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Tuesday, January 25, 2022

Qatar-Germany trade reaches $946 million in first half of 2020 alone


Another significant number as a result of strong bilateral relations.

A total of $946 million trade exchange between Qatar and Germany has been recorded in only the first half of this year, according to Qatar Chamber’s chairman.

The announcement of the countries’ trade deals results were presented in a virtual meeting of the Arab-German Chamber of Commerce and Industry, which was held on Wednesday.

“Both countries’ trade volume amounted to $2.3 billion last year compared to $2.1billion in 2018, an increase of 10%. Germany is among the most important destinations for Qatari investments,” said Sheikh Khalifa bin Jassim Al-Thani, Qatar Chamber’s chairman. 

Qatari investments in Germany are distributed in a range of sectors, such as automobiles, telecommunication, hospitality, banking services, and others,” Sheikh Khalifa added, noting previous years saw significant developments in the Arab-German economic relations.

Read also: Qatar inks $140 million deal to buy Antalya port

In 2019, the value of trade between the two sides reached at least $52 billion, of which Arab exports to Germany accounted for $15 billion. Arab investments in Germany hit nearly $117 billion in the same year.

“Through the Arab-German Chamber of Commerce and Industry, we seek not only to develop trade between both parties but also to build genuine partnership that helps in enhancing German technology in Qatar and Arab countries,” said Saleh bin Hamad Al-Sharqi, Qatar Chamber’s general manager.

Al-Sharqi added that the Arab-German Chamber of Commerce and Industry plays a key role in enhancing cooperation between business sectors in Germany and Arab countries, while promoting trade and investment cooperation. 

According to the official, more than 300 German companies are currently operating in Qatar in various fields including rail, roads, infrastructure, construction, medical devices and equipment, among others.

Read also: Qatar’s economy continues to recover as stock market sees a 21% surge

Qatar’s economy has been greatly affected by the global COVID-19 pandemic as well as falling oil prices, hitting many investors with big losses. However, shortly after, the QE index slowly started to get back on its feet.

“Shares had fallen to multi-year low in March and April due to COVID-19 outbreak and falling oil prices. Investors were taken aback  by the pandemic but gradually their confidence was restored after the government announced measures to support the equity market,” Ahmed Akl, a Doha based financial analyst, said earlier in October. 

“The low prices in March-April also created investment opportunities for investors. After realising the effect of COVID-19 on the economy was less than anticipated, the investors started pouring money into shares again,” he added.

Moreover, the robust growth in Qatar’s stock market has surpassed other regional ones, with its index closing at 10,056 on October 12.

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