Qatar Leads GCC Delegation In Energy Cooperation Forum With China In Xiamen

H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, Qatar’s Minister of Commerce and Industry, spearheaded Qatar’s delegation at the inaugural Industry and Investment Cooperation Forum between the GCC and the Republic of China, held in Xiamen, China from May 23-24, 2024. The event, themed “Looking forward to the joint enhancement of high-quality development of China-GCC industry and investment cooperation,” drew high-level participation including Mr Ding Xuexiang, First Vice Premier of the People’s Republic of China, GCC Ministers of Commerce, Industry, and Investment, H.E. Mr Jasem Mohamed Albudaiwi, Secretary General of the GCC, and representatives from leading companies, financial institutions, and research bodies from both regions.

The forum convened with a focus on bolstering joint efforts to explore investment opportunities and deepen cooperation across various economic sectors. In his keynote address, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani highlighted the robust strategic partnerships and growing confidence between GCC countries and China. He underscored the remarkable growth in bilateral trade, which surged by 140% from 2015 to 2022, reaching over USD 316 billion in 2022, signaling a new era of relations.

Emphasizing Qatar’s strong ties with China, where China stands as Qatar’s largest trade partner, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani noted that trade between the two nations saw a 3.7% increase in the first quarter of 2024, amounting to USD 6.8 billion compared to USD 6.6 billion in the same period last year. The trade volume for 2023 reached USD 23.7 billion.

Addressing Qatar’s Third Development Strategy aimed at economic diversification, H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani outlined initiatives targeting sectors such as industry, logistics services, technology, and financial services, aligning with Qatar’s vision for sustainable growth and prosperity.

During the forum, four sub-forums convened to delve into specific areas of collaboration: sustainable development of energy and mining, investment and cooperation in the digital economy, financial cooperation, and transportation and infrastructure. The discussions culminated in the announcement of the “Xiamen Initiative,” aimed at solidifying industrial and investment cooperation between GCC countries and China.

The Industry and Investment Cooperation Forum marked a significant milestone in enhancing bilateral ties and fostering practical cooperation between the GCC and China, paving the way for strategic partnerships and mutual prosperity in priority sectors.