Mohammed Barakat, USQBC’s chief executive and board treasurer, and Fahad Al Dosari, Qatar’s commercial attaché to the United States, during a meeting with Michael Hancock, mayor of Denver, United States, on Thursday .
Doha: The United States-Qatar Business Council (USQBC), Metro Denver Chamber of Commerce and World Trade Center Denver collaborated on Thursday on a business visit to Denver, Colorado to engage with key decision makers politicians and the local business community to expand and improve economic partnerships between the State of Qatar and the State of Colorado.
The business visit brought together a number of officials, including Dianne Primavera, Lieutenant Governor of Colorado; Denver Mayor Michael Hancock; Fahad Al Dosari, Commercial Attaché of Qatar to the United States; Mohammed Al Abdulla, CEO of Doha Venture Capital; Hamad Al Mohannadi, director of business development at the Qatar Free Zones Authority; Mohammed Barakat, USQBC Director General and Board Treasurer; JJ Ament, president and CEO of the Metro Denver Chamber of Commerce, and Karen Gerwitz, president of the World Trade Center Denver.
During the business visit, Al Dosari and Barakat had met separately with Primavera and Hancock to discuss strengthening business ties. In a press release, Rashid Al Deheimi, Consul General of the State of Qatar, said, “Qatar sees many opportunities to further increase bilateral business and investment opportunities with Colorado. This event highlighted the many areas where we can strengthen the business partnerships between Colorado and Qatar, and we look forward to continuing these discussions.”
Primavera said, “Colorado’s economy is rebuilding stronger, so there is tremendous opportunity across a variety of industries to expand our international reach for increased business partnerships between our two communities.”
Hancock added, “These exchanges present opportunities for increased two-way trade and investment in the synergistic industries that Denver and Qatar share, from technology and agriculture to professional services, clean technology, smart cities and many others. We also see this as another indicator that Denver’s reputation as a thriving global city and international marketplace continues to grow.”
During the business seminar held at the Metro Denver Chamber of Commerce, attendees were able to network, learn, and explore business opportunities between Colorado and Qatar.
Al Dosari presented Qatar’s attractive economic environment while Barakat discussed the strength of the US-Qatar trade relationship.
“Qatar is committed to expanding the economic partnership with Colorado. We look forward to new conversations about how our business communities can work together in areas such as manufacturing, agriculture, logistics, infrastructure and engineering,” said Al Dosari.
“Colorado and Qatar have already shared a thriving commercial relationship, as evidenced by the fact that Colorado exported $11.974 million worth of goods to Qatar in 2019. This visit demonstrates both parties’ commitment to increasing investment and business ties across their many overlapping industries,” Barakat added. .
A special virtual session was also presented in collaboration with the Colorado Smart Cities Alliance and the Colorado Cleantech Industry Association. During the session, Al Abdulla and Al Mohannadi made presentations on recent developments and incentives for foreign investors in Qatar’s free zones, as well as the strategic investment priorities of the Doha Venture Capital Fund.
“Qatar offers investors a package of incentives that include the benefits of commercial ties, bilateral investment protection, tax and free trade agreements, property rights and labor laws that give foreign companies a competitive advantage. In addition to this, the Qatar Free Zones Authority offers attractive investment benefits to registered companies, such as tax exemptions, exceptional services and modern facilities, as well as partnership opportunities with leading companies in the country. to maximize the benefits of production,” Al Mohannadi said.
There is significant overlap between key industries in Qatar and Colorado, including manufacturing, defense, financial services, energy, infrastructure, transportation, logistics, and technology. Colorado ranks in the top 10 for solar jobs and has the 4th highest concentration of tech jobs in the country, both of which are important areas of focus for Qatar’s growing economy.
“Colorado companies are some of the best and true leaders in the country in their respective industries. We are proud to welcome organizations such as the US-Qatar Business Council to our community to build relationships and share opportunities,” said Ament.
Bilateral trade relations between the United States and Qatar continue to solidify, with the total economic relationship between them exceeding $200 billion in 2019. The United States is Qatar’s largest foreign direct investor with a total of 110, $6 billion in FDI and are the largest single source of exports to Qatar worth $6.5 billion worth of goods in 2019. Over the past five years, Qatar has imported over $23 billion from states States and more than 850 American companies now operate in Qatar.
“We look forward to many new partnerships and business opportunities between the State of Qatar and the State of Colorado. Qatar and the United States are among the best places in the world to do business, and we see many opportunities for Colorado businesses in Qatar and welcome Qatari investment in Colorado,” added Gerwitz.
Qatar is also an increasingly important investor in the United States, having pledged more than $45 billion in investments over the next few years, with key investments already made in several sectors, including oil and gas. , fintech, real estate, food production and hospitality, among others.
Denver is home to one of America’s largest IT companies, Palantir Technologies, which specializes in big data analytics and already has strong ties to Qatar. The company recently moved its headquarters to Denver, furthering Denver’s position as a leading technology hub in the country.
Qatar Free Zones are designed to provide investors with a global competitive advantage in various key sectors, in addition to providing a conducive business environment and world-class services that help improve the financial and operational performance of companies.