Doha, May 26 (QNA) - The Qatar Chamber (QC) and the Australian Chamber of Commerce and Industry (ACCI) signed Sunday a Memorandum of Understanding (MoU) formalizing their shared commitment to improving trade and investment opportunities between the countries, exchanging data and information about business, trade, investment, and economic conditions to facilitate cooperation and mutual understanding.

The agreement was signed by QC First Vice-Chairman Mohamed bin Twar Al Kuwari and Vice President of the ACCI Lyall Gorman. Also present at the ceremony was HE Ambassador of Australia to the State of Qatar Shane Flanagan.

In his remarks, the First Vice-Chairman said that this agreement represents a new phase of cooperation between both sides, noting that it will promote economic and commercial cooperation among Qatari and Australian businessmen, thereby developing trade between the two countries.

He reiterated that the agreement would enable business owners from both countries to explore the investment opportunities galore on both sides and streamline the establishment of joint ventures and mutual investments. Twar also emphasized Qatari businessmens interest in learning about investment opportunities available in Australia and the incentives and advantages offered to foreign investors.

For his part, Vice President of the ACCI Lyall Gorman said, "I am delighted to see the commencement of a formal relationship between the Qatar Chamber and the Australian Chamber of Commerce and Industry. The opportunity for our two organizations to engage more fully for mutual benefit is significant in their nature. I look forward to the strategic dialogue between ACCI and QCCI expanding with a view to developing a greater understanding of our respective cultures, economies, and countries to enhance economic activity, information exchange, and connectivity at all levels of business."

In turn, ACCI Chief Executive Officer Andrew McKellar said, "This partnership with the Qatar Chamber will open new avenues for our members to explore business opportunities and forge lasting economic partnerships." Furthermore, the Australian and Qatar chambers will also leverage their shared memberships in the International Chamber of Commerce and the International Organization of Employers to advance the Memorandum of Understandings objectives, he highlighted.

On his part, HE Ambassador of Australia to the State of Qatar Shane Flanagan said, "The signing of this MoU is a very important step in advancing Australias trade and economic cooperation with the State of Qatar. Two-way goods and services trade reached approximately USD 2.4 billion in 2022-23 with trade in services growing more than 60 percent in the most recent financial year. This agreement will encourage more Australian and Qatari companies to explore opportunities and further strengthen our links." (QNA)