QBA Chairman Sheikh Faisal bin Qassim Al Thani (second left) shaking hands with Afghan President Hamid Karzai in Doha. QBA Second Deputy Chairman Dr Sheikh Khalid bin Thani Al Thani (left) and QBA member Sheikh Ali bin Abdullah bin Thani Al Thani (second right) are also seen.
BY MOHAMMAD SHOEB
DOHA: Afghanistan is estimated to be one of the richest countries in the world. It has underground assets worth up to $13 trillion including gold, precious stones, rubies, minerals, and oil and gas, visiting Afghan President Hamid Karzai said.
“Afghanistan is not only one of the fastest growing economies in the world, we are the richest country as well. The country has about $3 trillion-13 trillion worth of underground assets, according to estimates made by the US Geological Survey,” Karzai said in a meeting organised by Qatari Businessmen’s Association (QBA) on Saturday to discuss avenues of investment in Afghanistan.
QBA Chairman Sheikh Faisal bin Qassim Al Thani welcomed Karzai and the delegation accompanying him and discussed ways to boost trade and investment between the businessmen in either countries. Also present were QBA member Sheikh Ali bin Abdullah bin Thani Al Thani, QBA Second Deputy Chairman Dr Sheikh Khalid bin Thani Al Thani, Qatar Chamber Vice Chairman Mohammed bin Ahmed bin Towar Al Kuwari, Eid Charity Chairman Dr Sheikh Mohammed bin Eid Al Thani, and dignitaries.
Karzai said that his country has tremendous business opportunities. Investment in any sector of the economy; be it is mining, quarrying, power generation, cement industry, housing, retail, banking, civil aviation and hospitality industry, all the sectors will give good returns. “Afghanistan is ready to welcome you with open arms and a happy heart. Investment in any sector will give good returns. Especially, investment in power generation and housing construction will see immediate returns.”
Karzai said the banking sector has grown too. “A country that had almost no banking at all 10 years ago, today it has deposits of nearly $4.5bn in banks.” He advised potential investors not to pay heed to the media reports about the security situation in the country saying, “When I am in the US and watch CNN, I am also scary, but when I am back home, I find the picture more rosy.”
Karzai noted that Afghanistan and Qatar were very close to each other not only in terms of geographical location but also in other ways. “Since you are brothers, and we both are friendly nations with America, I will share things that I do not tell in other countries.”
On the current level of investment, he said that the Chinese were the first to enter Afghanistan investing $4.5bn in copper mining. Later, India surpassed China with $11bn investment. Turkey, Kuwait and the United Arab Emirates have shown interest in the country’s Western oil fields.
Karzai, while inviting Qatari investors, expressed his generosity for the state, and said: “Any economic activity, in any part of the country that you find interesting is open for you… you come, have a site seeing, and chose the area, its all yours.”
He said his country is open to all Arab countries and stressed Afghanistan witnessed great development over the last 10 years, raising the per capita income from $180 in 2002 to $1,000 in 2012.
Qatari businessmen expressed keen interest to invest in Afghanistan’s various sectors, gold mining and housing sector in particular. In addition, Sheikh Ali and Sheikh Khalid suggested forming a delegation of Qatari businessmen to visit Afghanistan and look out for opportunities and then send a group of experts to study the business and begin implementing the proposed projects.
Karzai, on his part, agreed to send his Minister for Mines and Minister of Economy to Qatar to provide a detailed account about business opportunities.
Emirates to fly from June
Emirates Airlines will begin flying to Afghanistan from June this year, Karzai said. “Yesterday (Friday), the Emirates CEO came to see me as our Ministry of Transport was stopping them flying to Afghanistan. The Ministry did not want more competition for local airlines. But I overruled it to allow them (Emirates) to fly to Afghanistan from June this year,” Karzai said on Saturday.
The Peninsula
