Beijing, May 23 (QNA) - The State of Qatar participated in the first China-GCC Countries Forum on Industry and Investment Cooperation in Xiamen, China. The event takes place from May 23-24, under the slogan "Embracing the Future: Advancing High-Quality Industrial and Investment Cooperation between China and GCC Countries".

HE Minister of Commerce and Industry, Sheikh Mohammed bin Hamad bin Qassim Al-Thani chaired the State of Qatar's delegation to the forum.

Also present were Vice Premier of the State Council of the People's Republic of China, Ding Xuexiang, Their Excellencies the GCC Ministers of Commerce, Industry and Investment and Secretary-General of the GCC, Jassim Mohammed Al Budaiwi, along with representatives of the private sector from companies, business organizations, financial institutions and research centers in the GCC countries and China.

Addressing the forum, HE the Minister of Commerce and Industry stressed the depth of relations between the GCC countries and China, noting that the strategic partnership between the two sides continues to grow and develop and is based on mutual trust and common interests.

His Excellency explained that the distinguished relations and fruitful cooperation between the GCC countries and China were reflected in the volume of trade exchange between the two sides, as it doubled during the period between 2015 and 2022 to grow by 140 percent and reach more than USD 316 billion during the year 2022, highlighting that the two sides are on the verge of new levels of elevating these relationships.

His Excellency indicated that holding this forum aims to deepen practical cooperation between the two sides in a way that serves their common interests, especially in areas that represent a priority and added value in their economies, including the sectors of energy, minerals, finance, industry and logistics services, and other vital fields.

His Excellency also pointed out that the State of Qatar and the People's Republic of China have close and established relations, and China is considered the country's largest trading partner, as the volume of Qatari-Chinese trade exchange increased in the first quarter of 2024 by 3.7% to reach USD 6.8 billion compared to USD 6.6 billion during the same period of last year, while the volume of trade exchange between the two sides reached about USD 23.7 billion in 2023.

His Excellency touched on the third development strategy, which aims to increase economic diversification through opportunities, initiatives and incentives in various sectors such as industry, logistics services, technology, financial services, and others.

During the Industrial and Investment Cooperation Forum, ways of intensifying joint efforts to explore investment and cooperation opportunities in various economic fields were discussed, in addition to organizing four sub-forums, the first focused on sustainable development of energy and mining, the second on investment and cooperation in the digital economy, and the third on financial cooperation. The fourth sub-forum highlights infrastructure and transportation.

The Xiamen Initiative was also announced by Their Excellencies the Ministers, which aims to deepen industrial and investment cooperation between the GCC countries and China. (QNA)