15/08/2017 07:23 AST
The new weekly direct service from Karachi Port to Hamad Port would play a significant role in trade volume growth between Qatar and Pakistan, an official has said.
Federation of Pakistan Chambers of Commerce & Industry president Zubair F Tufail was referring to the arrival of the container vessel ‘Libra’ to Qatar on Sunday under PGS (Pakistan – Gulf service) and provided by Wan Hai line, in partnership with Simatech Shipping.
Tufail was in Qatar along with a 12-member business delegation that took part in the first Qatar-Pakistan Business Council meeting held yesterday at the Qatar Chamber headquarters.
To further boost trade exchange between the two countries, Tufail said Pakistan will focus on food stuff exports to Qatar but he also invited companies here to invest in the steel industry.
“This industry requires investment... but my desire is to have some Qatari private business or investment company to come forward and take part in this investment for steel,” he told officials of Qatar Chamber led by vice-chairman Mohamed bin Towar al-Kuwari.
“Pakistan is importing about 4mn tonnes of steel from Russia, China, and other countries but there are many opportunities for Qatari companies to invest in steel products,” he pointed out.
Aside from the steel industry, Tufail also invited companies from Qatar to invest in Pakistan’s infrastructure, ports, hospitals, telecommunications, and shopping mall sector.
“Pakistan has 120mn cell connections with four companies operating in the telecommunications sector… there is also a shortage of hospitals in Pakistan. In Karachi, which has a population of more than 20mn, there are only three to four existing malls.
“We need at least 15 to 20 malls so we welcome Qatari companies that have experience in this sector,” he said, adding that Pakistan is keen to invest in Qatar’s medium-sized industries.
According to al-Kuwari, trade exchange between the two countries reached QR2.85bn ($783mn) in 2016. Pakistan is Qatar’s 21st trading partner, al-Kuwari said, “but Qatari businessmen aspire to double those ratios.”
Al-Kuwari also called on both the Qatari and Pakistani private sector to establish effective partnerships and engage in high-value projects “that contribute to advancing these relations.”
“Qatar Chamber urges the private sector to benefit from the investment opportunities in Pakistan and to partner with Pakistani business owners, especially in the food, pharmaceutical, telecommunications, agriculture, and other sectors,” al-Kuwari further stressed.
Data of the Real Estate Analytical Bulletin issued by Qatar’s Ministry of Justice for July showed that main indicators of the country’s economic growth, particularly the real estate index, have continued to grow, in terms of the number of investment and commercial properties, traded spaces and the rates of mortgages, marking an active movement despite the tranquility of real estate during the summer. The total value of trading during the month of July reached QR1,838,583,943, while the real estate index traded up 76% compared to June with 238 transactions.
The municipalities of Doha, Al Wakrah and Al Rayyan topped the most active trading in terms of financial value, followed by the municipalities of Umm Salal, Al Daayen, Al Khor, Al Dhakhira and Al Shamal.
The financial value of Doha transactions reached QR720,619,847, while the financial value of Al Wakrah amounted to QR547,678,232, followed by Al Rayyan (QR367,354,166), Umm Salal (QR67,736,203), Al Daayen (QR95,487,199), Al Khor and Al Dhakhira (QR32,690,445) and Al Shamal (more than 7mn riyals).
The indicators showed that the most active municipalities for the sold real estate in July were Al Wakrah (62%), followed by Doha (13%) and Al Rayyan (12%).
According to data, the trading turnover in the Pearl and Qassar during July increased by the number of transactions compared to June, where
Gulf Times
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