Qatar and Germany are two vibrant economies but as a result of the COVID-19 measures both the economies are impacted. But this unprecedented situation has also created opportunities for investment, and both the countries benefit from these opportunities by capitalizing on their longstanding relationships, said the German Ambassador to Qatar Dr. Claudius Fischbach at an event, yesterday.
The German envoy also noted that opportunities still exist, and several German companies remain committed to Qatar and are seizing investment opportunities to boost bilateral economic cooperation.
The ambassador was speaking at a webinar hosted by Doha Bank on the theme “Bilateral and Synergistic Opportunities between Qatar and Germany”.
The other participants of the event were Katherin Lenke, Representative, German Industry and Commerce office Qatar; Norbert Reeg Founder and Managing Director, F I C Frankfurt International Consulting GmbH; and Dr. R Seetharaman, CEO of Doha Bank.
Dr. Claudius said: “We only start to understand the profound repercussions on economies due to the COVID-19 pandemic. Both Qatar and Germany took a hit from COVID-19 due to the unprecedented measures imposed to contain the pandemic. But in crisis also lies great opportunity, and I am convinced that Qatar and Germany can benefit from these opportunities by capitalizing on their longstanding relationships. Opportunity still exists. Some companies even opened their offices in Doha before Qatar’s independence and are trusted partners to implement Qatar’s National Vision 2030. German companies undoubtedly remain committed to Qatar and are seizing investment opportunities in Qatar. Most recently, Volkswagen announced a major investment in the Qatar Free Zones and more companies will certainly follow. Vice versa, Qatar’s sovereign wealth fund, the Qatar Investment Authority, SWF is a key investor in German companies.”
Lenke speaking on “The opportunities for German corporates in Qatar”, she gave insight on the pillars of German Trade Investment and Promotion, the investment climate in Qatar, Qatar’s AI Strategy, Digital transformation initiatives, and the opportunities available in the Qatar market in sectors such as agriculture, hydrocarbon, Sports and Security technology. She also highlighted the role of major German corporates in Qatar.
Norbert spoke on “The market entry strategies for German corporates in MENA region”. He provided insight on the support which German SMEs will look forward to when entering the MENA region and the areas of focus which Qatari business groups would be interested in when entering the German market. He followed the Connect and create approach. Connect with the relevant network group and create refers to how to reach new markets through various structures/routes. German companies in Solar, Software, and Construction evidenced interest in the region. Huge demand for German property from Qatari investors.