The US-Qatar Business Council (USQBC), Denver Metro Chamber of Commerce, and World Trade Center Denver, have collaborated on a business visit to Denver, Colorado, to interact with key policymakers and the local business community to expand and enhance economic partnerships between Qatar and Colorado.
During the business visit, Mr. Fahad al-Dosari, Qatar’s commercial attaché to the US and Mr. Mohamed Barakat, Managing Director and Treasurer of the Board of Directors of USQBC, met separately with Ms. Dianne Primavera, Lieutenant Governor of Colorado, and Mr. Michael Hancock, Mayor of Denver, to discuss enhancing business ties.
On the occasion of the meeting, Mr. 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 illuminated the many areas where we can enhance commercial partnerships between Colorado and Qatar, and we look forward to furthering these discussions.”
For her part, Ms. Primavera stated, “Colorado’s economy is building back stronger so there is a tremendous opportunity, across a variety of industries, to expand our international reach for increased commercial partnerships between our two communities.”
“These exchanges present opportunities for increased bilateral trade and investment in synergistic industries that Denver and Qatar share, from technology and agriculture to professional services, cleantech, smart cities and many more,” Mr. Hancock explained in his statement.
During the Business Seminar hosted at the Denver Metro Chamber of Commerce, participants were given the opportunity to network, learn, and explore business opportunities between Colorado and Qatar. Mr. Al Dosari explained Qatar’s attractive economic environment while Mr. Barakat discussed the strength of the US-Qatar business relationship.
“Qatar is committed to expanding the economic partnership with Colorado. We look forward to furthering conversations on how our business communities can work together in areas such as manufacturing, agriculture, logistics, and infrastructure & engineering,” Mr. Al Dosari added.
Colorado and Qatar have already shared a flourishing trade relationship and this visit shows the commitment both sides have to boost investment and commercial ties across their many overlapping industries.
A special virtual session was also presented in collaboration with Colorado Smart Cities Alliance and Colorado Cleantech Industry Association. During the session, Mr. Mohammed Al Abdulla, CEO at Doha Venture Capital and Mr. Hamad Al Mohannadi, Business Development Manager at Qatar Free Zones Authority, delivered presentations on recent developments and incentives for foreign investors in Qatar Free Zones as well as Doha Venture Capital Fund’s strategic investment priorities.
The bilateral business ties between the US and Qatar continue to solidify with the total economic relationship between them exceeding $200 billion as of 2019. The US is Qatar’s largest foreign direct investor with a total of $110.6 billion in FDI and is the largest single source of exports to Qatar at $6.5 billion in goods in 2019.
Qatar is also an increasingly large investor in the US. The country has pledged over $45 billion in investment over the coming years with key investments already having been made across multiple sectors including oil & gas, financial technology, real estate, food production, and hospitality, among others.
“We look forward to many new partnerships and commercial opportunities between the State of Qatar and the State of Colorado. Both Qatar and the US are some of the best places in the world for business, and we see many opportunities for Colorado companies in Qatar and welcome Qatari investment in Colorado,” Ms. Karen Gerwitz, President of World Trade Center Denver added.