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Russia is ready to increase trade with Qatar, the level of which today does not correspond to the potential of both countries. This was stated on Thursday, June 3, by the Russian Minister of Economic Development Maxim Reshetnikov at a meeting with the Minister of Industry and Trade of Qatar, Ahmed Al-Kuwari “on the sidelines” of SPIEF-2021.
The head of the Ministry of Economic Development called Qatar one of the important partners of Russia in the Middle East. He drew attention to the fact that bilateral trade has been growing steadily since 2015. Despite the unfavorable situation in the world in 2020, the dynamics persisted: mutual trade increased by 22% and amounted to USD 100.6 million.
“The achieved level of trade does not meet the capabilities of our countries. I consider one of the key tasks to be a significant increase in the volume of bilateral trade,” Maxim Reshetnikov said.
Nowadays, common investment projects are dynamically developing, in particular, through the RDIF and the Qatar Sovereign Fund within the framework of a joint investment platform, the minister continued. The total amount of Qatari capital investments in the Russian Federation is over 940 million US dollars.
At the same time, projects worth more than USD 2 billion are under consideration in such areas as infrastructure, agriculture, telecommunications, medicine, retail, real estate, information technology, insurance and electricity, the head of the Ministry of Economic Development said. According to him, an important area of cooperation between Russia and Qatar is interaction in the fuel and energy complex, both in a bilateral format and at international energy platforms.
Maxim Reshetnikov welcomed the start of cooperation between the Russian Small and Medium Business Corporation and the Qatar Development Bank. He also said that Russia has nominated Moscow for the right to host the World Universal Exhibition EXPO in 2030 and expressed hope for support from Qatar for the Russian bid for the upcoming vote at the International Exhibitions Bureau.