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IPA Qatar and Roscongress showcase avenues of growth for investment cooperation

16 December 2020
Катарское агентство поощрения инвестиций и Фонд Росконгресс представили направления развития инвестиционного сотрудничества

The Investment Promotion Agency Qatar (IPA Qatar) and the Roscongress Foundation hosted a joint hybrid event titled “Qatar-Russia Economic Partnership: Avenues of Growth for Russian Companies in Qatar’s Investment Ecosystem”. The event was held within the framework of IPA Qatar and Roscongress Foundation’s partnership and in the run-up to Qatar’s participation as the guest country in the upcoming St. Petersburg International Economic Forum (SPIEF).

The event witnessed the participation of Qatar’s Minister of Commerce and Industry and Chairman of the IPA Qatar Board H.E. Mr. Ali bin Ahmed Al Kuwari, the Head of the Russian Federal Agency for International Development (Rossotrudnichestvo) Mr. Evgeny Primakov, Ambassador of Qatar to Russia H.E. Mr. Fahad bin Mohammed Al-Attiyah as well as the CEOs of the Investment Promotion Agency, Sheikh Ali Alwaleed Al-Thani, and Roscongress, Mr.Alexander Stuglev. 

During his participation in the session, H.E. Ali bin Ahmed Al-Kuwari, praised the multi-dimensional strategic relations between Qatar and Russia, stressing in this regard that both countries continue to achieve progress in their common goals of enhancing economic performance and developing human capital, as well as increasing diversification of industries. 

H.E. underscored that these goals formed a basis for strengthening cooperation between the two nations in the coming years. On the level of trade relations between the two countries, H.E. indicated that the volume of trade exchange between Qatar and Russia had witnessed an upward trend, reaching US $202 million in 2019 compared to US $118 million in 2012 - a 200% increase during the seven-year period.

Head of the Russian Federal Agency for International Development Evgeny Primakov said the State of Qatar is viewed by the Government of the Russian Federation as both important partner in the Middle East and potential investor in the national economy: “Since 2018, a number of large and medium-sized Russian enterprises have been actively working with the Qatari government and the private sector to expand their business to Qatar and the GCC region: Qatar is viewed by many as a potential regional hub for their business operations”.

Following up on the ministers’ keynotes the CEO of Roscongress Foundation Mr. Alexander Stuglev noted that today’s event marks a continuation in the Forundation’s joint efforts to boost Russian-Qatari cooperation: “Exactly one year ago, in December 2019, we held a St. Petersburg International Economic Forum session at the Doha Forum. Last year’s forum saw us successfully organize several business events, hold a range of significant meetings, and sign an agreement with the Investment Promotion Agency of Qatar. A lot has changed during this past year. We were able to cooperate in the fields of healthcare, food security, and mutual investments. These topics will carry on into SPIEF 2021”.

Alexander Stuglev added that as lockdowns have accelerated the convergence of online and offline formats, the Roscongress Foundation will have much to show for it when SPIEF does take place. For instance, technology like Verspeak will be used – an app providing a real-time simultaneous interpreting service, which has been used at the seminar.

During the seminar, IPA Qatar’s CEO Sheikh Ali Alwaleed Al-Thani delivered a presentation on Qatar’s value proposition and the unique advantages the Invest Qatar brand offers to Russian investors. 

“With the support of IPA Qatar and the Roscongress Foundation, Russian companies can leverage Qatar’s business-friendly investment ecosystem, connect to the right resources and platforms, and realize their growth ambitions in a resilient, thriving economy. Today’s event will be a key milestone in further advancing our collaboration with our respective partners and companies in the lead-up to SPIEF 2021”, - he noted in his comment on the occasion.

A panel on how licensing platforms of Qatar can support companies in their growth journey with representatives from the Qatar Financial Centre (QFC), the Qatar Free Zones Authority (QFZA), the Qatar Science and Technology Park (QSTP), and the Qatari-Russian Center for Cooperation (QRCC) was followed by a panel in which high-level representatives from Russian enterprises shared the highlights of their companies’ success journeys in Qatar.