Indianapolis – The Embassy of the State of Qatar Office of the Commercial Attaché, US-Qatar Business Council (USQBC), and the Indiana Economic Development Corporation (IEDC) collaborated on a visit to Indiana on October 26 to engage with the local business community and key policymakers to expand and enhance economic partnerships between the State of Qatar and the State of Indiana.
The visit featured Eric Holcomb, Governor of the State of Indiana; Fahad Al-Dosari, Commercial Attaché of the Embassy of the State of Qatar to the US; Brad Chambers, Secretary of Commerce for the State of Indiana and CEO of Indiana Economic Development Corporation (IEDC); and Mohammed Barakat, Managing Director of USQBC. This visit highlighted potential partnerships and investment opportunities specific for Indiana companies while also identifying key areas of interest, how Indiana-based companies can start conducting business in Qatar, and what resources are available to them.
“Business between Indiana and Qatar demonstrates tremendous economic potential,” said Governor Holcomb. “Qatar represents an important destination for Indiana exports and investment and enhancing business partnerships will lead to economic growth for the State and jobs for Indiana families.”
Earlier this year, Governor Holcomb led an economic development trip to Qatar with the focus of fostering new relationships to advance innovation, investment, and job creation in Indiana. Governor Holcomb was accompanied by the Indiana Secretary of Commerce Brad Chambers and staff members of the Indiana Economic Development Corporation.
“The State of Qatar is committed to expanding the economic partnership with Indiana,” Fahad Al-Dosari, Commercial Attaché of the State of Qatar to the United States. “We look forward to further conversations on how our business communities can work together in areas such as manufacturing, agriculture, logistics and sports among others.”
According to the IEDC, Indiana is the fourth-largest exporter of goods to Qatar in the Midwest and the 12th-largest in the US. In 2020, Indiana exported more than $43 million worth of goods to Qatar, including chemicals, electrical equipment, appliance components, and transportation equipment. During the same time period, Indiana imported $76,637 worth of goods. Indiana is also represented in the US Congressional Caucus on Qatar.
“Indiana is committed to expanding business partnerships and trade with the State of Qatar,” said Secretary Chambers. “I had the honor of traveling to Qatar earlier this year with Gov. Holcomb, which reinforced the opportunities that exist for increased engagement and partnership that could benefit a variety of sectors throughout Indiana.”
Growing areas of overlap between Qatar and Indiana include sports technology, defense, agriculture, and manufacturing. Since announcing the 2022 World Cup, Qatar has emerged as a premier host for international sporting events, driving innovations in sports tech. Additionally, through the country’s rapid development, Qatar has become a leader in Smart City infrastructure while also offering premier facilities as a gateway for companies looking to establish a footprint in the wider Middle East, Africa, and Asian region.
“Indiana and the State of Qatar are already close economic partners and this visit demonstrates the commitment to expand this relationship,” said Mohammed Barakat, Managing Director of USQBC. “We look forward to advancing Indiana's businesses in their international expansion and export development."
US investment in Qatar continues to increase year over year due to Qatar’s ambitious pro-business reforms and infrastructure investment. The US is Qatar’s largest foreign direct investor with a total of $110.6 billion in FDI and is the largest single source of exports to Qatar at $6.5 billion in goods in 2019. In the past five years, Qatar has imported over $23 billion from the US, and over 850+ US companies now operate in Qatar.