Managing Director and Treasurer of the Board of Directors of USQBC Mohammed Barakat said the US-Qatar Business Council (USQBC) will continue to host events and other engagements in Qatar and across the United States and continue to engage Qatari and American government officials to boost bilateral trade and investments.
Elaborating in an interview with The Peninsula yesterday on the Council’s plans to promote bilateral investments in the coming year Barakat said with the rapid growth of bilateral commercial ties and the addition of many new members, the Council’s work has expanded with its many members, partners and other key stakeholders to whom the Council provides advisory and consulting services.
“As the FIFA World Cup Qatar 2022 concludes, we expect there to be a massive influx of interested US companies looking to expand their export and investment footprints to Qatar. The World Cup was a huge occasion for Qatar and with all the positive coverage of the event and exposure to the country in the US, this is going to be a major growth opportunity for Qatar,” Barakat said.
USQBC is very pleased to have the Investment Promotion Agency Qatar (IPA Qatar) join as an Oryx Member of our Council. As they look to strengthen their presence in the American market, we definitely look forward to supporting them in their efforts. We have also identified many key markets across the US where we believe additional investments and partnerships could materialise and we will be looking to engage in those areas with the local political officials and private sector business community, he said.
“We will continue to provide our signature services that include advisory and consulting services, hosting business engagements, webinars and facilitating business engagement between our stakeholders. We will provide our members with up to date market information about the crucial sectors of the economy which include finance, fintech, infrastructure, and energy in addition to smart cities and smart technologies,” Barakat said.
On US-Qatar investments in 2022 as gainst the previous year Barakat said 2021 was a great year for trade investment between the US and Qatar. In 2021, the total amount of foreign investments from the US to Qatar amounted to QR 895m. In the same year, Qatar boasted substantial investment in several US sectors including an announcement to invest $10 bn in US ports in the coming years. Additionally, Qatar increased its investments in the United States with some key investments including US-market leaders AVANGRID and Eat Just, to name a few.
“While official numbers have not been released yet, we can only expect 2022 to be a year of even further growth of both trade and investment between the US and Qatar,” he said.
On the World Cup Barakat said the USQBC sees the FIFA World Cup Qatar 2022 as a stepping stone towards greater business engagement in the future.
With the mega sports event, people have learned a great deal about Qatar, and the American companies that have been involved in Qatar. Qatar has repeatedly demonstrated its conviction to attract international companies by easing commercial laws and regulations for establishment and operation. The country has been making strides in other sectors as well such as tourism, education, and entertainment. This diversification has enabled investors to expand their portfolio in the country.
The partnership in other sectors also has been booming in the year 2022. In June, QatarEnergy formed joint ventures with American oil and gas giants and USQBC members ExxonMobil, ConocoPhillips, among other international companies for developing North Field Expansion project worth $28.7bn, he said adding that two of our USQBC members Chevron Phillips Chemical and QatarEnergy agreed to build a $8.5bn integrated polymers facility in Orange, Texas which is expected to create more than 500 full-time jobs and approximately 4,500 construction jobs and generate an estimated $50bn for the community residual economic impacts.
“There is a tremendous amount of opportunity ahead and we see US-Qatar business continuing to grow to new heights,” Barakat said.
