QFC Engages with High-Level Korean Officials at Qatar-Korea Business Forum
The Investment Promotion Agency of Qatar (IPAQ), an investment promotion agency specifically for the State of Qatar, and the Roscongress Foundation, a socially oriented non-financial Russian development institution and a major organiser of international conventions, with the support of the Qatar Embassy in Russia and Qatar-Russia project office have signed a cooperation agreement on the exchange of investment opportunities on the sidelines of the 19th edition of Doha Forum.
The Agreement, which was signed by Sheikh Ali Alwaleed Al-Thani, Chief Executive Officer, IPAQ and Alexander Stuglev, Chief Executive Officer, Roscongress Foundation, establishes the general principles and cooperation framework between the two parties for the coordination of joint investment activities.
Under the Agreement, the entities will establish a working group with the aim to coordinate activities including the exchange of proposals on feasible investments and business opportunities, the exchange of proposals on feasible export and trade opportunities, as well as attracting and assisting investors, partners, contractors and operators to support investment opportunities.
The Agreement also underlines priority sectors for joint collaboration and evaluation such as the banking and insurance, transport and infrastructure, energy, tourism and sports industries.
H.E Sheikh Ali Alwaleed Al-Thani, Chief Executive Officer, Investment Promotion Agency of Qatar
Qatar and Korea share extensive bilateral economic relations that continue to grow year-on-year. Qatar is currently not only the top LNG supplier to South Korea, but trade volume between our two nations increased by an impressive 44% to reach USD $16.8 billion in 2018. The forum works to highlight the many ways in which cooperation can be further enhanced between Qatar and Korea, and I am confident that we will witness many mutually beneficial engagements as a result. These will build on the extensive agreements and partnerships that were inked between Qatar and South Korea earlier this year in a variety of industries including technology, communications, and agriculture.
Alexander Stuglev, Roscongress Foundation
"The Cooperation Agreement with the Investment Promotion Agency of Qatar is an important strategic partnership which will be of joint benefit to the Russian Federation and the State of Qatar."
H.E. Fahad bin Mohamed Al-Attiyah,
Ambassador Extraordinary and Plenipotentiary of the State of Qatar to the Russian Federation
"In 2020 Qatar will participate in the leading Russian business summit St. Petersburg International Economic Forum as a guest state by the invitation of Mr. Putin. The Cooperation Agreement between IPAQ and Roscongress is a part of the Road to SPIEF'2020 bilateral communications plan that I hope will culminate in strengthening the bilateral ties at all levels."
Qatar-Russia bilateral relations has seen significant growth in recent years, with Qatari investment in Russia estimated at $13bn in various sectors including infrastructure, energy and banking. Trade exchange between the two countries also reached a record high last year, recording a 240% growth from $84mn in 2017 to $290mn in 2018. More than 50 jointly-owned Qatari-Russian companies, and one fully-owned Russian company operate in Qatar.
As part of its mandate to attract more FDI into Qatar, the Investment Promotion Agency LLC, will aim to be a single and complete source for investment solutions in the State of Qatar by attracting FDI in all of the country's priority sectors. The entity will also pursue targeted, sector-specific investment promotion agendas and coordinate investment promotion and marketing activities with key stakeholders, as well as develop policy advisory.
The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions, exhibitions, and public events. The Foundation was established in 2007 with the aim of facilitating the development of Russia's economic potential, promoting its national interests, and strengthening the country's image.