Qatar is actively pursuing enhanced economic and investment cooperation with Asian nations, as evidenced by the recent growth in trade exchange. This initiative was underscored by the Minister of Commerce and Industry, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, during his address at the Second Business Forum of the Asia Cooperation Dialogue (ACD), held on the sidelines of the third ACD summit.
The forum, themed ‘Artificial Intelligence and New Business Models’, brought together ministers from ACD member states, as well as officials, experts, academics, and business leaders from Qatar and other Asian countries. In his opening speech, Sheikh Mohammed emphasized Qatar’s commitment to fostering economic, trade, and investment partnerships with Asian nations, highlighting the forum’s significance as a platform for dialogue and collaboration.
“Qatar's hosting of this forum for the second consecutive time reflects our unwavering dedication to enhancing economic ties with countries across the Asian continent”, he stated. The minister noted the strong relationships Qatar maintains with ACD countries in various sectors, particularly in economics and trade. He pointed out that these ties have seen significant growth in recent years, driven by high-level official visits, joint investment initiatives, and increased cooperation in the private sector.
Qatar, as a member of the ACD which comprises 35 countries aims to promote integration among Asian economies by facilitating cooperation in areas beneficial to all parties involved. The minister highlighted that trade exchanges among ACD countries have been on the rise, with Asia emerging as a crucial region in global trade dynamics. “The Asian continent is now the second most integrated trade area in the world,” he stated, citing statistics that revealed intra-Asian trade accounted for 57% of total trade in 2022, up from 54% in 2000.
The report also indicated that trade in goods among Asian countries experienced an annual growth rate of 5% from 2017 to 2023, reflecting the robust trade links between nations within the region. Sheikh Mohammed pointed to Asia’s resilience in attracting foreign direct investment (FDI), noting an 8% increase in foreign investment inflows and an 18% rise in outward flows, reinforcing the region’s position as a vital economic and investment hub on the international stage.
Highlighting Qatar's achievements, the minister spoke about the country's successful economic diversification efforts and the support provided to non-oil sectors, including digital technology, cybersecurity, financial and logistical services, and renewable energy. “We are eager to diversify and strengthen our economic partnerships with Asian countries,” he remarked, stressing the importance of investing in sectors that yield added value and foster successful investment collaborations.
Furthermore, he acknowledged the vital role of numerous Asian companies currently operating in Qatar and extended a warm invitation for increased Asian investment in the country in the future. This sentiment was echoed by ACD Secretary-General H.E. Ambassador Nasser Thamer Al Mutairi, who emphasized the critical role of artificial intelligence (AI) in global commercial operations. He pointed out that AI not only enhances efficiency and innovation but is also a key factor in transforming industries, making its integration essential for companies aiming to maintain competitiveness.
Ambassador Al Mutairi noted that the COVID-19 pandemic had accelerated the pace of digital transformation worldwide, compelling businesses to adapt quickly by adopting digital solutions, virtual operations, and automated services. He remarked, “AI technology has played a crucial role in meeting consumer needs and addressing economic challenges, becoming the backbone of new business models focused on data-driven quick decision-making.”
He reaffirmed his commitment to fostering cooperation among the 35 member states of the ACD, aiming to promote economic development and technological advancement. The forum serves as a testament to Qatar's proactive approach in strengthening its ties with Asian nations and enhancing its role as a key player in the region's economic landscape. Through collaborative initiatives, Qatar is poised to further its economic goals while contributing to the broader objectives of the Asia Cooperation Dialogue.