The bilateral trade between Pakistan and Qatar has increased by over 100 percent to $1.6 billion in 2017 from $782 million in 2016, a growth of 104 percent, as Qatar seeks newer venues for trade after blockade by Saudi Arabia and host of other Arab states.
As per The Peninsula Qatar, the bilateral trade volume is set to witness further increase in the coming years as both the countries are working in close cooperation to further strengthen and deep economic cooperation in several promising areas.
“The illegal blockade has also presented an opportunity for Qatar to make its economy more accessible to the world,” said Qatar’s Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani.
In June 2017, countries including Saudi Arabia, United Arab Emirates, Bahrain and Egypt, imposed a ‘land, sea, and air blockade’ on Qatar.
The minister emphasized that the country has strengthened its trade relations worldwide. He further said that Qatar has established new shipping routes with its trade partners worldwide including Pakistan, Kuwait, Iraq, Oman, Turkey, India, Azerbaijan and Central Asia.
Pakistan was ranked as Qatar’s 13th largest trade partner, with food products and consumers goods accounting for almost 50pc of Qatari imports from Pakistan and 1.1 percent of Qatar’s food imports worldwide.
Al Thani also highlighted joint investments, saying that some 851 companies, jointly owned Co’s by Qatari and Pakistani citizens, are currently operating in Qatar in the fields of energy, contracting, plastic industries and the leasing of heavy equipment. Whereas, six other companies fully owned by Pakistanis are also operating in the banking, hotel services, contracting and engineering fields, he added.