Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Thani
Doha, Qatar: Qatar aims to enhance economic and investment cooperation with Asian countries as trade exchange continues to witness growth, said Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Thani.
He was addressing the Second Business Forum of the Asia Cooperation Dialogue (ACD) yesterday.
The forum, held under the theme ‘Artificial Intelligence and New Business Models’, took place on the sidelines of the third summit of the Asia Cooperation Dialogue.
It was attended by ministers from member states of ACD, along with a number of officials, experts, academics, heads of regional organisations, investors and businessmen from Qatar and other Asian countries. Delivering the opening speech, H E Sheikh Mohammed bin Hamad bin Qassim Al Thani emphasised that Qatar’s hosting of the forum for the second consecutive time reflects its commitment to enhancing economic, trade, and investment cooperation with countries in the Asian continent.
The Minister of Commerce and Industry pointed out the strong ties linking Qatar with ACD countries in various fields, especially in economic and trade sectors. He noted that these relationships have witnessed significant development in recent years, thanks to high-level official visits, joint investment projects and cooperation within the private sector. Qatar, as a member of the ACD, which includes 35 countries, seeks to enhance integration among Asian economies by activating cooperation in mutually beneficial areas.
Trade exchange among the Dialogue countries has seen remarkable growth, making the Asian continent a prominent region and the second most integrated trade area in the world, he added.
According to statistics, the intra-Asian trade percentage reached 57% of total trade in 2022, compared to 54% in 2000. Additionally, trade in goods experienced an annual growth rate of 5% among Asian countries between 2017 and 2023, reflecting the strength of trade links between Asian countries and their pivotal role in enhancing global trade.
Regarding foreign direct investment, he noted that Asia maintained its standing, with foreign investment inflows to the region increasing by 8%, while outward flows rose by 18%. This reflected Asia’s resilience to face global challenges and strengthened its position as a vital economic and investment hub on the international stage.
He touched upon the successes that Qatar achieved in recent years, highlighting the diversification of the economy and support for non-oil sectors, including digital technology, cybersecurity, financial and logistical services, as well as renewable energy.
The Minister expressed his eagerness to diversify and strengthen economic partnerships with Asian countries, emphasising the importance of investments in sectors that provide added value and contribute to establishing successful investment partnerships. He also praised the role of many Asian companies currently operating in Qatar, extending his welcome for more Asian investments to Qatar in the future.
In the opening session, ACD Secretary-General H E Ambassador Nasser Thamer Al Mutairi stressed that artificial intelligence (AI) has become essential for commercial operations worldwide and for enhancing efficiency and innovation, as well as being a key factor in changing industry and sectors in general — large and small — and its integration has become a must for any company that wants to maintain its competitiveness.
“The spread of the COVID-19 pandemic, despite the challenges it posed, accelerated the pace of digital transformation in the world and forced companies to quickly adapt and adopt digital solutions, virtual operations, and automated services.” He noted that AI technology played an important role in meeting consumer needs and facing economic challenges until it became the backbone of new business models focusing on quick-decision-based data.
He affirmed his commitment to enhancing cooperation among the 35 member states and promoting economic development and technological advancement.
