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Thu 8 Sep 2016 01:41 PM

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Qatar investments worth $22bn in France, says French Minister

Qatar’s investments in the US are also expected to reach $35bn in the next five years

Qatar investments worth $22bn in France, says French Minister
French Minister of State for Foreign Trade Matthias Fekl. (Eric Piermont/AFP/Getty Images)

Qatar has invested over $22bn in France, making it the second destination for public and private Qatari investments, revealed French Minister of State for Foreign Trade Matthias Fekl.

Speaking yesterday at the 3rd Investment Majiles organised by the Qatari Businessmen Association (QBA) and the French embassy in Doha, Fekl said the “impressive” economic ties between the two countries “have increased quickly,” reported Gulf Times.

“Over the last five years, our bilateral trade has doubled; 120 French companies are currently working in Qatar and 5,000 French citizens live in your country,” he said.

The official said the joint investment fund established in 2014 between Qatar Holding and French CDC International Capital aims to drive investment to small and medium-sized enterprises (SMEs) in France.

“An important share of these innovations has been coming from SMEs that are keen to develop partnerships with Qatari companies, and I encourage the private sector of our two countries to work in that direction,” he said.

Furthermore, Qatar’s investments in the US are expected to reach $35bn by 2021, revealed Qatar’s Ambassador to the United States Mohammed Al Kuwari.

The two countries signed the Trade and Investment Framework Agreement in 2004 after which trade between them rose to almost $7bn in 2015.

Al Kuwari said a large number of US companies operate in sectors such as health, tourism, technology and education in Doha. He said a large number of US investors have $200bn share of investments in Qatar’s 2022 FIFA World Cup infrastructure projects.