Qatar-Saudi Arabia: Strengthening Trade Ties

Qatar, 6 May, 2024 : Minister of Commerce and Industry, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, held discussions with Saudi Minister of Industry and Mineral Resources, H.E. Bandar bin Ibrahim Alkhorayef, and their accompanying delegation during their visit to Qatar.

Minister Al Thani emphasized the strong brotherly relations between Qatar and Saudi Arabia, rooted in history and shared kinship ties. He highlighted the significant progress in trade exchange between the two countries, with a notable 35% growth from QR2.1 billion in 2022 to approximately QR3 billion in 2023. Expressing his aspirations, Al Thani underscored the importance of enhancing trade partnerships across all sectors, aiming for economic integration, boosting non-oil exports, enhancing competitiveness of national products, and facilitating mutual investments.

The meeting focused on discussing topics of mutual interest aimed at strengthening cooperation in commerce, investment, and industry between Qatar and Saudi Arabia.

A memorandum of understanding was signed between Qatar Development Bank and Saudi EXIM Bank in the presence of both ministers. The agreement aims to enhance cooperation in exporting products and services, as well as exchanging information and expertise between the two countries.

Source : www.zawya.com