Silk Road Exhibition to boost investment

Minister of Transport and Communications, H E Jassim bin Saif Al Sulaiti, and Minister of Public Works of Kuwait, H E Dr. Jenan Bushehri inaugurated the Silk Road Exhibition & One Belt, One Road Conference yesterday at Doha Exhibition and Convention Center.

In a statement on the sidelines of the opening ceremony, H E Jassim bin Saif Al Sulaiti said that Qatar is one of the main participants in the Silk Road Initiative, where about 13,800 shipments are carried annually through Silk Road and the country is working to increase this contribution.

Several industry leaders including Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, QIIB Chairman and Managing Director; Akbar Al Baker, Group Chief Executive, Qatar Airways; senior officials and businessmen attended the ceremony.  

The three-day high profile event, which will conclude tomorrow, is being organised by Dar Al Sharq Group.

Along with participation of local companies, several global firms from different countries such as Italy, Pakistan, Iran, Syria, Kyrgyzstan, Azerbaijan and Poland are participating in the event. 

The event is set to attract investments and specialised modern technology to Qatar, and provide opportunities for building agreements and mutual cooperation between Qatar and the Silk Road States in various fields.

Delivering the opening address, Lim Meng Hui, Chief Executive Officer (CEO) Qatar Free Zones Authority (QFZA), gave an overview of Belt and Road Initiative (BRI) and provided insight on the economic and trade potential of Qatar, with special focus on the role of Qatar Free Zones in the development of Qatar’s economy.

The QFZA is the regulatory authority responsible for developing and overseeing free zones in Qatar.

Speaking about the QFZA and the opportunities, he said that it is holding QR3.64bn ($1bn) fund to promote investment and economic growth in the in the country.

“QFZA is a regulator, zones developer, holding at the same time a $1bn fund to promote investment and economic growth. We have nearly 40 square kilometers of well-planned Zones,” Hui said, highlighting the importance of Qatar’s investments in One Belt, One Road Initiative. 

He added: “Our direct role is to attract investments and long-term partners to Qatar, especially in three major sectors: logistics, chemicals and emerging technologies.”

He further said that these sectors are chosen to capitalise on Qatar’s vast natural gas reserves; world-class infrastructure, high internet and IT penetration to make Qatar an excellent hub for tech operations, across automotive, marine, aviation, pharmaceuticals, and chemical industries.

“Our vision is to create a diversified and flourishing Qatari economy, through developing the right business partnerships for Qatar. We intend to do this by helping and facilitating you, potential investors, to be on board for this purpose,” noted the CEO.

Initiated in 2013, BRI is an umbrella concept by China for harnessing international collaboration through the development of economic cooperation by pooling investments, sharing resources, technology and skills, creating a win-win situation for all. 

Hui said that this initiative is “a bid to enhance regional connectivity and embrace a brighter future”. It advocates international economic cooperation leveraging the comparative strengths of all countries, serving the development needs of the participating countries, and building a more balanced and inclusive global industrial chain. It aims to create new trade corridors.

“These new trade corridors create multiple opportunities for businesses, industries and consumers, to expand their global footprint and be able to access more of the global trade market. For Qatar and its investors, it brings more of the Middle East to the world and more of the world to the Middle East,” Hui noted. 

On Qatar-China bilateral relations, he said that the year 2018 marked the 30th year of bilateral ties between the two countries, which enjoy strong trade and investment linkages. Chinese and Qatari companies have collaborated in many deals, particularly those in infrastructure standout.

Qatar and China’s economic relationship which is already on a very strong footing is slated to grow. QFZA has positioned itself to be one of Qatar’s catalysts in this growth under BRI. It opens up the doors for the potential investors in both Qatar and China. 

Addressing the conference, Assistant to the CEO of Dar Al Sharq, Jassim Fakhro, has said Qatar is playing a key role in several sectors including politics, economic, sports, culture and tourism.

He said that Qatar today is one of the most important catalysts for investment in the region, thanks to its excellent management and strategic location which make it as a commercial platform and a meeting point for the countries of the world, which in turn provides an opportunity for foreign companies looking to expand their business in Qatar and regional countries.

“The Silk Road has historically been known as a group of land and sea routes that have linked Asia, the Middle East and Europe for hundreds of years with trade, cultural and religious ties, through which trades of goods and products were used to be exchanged between continents and knowledge and different cultures passed among the nations,” said Fakhro.

He said that the Silk Road evolved over time and with changing geopolitical contexts throughout history and cities full of life built and grew along the road and around commercial ports.

“Today, maritime trade has become very important in this global trading network and the Middle East played a pivotal role in the Silk Road trade given the geographical location of Asia and Europe,” said Fakhro. The exhibition aims at presenting the state-of-the-art technologies of all types which are part of shipping services, transport and port management in the participating countries. 

It also provides an opportunity for direct meetings between exhibitors and many decision-makers from public and private sectors participating in the event.