Qatar’s economic diplomacy has grown tremendously over the years boosting its trade and investments with the rest of the world said Associate Professor in Finance and Economics at the Qatar University Dr. Khalid Al Abdulqader (pictured) said while addressing a seminar at the Qatar Chamber yesterday
The Qatar Chamber with the Cultural Village Foundation (Katara) and the Katara Public Diplomacy Centre hosted the seminar titled ‘Economic Diplomacy & Future Economic Calculations’ which was attended by QC First Vice-Chairman Mohamed bin Twar Al Kuwary and a number of businessmen and companies’ representatives.
Speaking on economic diplomacy he said Qatar’s economic power backed by its strength in the energy sector has helped developed economic diplomacy with the rest of the world.
“We have seen a remarkable growth in foreign diplomacy particularly in the economic sphere due to the strong relations the state has with the world which considers Qatar a healthy partner for trade and investments,” Dr. Al Abdulqader said.
Following healthy ties today the US exports to Qatar much more than Qatar does to the US with a balance of trade in favour of the US.
Qatar maintains good economic relations with China, he said adding that clean and green energy has been a key focus in trade relations with the globe.
“The Qatar Investment Authority plays a pivotal role in promoting investments with the rest of the world,” Dr. Al Abdulqader said adding that Qatar’s economy is one of the region’s strongest economies and one of the world’s most promising economies.
He said that Qatar’s robust economy has contributed to enhancing the State’s regional and global outreach and competitiveness, affirming that it has invested in strengthening its infrastructure through Hamad Port and Hamad Airport, establishing free and logistical zones, and achieving high rates of self-sufficiency.
He also stressed the importance of Gulf economic integration, noting that the GCC states are of great importance on the international trade map due to the enormous potential they own.
Dr. Al Abdulqader reviewed Al the concept of economic diplomacy, which means the use of possible means supported by skills, capabilities, and resources to influence the other party, acquire interests, or reduce risk and harms.
As for the principles of diplomacy in the economy, he pointed out that they include time-buying, multiple choices, common interests and building relationships with economic conglomerates. He also focused on the importance of economic diplomacy in financing, referring to the global financial crisis of 2008.
Regarding the economic diplomacy in contracts and employment, he underscored the importance of the provision of correct information to avoid uncertainty between parties.
He further explained a number of practices pertaining to the concept of economic diplomacy when dealing with markets, noting that they depend on the nature and structure of the market.
He concluded his discussions by a number of global economic variables that are expected in 2023, such as raising the interest rate and the expansion in the alternative and green energy.
