04 February 2023

President of USQBC Underlines to QNA Strength of Qatari Economy to Withstand Any Recession in the West

Local
  • Qatar
  • Qatar

Doha, February 04 (QNA) - President of the US-Qatari Business Council (USQBC) Scott Taylor affirmed the strength of the Qatari economy to withstand any expected recession in the West, whose impact would extend to other parts of the world.

Speaking to Qatar News Agency (QNA), Taylor said that with suitable energy prices and a dynamic economy, Qatar is strong enough to withstand the recession that may occur, which also provides a huge opportunity to invest in companies, real estate, or other investments.

Qatari investors will be able to invest capital and reap profits through low-cost deals that will bring them a lot of returns when the world gets out of the potential recess.

Regarding his visit to Qatar, the President of USQBC said, "This one specifically is to meet with our current members to discuss their needs and help them out and keep our relationship going. It's also to promote the US, and help the Business Council to get new members. We just got a new Qatari member as well. We're very happy and proud. And it's also to meet with the authorities and ministries to understand post World Cup what the goal is, what the strategy is so that we can align our efforts and our businesses with those strategies." Taylor pointed out, "Clearly the expansion, the LNG expansion is a massive driver of the economy for this, for this country, but also for business between the United States and Qatar as well. We obviously have American companies who are participating in the expansion. So that's one thing. You're also going to have human talent bringing expertise and bringing folks in as got the pivots from not just construction and infrastructure but also from you know bringing in technical expertise and production here and then exporting it to you know Asia and other parts of the world so. We're excited for the growth and what's the best is yet to come for this country and we want to be a part of it." Concerning USQBC's role to assist the business sector of the two countries, Taylor explained, "We help at a very high level where a bespoke organization. So we help navigate, we help businesses navigate both countries, get them connected to very important high-level contacts, and then we help facilitate deals between businesses as well. So again, we're the premier bilateral trade group between the two countries." The President of USQBC said that there are a lot of lessons learned in this World Cup that benefit Mexico, Canada, and the United States - the host countries of the 2026 World Cup.

Taylor said, "I think one of the biggest things that we can learn from Qatar is the fact that you illustrated and showcased your culture so well surrounding the World Cup and we could certainly learn from you and learn from that and those conversations are ongoing. He stressed that the North American bodies can learn about promoting culture, security, and logistics.

He added, "The bodies that are responsible for the World Cup in North America are absolutely gaining knowledge and expertise from Qatar and its experience in the World Cup." 

In his interview with QNA, President of USQBC Scott Taylor said there are strategic sectors for the State of Qatar and the US. He explained, "When you're looking at sustainability and the green economy, Qatar is well-positioned to help the world's transition." He added that there is continuing and growing cooperation between Qatar and the US in the energy, defense, and security sectors. 

Also, he pointed to the opportunities in the content industry, media, e-sports, and many digital sectors.

Regarding attracting more Qatari investors to the US, Taylor confirmed that there is interest from investors in Qatar, whether by the Qatar Investment Authority (QIA) or the private sector, to enhance its presence in the US market, noting that the investment climate in America is safe under the rule of law, where the investor enjoys a lot of protection, adding that the United States is witnessing great interest from Qataris to invest.

Taylor added that there is an American interest in investing in the State of Qatar, pointing to the tremendous success achieved in the technology sector, where Microsoft established the first big data center in Qatar, which is a significant success for Doha and Microsoft. This success may be the nucleus for attracting more international companies operating in the same field, he explained.

Taylor praised the infrastructure in the State of Qatar, which is capable of attracting major US companies, pointing out that the government was able to create investment entities and establish commercial zones and dynamic platforms, in addition to the appropriate legislation.

The President of USQBC praised the distinguished geographical position of the State of Qatar as a gateway to the East, pointing out that the infrastructure and logistical services will be attractive factors for American companies to invest in Qatar. (QNA) 





Keywords

Economy, Qatar
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