Qatar and Russia’s trade volume up in line with strategic relations
27/12/20
The Investment Promotion Agency Qatar (IPA Qatar) and the Roscongress Foundation recently co-hosted an event titled “Qatar-Russia Economic Partnership: Avenues of Growth for Russian Companies in Qatar’s Investment Ecosystem”.
It was held in the run-up to the St. Petersburg International Economic Forum (SPIEF) and Qatar’s participation as a guest country and to discuss the progress in improving economic output, developing human capital and diversifying industries.
It should be noted that the bilateral trade between Qatar and Russia increase 200% between 2012 and 2019, a testament to the strategic relations between the countries. According to data from IPA Qatar and the Roscongress Foundation, the trade volume between the countries has seen an upward trend. In 2019, the trade volume amounted to QAR 730 million (USD 202 million) compared to QAR 426 million (USD 118 million) in 2012.
Since 2018 several Russian businesses have been actively working in the State of Qatar and built relationships with the most relevant stakeholders in the public and private sector to expand their operations in the country and the region.
Qatar and Russia’s gross domestic products are expected to increase by 2.5% and 2.8% respectively in 2021.
The countries have identified more opportunities and possibilities to enhance their economic, trade and investment ties. The businesses and projects in consideration exceed a value of QAR 32 billion (USD 9 billion) and are related to healthcare, agriculture, real estate, infrastructure and others.
The Russia Federation considers the State of Qatar as an important partner in the Middle East, a hub for (business) operations in the region and a potential investor in Russia.
Business Start Up Qatar is working with IPA Qatar and the relevant stakeholders in Russia to raise awareness of the possibilities and opportunities in Qatar and Russia. Please click on the link and reach out to learn more about the initiatives and Business Start Up Qatar.
