ST. PETERSBURG/DOHA, Jun 2, 2021, The Peninsula. The bilateral relations between Qatar and Russia will reach new heights during the 24th edition of the St. Petersburg International Economic Forum (SPIEF 2021), which is set to begin today, The Peninsula reported.
Over 50 leading Qatari public and private sector entities are participating in this high-profile event which is one of the largest investments and economy-focused events of its kind in the world and will feature Qatar as a guest country.
The strong participation of Qatar demonstrates the huge prospects of cooperation between both the countries and the desire to expand bilateral relations.
“Qatar is a guest country of SPIEF this year. Though not its first time at the Forum, this is the first time that it will have a special status,” noted SPIEF official magazine.
Qatar’s honorary position at the Forum as a guest country demonstrates the dedication and commitment of both countries to further cement their existing economic, cultural and tourism relations.
The Qatari-Russian bilateral relations have seen significant growth in recent years, with Qatari investment in Russia estimated at $13bn in various sectors including infrastructure, energy, and banking. Trade exchange between the two countries recorded a 47 percent growth from $202m in 2019 to $297m in 2020.
During the forum, several business-to-business meetings of Qatari and Russian businessmen are planned. The meetings are expected to result in a number of agreements.
The forum will also be a platform where Qatar’s growth story will be presented. Qatar has prepared a large-scale business program, which will be presented at the national pavilion of Qatar.
Public and private institutions will showcase their ongoing projects and future plans to the visitors. “Qatar has one of the strongest economies in the world, with a credit rating of AA- and AA3 from S&P and Fitch and Moody’s. Its currency is stable against the US dollar. Qatar is the number one country in the Arab world for supporting entrepreneurship and second in the Middle East for economic freedom (28th in the world), according to the Index of Economic Freedom 2019,” noted the magazine. “Qatar ranks 10th among the most competitive economies and 5th for government effectiveness according to the IMD World Competitiveness Yearbook 2019,” it added.
Held under the patronage of the Russian President Vladimir Putin every year, SPIEF is organised by Roscongress Foundation and convenes individuals from leading Russian and international companies, political figures, and business leaders from around the world. The Forum that brings together heads of government and business leaders, scientists and experts, marks the recovery of the economy and the restart of integration processes.