The recent visit of the President of the Republic George Abela to Qatar, where he was accompanied by Maltese Foreign Affairs Minister Tonio Borg and a Maltese commercial delegation of 26 businessmen and professionals, was both important and significant.

And this not only because it was a high level one and because of the high percentage of participating Maltese entrepreneurs, but also because Maltese companies have been operating successfully in Qatar and the country seems keen to enhance more commercial activity with Malta.

One successful Maltese company, Alberta, signed a very substantial contract with Al-Jaher Group of Companies, during this visit itself. Another Maltese company, Untours Insurance Agents Ltd, have been sole agents for Qatar Insurance Company since 1980. During the visit another successful contract was also signed between the premier airline Qatar Airways and Lufthansa. Through this agreement Qatar Airways is to make use of the services of Lufthansa Technik, for the maintenance of 25 Qatar Airways aircraft.

Here it is also apt to illustrate the support given to the delegation by HSBC which to highlight this “budding collaboration” hosted a reception together with Malta Enterprise at a leading hotel in central Doha, for the Maltese delegation. Guests also included the Maltese community in Qatar and businessmen.

Addressing the guests, Michel Cordina, Deputy Head of Commercial Banking for HSBC Malta, spoke on the ability of the worldwide network of HSBC to assist Maltese and Qatari businessmen to develop international growth strategies and exploit the resulting business opportunities.

On the first day of the visit, President Abela, after meeting Sheikh Hamad bin Khalifa al Thani, Emir of Qatar, said that the Emir was interested in seeing investment in Malta, particularly in the areas of education and tourism. Later, when addressing a business networking session of Maltese delegates with Qatari entrepreneurs at the Qatar Chamber of Commerce and Industry, President Abela spoke about the fact that due to Malta being a member of the European Union and a Eurozone nation, Qatari businesses will not only reap the economic benefits of the much wider market of 500 million consumers of the other 26 member states but can also tap the potential of North Africa and the Middle East, which are intrinsically linked to the European market through the Euromed agreements. President Abela also mentioned the significant opening of the European Community Arab League Centre in Malta in a few weeks’ time which will give credit to the government’s active commitment to further peace, security, and economic stability across the Euro-Mediterranean geo-strategic region. The Maltese President spoke on Malta’s interest in enhancing economic and trade relations with Qatar and also spoke of the keenness of Malta to collaborate with Qatar in Islamic Banking and Finance.

Saying that Malta is aiming to become a Centre of Islamic Finance in the Mediterranean, President Abela said that Qatari Islamic financial institutions wanting to spearhead the growth of Shariah-compliant finance in the Mediterranean can benefit from the cost-efficient opportunities that Malta presents by using Malta as the gateway to European and North African markets.

All practical points aimed at informing Qatari entrepreneurs on Malta’s investment objectives and on how they stand to benefit from working with Malta. Yes this is the right way to go. This shows that Malta is now not only tapping such markets but also being proactive about showing the way how others can invest in Malta.

There is also the fact of the signing of six agreements with Qatar by Dr Borg. All six agreements are being considered as an important tool not only in adding to the basics of development in the diplomatic activity between Malta and Qatar, which activity is in embryo stage but also both in attracting foreign direct investment as well as also offering opportunities for local entrepreneurs and professionals.

According to Dr Borg these six bilateral agreements have already generated interest for Qatar investors to invest in Malta. Minister Borg is also of the opinion that Qatar offers great opportunities for investment, especially when considering the fact that the country is heavily upgrading its social infrastructure as well as also investing in tourism.

One may add that both of these fields offer very appropriate opportunities for Maltese investors where they can be able to offer services and expertise and this even for medium size Maltese companies. In fact during the visit Qatar’s Chamber of Commerce and Industry signed a deal on cooperation in the trade and economic spheres with the Malta Chamber of Small and Medium Enterprises.

On these accounts, the visit to Qatar was one in the right direction and this for many reasons. Though being one of the smaller states within the Gulf Cooperation Council, Qatar is one of the world’s fastest growing economies and boasting the second largest gas reserves in the world the country is a key strategic energy supplier to major countries. At $101,000, Qatar scores high in the GDP per capita income stakes. Its record nominal GDP growth will average 25 per cent over the next five years. The development being carried out to diversify income resources and to develop its economic infrastructure is creating numerous opportunities for investment in all fields and sectors and all are there open for Maltese enterprising entrepreneurs.