Qatar’s investments in the U.K. economy exceed GBP40 billion ($50.45 billion), helping create jobs, growth and prosperity in the country, said U.K. Minister for Investment Baroness Poppy Gustafsson.
Speaking to QNA, Gustafsson described Qatar as a key market for the U.K. both for trade and investment because of its dynamic and diversifying economy, and the wide variety of growth areas identified in its National Vision 2030. The two countries share a robust and flourishing economic partnership, with total trade in goods and services reaching $7.06 billion in the first three quarters of 2024.
“Our central economic objective for the next decade is to drive mutual growth, support technological innovation and advance the transition to a sustainable, green economy through targeted investments in cutting-edge sectors like clean energy, technology and life sciences,” she said.
U.K. seeks stronger ties in key sectors
Gustafsson stressed the U.K.’s commitment to collaborating with Qatar across growth-driving sectors which will have mutual benefit for both nations, including in clean energy, technology, life sciences, creative industries, culture and housing.
Regarding the most promising investment opportunities for U.K. businesses in Qatar, Gustafsson noted that U.K. businesses are respected for quality and expert delivery, and there are opportunities across a broad range of industries including infrastructure, education, healthcare and security.
Highlighting the U.K. as one of the best destinations in the world to invest, Gustafsson said: “Our multilateral and bilateral economic partnerships with countries like Qatar are crucial to increasing growth – opening up investment and export routes, tackling barriers to trade, and partnering to create shared markets.”
U.K.’s Industrial Strategy to drive investment growth
She added that the U.K. government will set out its Trade Strategy, aligned with the upcoming Industrial Strategy, to help businesses overcome barriers and maximize trade and investment for the growth-driving sectors and across the whole economy. “The U.K.-Qatar Strategic Investment Partnerships is key to supporting economic links, capital flows and longer-term investment pipelines,” she said.
With regard to investment opportunities in the U.K., she said that growth is the number one mission of this government and the new Industrial Strategy is central to that. It will focus on stimulating investment and activity in sectors with the highest growth potential over the next 10 years.
The strategy will also take advantage of the U.K.’s unique strengths and untapped potential, enabling its already world-leading services and manufacturing sectors to adapt and grow, and will seize opportunities to lead in new sectors, with high-quality, well-paid jobs.
The Industrial Strategy’s eight growth-driving sectors include: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences and Professional and Business Services.
“The Government will prioritize sub-sectors that meet our objectives. This includes areas like renewable energy and AI, and Qatar will be a key partner as we explore investment opportunities across these areas,” she added.
Read: U.K. Minister pledges to strengthen ties with Saudi Arabia as bilateral trade hits $21 billion
GCC-U.K. free trade deal to raise annual trade by $10.85 billion
In addition to bolstering ties with Qatar, the U.K. Minister of Investment touched on the ongoing negotiation regarding a free trade agreement with the GCC, noting that the negotiations have been progressing at pace and the two sides are having constructive discussions on goods, services and sustainable trade provisions.
It is estimated that the GCC-U.K. deal could increase bilateral trade by 16 percent, adding an extra $10.85 billion per year to trade between the U.K. and GCC countries in the long run. The U.K. and GCC’s bilateral trade currently amounts to around $72.41 billion.
