Qatar is looking to boost its trade and industry relations with Russia across various sectors, with a focus on increasing collaboration between the private sectors of both countries. The Undersecretary of the Ministry of Commerce and Industry (MoCI), Mohammed bin Hassan Al Malki, highlighted that the trade volume between Qatar and Russia was $18 million last year, down from $300 million before the Russia-Ukraine conflict. Al Malki expressed a desire to see more cooperation between the private sectors of Qatar and Russia, emphasizing the need to explore opportunities beyond petrochemicals and energy.
Qatar’s participation in the 15th KazanForum in Russia aimed at expanding trade opportunities, particularly in the Halal food sector, real estate investments, and utility investments. The annual event serves as a platform for enhancing economic collaboration between Qatar and Russia, as well as strengthening the relationship between Qatar and Kazan. The official Qatari delegation at the forum included representatives from MoCI, the Ministry of Awqaf and Islamic Affairs, and other entities, who engaged in meetings with Russian officials and participants.
Top officials from Russia’s Tatarstan region and representatives from various Muslim countries and the Organization of Islamic Cooperation (OIC) attended the opening of the 15th International Economic Forum “Russia-Islamic World: KazanForum.” The forum, themed “Trust and Cooperation,” aims to foster trade and economic ties between Russian regions and OIC countries, promote the development of Islamic financial institutions in Russia, and facilitate collaboration across various sectors. Prime Minister Alexey Pesoshin highlighted the growing trade turnover between Russia and OIC countries, reaching over $156 billion.
The Qatar Financial Centre, Investment Promotion Agency, and other Qatari officials are set to participate in different sessions of the forum, which runs until May 19. Qatar’s presence at the event underscores its commitment to exploring trade and investment opportunities with Russia, as well as strengthening bilateral relations. The forum provides a platform for sharing insights, promoting collaboration, and fostering partnerships between Qatar, Russia, and other participating countries. Overall, Qatar’s engagement in the KazanForum reflects its broader strategy to diversify its trade partnerships and explore new avenues for economic growth.
In the midst of global economic challenges and geopolitical uncertainties, Qatar’s focus on enhancing trade relations with Russia underscores its long-term commitment to fostering economic growth and exploring new business opportunities. The discussions and meetings between Qatari and Russian officials at the forum are crucial in identifying areas of mutual interest and potential areas for collaboration. By leveraging the platform provided by the KazanForum, Qatar aims to deepen its ties with Russia, expand its trade footprint, and tap into the diverse opportunities available in the Russian market.
As Qatar continues to navigate the evolving global economic landscape, its participation in events like the KazanForum underscores its proactive approach to fostering economic collaboration, exploring new investment opportunities, and strengthening diplomatic ties. The multilateral nature of the forum enables Qatar to engage with a wide range of stakeholders, share best practices, and explore potential partnerships across various sectors. By actively participating in initiatives that promote trade, investment, and cooperation, Qatar remains well-positioned to navigate the changing dynamics of the global economy and emerge as a key player in fostering sustainable economic development.
