July 22, 2024

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Qatar- End of crisis opportunity for GCC countries to build ‘growth strategy’

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Qatar- End of crisis opportunity for GCC countries to build ‘growth strategy’
Qatar- End of crisis opportunity for GCC countries to build ‘growth strategy’

(MENAFN – Gulf Times) The end of the Gulf crisis is an opportunity for all the countries in the region to establish a comprehensive growth strategy, in which trade in goods and the mobility of production factors will be key to strengthening of the economy, Costa Rica’s top diplomat in Qatar said.
Ambassador Alvaro Mariano Segura Avila said the Government of Costa Rica has congratulated the State of Qatar and the countries of the region for the agreement established between the Gulf nations.
Only recently at the 41st GCC Summit held in the city of Al-Ula in Saudi Arabia, Gulf leaders signed a ‘solidarity and stability agreement, described as a ‘historic move that put an end to the more than three-year economic blockade imposed on Qatar in June 2017.
‘Costa Rica is a peaceful country and as such, applauds the efforts to reach peace agreements and mutual work, while respecting the sovereignty of nations. From the perspective of economic diplomacy, this agreement opens the doors to Costa Rica for a broader market with greater possibilities for growth in the medium and long-term, Avila told Gulf Times Monday.
He said, ‘Twenty twenty was a difficult year in economic matters for everyone in general. The low dynamism of trade and tourism affected all countries, generating unemployment and a significant decrease in economic growth, so that 2021 will be a challenge to improve economic dynamism at the global level.
‘Although Qatar’s economy is no longer so dependent on other countries in the region, the commercial and financial openness with the rest of the Gulf nations provide a valuable opportunity to expand the local market and be a recipient of foreign capital.
Asked to provide insight on the economy for the coming period, Avila said: ‘In line with the above and given the excellent management of economic policy in the country, solid growth is expected for 2021, with low levels of inflation, a favourable trade balance, and growth in the fiscal surplus. All this will favour the hiring of work and a more efficient use of the capital available in the country.
In terms of Qatar-Costa Rica trade ties, Avila said trade between both countries ‘remains at an incipient degree.
‘Although there is a stable exchange of raw materials and some finished goods, the possibilities of commercial and financial expansion remain open and with high possibilities of materialising in the face of future visits by the authorities of Costa Rica to Qatar and the visit of high authorities of Qatar to Costa Rica in the coming months, the ambassador pointed out.

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