economic activity, information exchange and connectivity at all levels of business. Both QCCI and ACCI are extremely progressive and highly regarded within their respective regions and I am confident that a high level of value exchange will emerge as a result of coming together under the umbrella of this MOU”

In turn, Andrew McKellar, ACCI Chief Executive Officer, said: “This partnership with the Qatar Chamber will open new avenues for our members to explore business opportunities and forge lasting economic partnerships. We look forward to a fruitful collaboration.”

On his part, HE Shane Flanagan, Ambassador of Australia to the State of Qatar, said: “The signing of this MoU is a very important step in advancing Australia’s trade and economic cooperation with the State of Qatar. Two-way goods and services trade reached approximately USD $2.4 billion in 2022-23 with trade in services growing more than 60 per cent in the most recent financial year. This agreement will encourage more Australian and Qatari companies to explore opportunities and further strengthen our links.”

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