QC discusses role of economic diplomacy in promoting trade ties
THE Qatar Chamber (QC) in cooperation with the Cultural Village Foundation (Katara) and the Katara Public Diplomacy Centre (KDPC) hosted on Wednesday a seminar titled Economic Diplomacy and Future Economic Calculations.’
The event was attended by QC First Vice-Chairman Mohamed bin Twar Al Kuwari and a number of businessmen and companies’ representatives.
Speaking at the event, Twar stressed that the chamber was keen to host this important seminar to raise awareness among the Qatari business community of the importance of economic diplomacy.
HE pointed to the need to study all the changes and economic challenges facing the world.
On his part, KPDC CEO Darwish Ahmed Al Shaibani assures the importance of economic diplomacy in boosting regional trade cooperation through strengthening communication between companies and institutions of the public sector and peoples.
Al Shaibani also assured the key role of businessmen and investors in underpinning cooperation with international commercial companies to open new horizons for investment and development and achieve the economic integration that contributes to job
creation, enhancing mutual investments and flourishing trade exchange.
The seminar was delivered by Dr Khalid Al Abdulqader, Associate Professor in Finance and Economics at Qatar University.
During the event, Al Abdulqader thanked the Chamber and Katara for organising this seminar, which aims to raise awareness and address important economic issues, noting that the economy and
politics are interconnected and interdependent.
He stressed that Qatar’s robust economy has contributed to enhancing the State’s regional and global outreach and competitiveness, affirming that it has invested in strengthening its infrastructure through Hamad Port and Hamad Airport, establishing free and logistical zones, and achieving high rates of self-sufficiency.
He also stressed the importance of Gulf economic integration,
noting that the GCC states are of great importance on the international trade map due to the enormous potential they own.
Dr Al Abdulqader reviewed Al the concept of economic diplomacy, which means the use of possible means supported by skills, capabilities, and resources to influence the other party, acquire interests, or reduce risk and harms.
As for the principles of diplomacy in the economy, he
pointed out that they include time-buying, multiple choices, common interests and building relationships with economic conglomerates.
He also focused on the importance of economic diplomacy in financing, referring to the global financial crisis of 200 .
Regarding the economic diplomacy in contracts and employment, he underscored the importance of the provision of correct information
to avoid uncertainty between parties.
He further explained a number of practices pertaining to the concept of economic diplomacy when dealing with markets, noting that they depend on the nature and structure of the market.
He concluded his discussions by a number of global economic variables that are expected in 2023, such as raising the interest rate and the expansion in the alternative and green energy.