Qatar has announced additional investments totalling €10 billion in Germany over the next few years, with an emphasis on SMEs.
Germany has opened up its first representative office in the Gulf region, establishing its German Federal Association for Small and Medium-Sized Businesses’ (BVMW) headquarters in Qatar.
The move was announced as part of an inked collaboration agreement between BVMW and Qatar’s Ministry of Commerce and Industry (MoCI).
Markus Jerger, the executive director of BVMW, visited Qatar and met with the Gulf state’s Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al Thani.
The two sides discussed means of further boosting investment and developing trade and economic cooperation. The meeting also featured a discussion on the economic measures taken by Qatar to diversify its economy.
The agreement was signed by MoCI Undersecretary Sultan bin Rashid Al Khater and Jerger.
The Qatari minister hailed the significance of the agreement and how it is a testament of the keenness shared between both sides to strengthen their alliance and foster business sector cooperation.
He continued by saying that this collaborative effort will also help German SMEs by giving them access to more investment prospects in both Qatar and in opening up to new markets in the region.
“The signing of the strategic partnership follows the announcements of the Qatari Amir H H Sheikh Tamim bin Hamad Al Thani during his visits to Germany in 2018 and 2022 to expand investment and economic cooperation between Qatari and German small and medium-sized enterprises,” Jerger said.
Qatar is currently one of the largest foreign investors in Germany with its investment amount standing at approximately €25 billion, Jerger noted.
Doha has also announced additional investments totalling €10 billion in Germany over the next few years, with an emphasis on SMEs.
“With the opening of our BVMW-GCC headquarters in Doha, we are creating a contact point for German and Qatari small and medium-sized companies to benefit from business opportunities and advantages in Qatar and Germany, as well as the opportunity to expand into various markets in the region, especially since Doha is an important investment hub in the region,” Jerger added.
This contract’s signing expands upon the November 2021 Memorandum of Understanding between Investment Promotion Agency of Qatar (IPA Qatar) and BVMW, which intends to cooperatively enhance Qatari-German economic and commercial cooperation and find new prospects within the SME sector.
A press conference in Doha on Sunday began with Qatar’s Amir Sheikh Tamim bin Hamad Al Thani expressing that Qatar and Germany share a common desire to strengthen bilateral ties in a number of areas, particularly in business, culture, higher education, and sports.
Highlighting the economic link between both countries, Sheikh Tamim pinpointed the Gulf nation as one of the biggest investors in Germany, saying the Qatar Investment Authority continues to search for opportunities in Germany.