The US and Qatar’s commercial ties has continued to flourish with the total economic relationship between the two countries exceeding $200bn and both nations eager to expand trade and investment ties, according to the US-Qatar Business Council (USQBC) report released recently to mark 50 years of partnership between Qatar and the United States.
Qatar’s political stability, state-of-the-art infrastructure, stable currency and low corporate tax rates have stimulated upward US FDI flows, the report stated.
With over 850 US companies doing business in Qatar, the United States has created a robust trading connection with the country and is its largest foreign investor. The two countries trade over $6.3bn dollars in goods yearly.
The US is the largest single source of exports to Qatar, with $6.5 billion registered in 2019. The same year, Qatar was the US’ 37th largest goods export market. Over $9.4bn in trade was counted between the two countries in 2019, a growth of over 100 percent since 2017, according to the USQBC.
The top US export categories to Qatar in 2019 included aircrafts, electrical machinery, arms and ammunition, and vehicles.
Qatar was the United States’ 66th largest supplier of goods imports in 2019, with $1.7bn worth of US imports, a growth over 7.9 percent from 2018. Liquefied natural gas, aluminum, fertilizers, and sulfur are among the top US imports from Qatar, USQBC stated. The US is a major equipment supplier and partner for Qatar’s oil and gas industry, and US corporations such as ExxonMobil and Chevron have played a vital role in the sector’s development.
In addition to energy, US companies from the defense, aviation, information technology, healthcare, culinary, and engineering/construction industries are also thriving in Qatar.
The US and Qatar are behind one of the largest cargo deals ever made, as Qatar Airways placed a $37bn order with Boeing Co. for 737 Max planes in early 2022.
The deal serves as a major showcase of trade relations between the two nations. Qatar has also been assisting in key developments in the US, including the Golden Pass LNG export terminal in Sabine, Texas co-ventured by affiliates of two of the world’s largest and most experienced oil and gas companies QatarEnergy (70 percent) and ExxonMobil (30 percent).
The sectors of two-way investment vary greatly and while many areas represent attractive investment opportunities, some of the high-priority areas include education and research, smart cities, financial technology, sports, agriculture, construction & engineering, and oil and gas. The United States and Qatar have continuously consolidated and enhanced their relationship over the past five decades by coordinating their economic, political, and security spheres, the USQBC stated while adding that their collaborations have resulted in deeper security ties, close partnership, and a prosperous commercial landscape.
This year marks the 50th anniversary of the establishment of diplomatic relations between the United States and the State of Qatar. This milestone signifies the longevity and strength of the bilateral ties between the two countries. The US and Qatar have established a solid base for distinguished regional and international political relations, in addition to deep commercial, security, and cultural partnerships.
Coinciding with this occasion, Qatar’s Amir Sheikh Tamim bin Hamad Al Thani made an official state visit to Washington, DC and became the first Gulf leader to visit during President Joe Biden’s presidency.
The meeting emphasized the importance of the US-Qatar relationship including their cooperation in promoting international and regional security and prosperity, their substantial economic engagements which include trade agreements and bilateral investments, and their deep security and defense partnership.
The meeting recognized the importance of Qatar as an indispensable strategic partner for the United States in the Middle East.
The US-Qatar Business Council promotes, enhances and advances the bilateral business relationship between the United States and the State of Qatar.
The United States established diplomatic relations with Qatar in 1972 following its independence from the United Kingdom in 1971.
The USQBC envisions a seamless relationship between the US and Qatar; a permanent partnership built on a foundation of mutual interests and strong business, cultural, and security relations.
The Council is the leading organization dedicated exclusively to enhancing the bilateral commercial relationship between the US and Qatar.
