Fahad al-Dosari made the statement during a recently-held virtual panel discussion titled ‘Qatar’s Growing Exports: Sourcing Opportunities for US Buyers’, hosted by the US-Qatar Business Council (USQBC), in collaboration with Qatar Development Bank (QDB).
Today, these companies offer a range of exceptional and innovative products, at tremendously competitive prices due to the unique advantages of producing in Qatar. Qatar’s companies are eager to bring more of these products to the US market, to further deepen our already strong trade relationship, al-Dosari said during the event.
The discussion, moderated by USQBC managing director Mohamed Barakat, focused on Qatar’s growing role as a partner of choice for US businesses looking to diversify their supply chains of high-quality, value-added products.
During the event, attendees were introduced to QDB’s easy and efficient ‘b2match business matchmaking platform’ to help match interested US buyers to their Qatari counterparts.
While the relationship between the two countries has flourished for over 50 years, the USQBC stated that US-Qatar commercial relationship ‘has greatly expanded recently.
In 2019 alone, Qatar and the US shared over $9.4bn in trade, a growth of over 100% since 2017. US companies have already increasingly relied upon Qatari products with US goods imports from Qatar totalling $1.6bn in 2018, up 31.3% ($375mn) from 2017, and up 224.5% from 2008, according to the USQBC.
QDB CEO Abdulaziz bin Nasser al-Khalifa remarked, ‘For years, the United States has been a strong partner of Qatar and diverse business relations already exist. And now, after several years of diversification and growth across all sectors, our young and growing private sector is ready to partner and share experiences with the US market.
QDB’s export promotion department carefully selected and backed 27 total Qatari companies participating in the matchmaking event. These businesses fell under six distinct categories: (petro-) chemical products and plastic products, metal products, construction materials, Covid-19 supplies, industrial products, and electronics.
Barakat said, ‘Qatar’s recent export developments, innovations, and new capabilities showcase the country’s remarkable commitment to diversifying its economy and manufacturing high-value products.
‘With the great speed of these developments coupled with attractive incentives, American companies are quickly realising that Qatari companies can be a reliable and cost-effective solution to their procurement needs.
USQBC is the premier entity to facilitate trade and investment between the two countries and provides advisory and consulting services, issues reports and publications, and hosts events to build business relationships between the US and Qatar.
The council is dedicated to helping its American and Qatari members expand their business and encourage foreign investment and trade, Barakat said.
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