PM hails £10 billion Qatari ‘vote of confidence’ in the UK
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Press Release
PM hails £10 billion Qatari ‘vote of confidence’ in the UK :The Prime Minister today received the Emir of Qatar to enhance our historic partnership and agree on new joint work in the areas of trade, energy and Defence.
From:
Prime Minister’s Office, 10 Downing Street, Office for Investment, The Rt Hon Kwasi Kwarteng MP, Lord Grimstone of Boscobel Kt, and The Rt Hon Boris Johnson
The Prime Minister today received the Emir of Qatar to build on our historic partnership and agree new joint work on trade, energy and Defence.
Under Strategic Investment Partnership, Qatar to invest up to 10 billion Growth
The UK and Qatar have agreed to work together to improve energy supply chain stability and support security at the 2022 World Cup
The Prime Minister welcomed the Emir of Qatar, Sheikh Tamim bin Hamad al Thani, to Downing Street today [Tuesday] to discuss how to boost economic growth and tackle global challenges together.
The UK and Qatar have signed a new Strategic Investment Partnership (SIP) under which Qatar will invest up to £10 billion over the next five years in key sectors of the UK economy, including fintech, zero-emission vehicles, life sciences and cybersecurity. . The investment is expected to create high-quality jobs in new industries across the country.
The Prime Minister and Emir also had an extensive discussion on geopolitical issues. They were unanimous in condemning Russian aggression in Ukraine and discussed regional security issues, including relations with Iran.
Prime Minister Boris Johnson said:
” Today’s announcement of up to £10bn in new investment from our Qatari friends is another vote of confidence in the UK’s brilliant businesses and cutting-edge industry. The new UK-Qatar Strategic Investment Partnership will create quality job opportunities across the country in key sectors, delivering on our vision of economic growth through trade and investment.
Qatar is a valued partner for the UK, supported by Sheikh Tamim bin Hamad’s leadership. We had a rich discussion on the issues that matter to both of our countries, including boosting the economy, ensuring regional stability and improving energy security following Russia’s appalling invasion of Ukraine.”
Trade between the UK and Qatar was worth £4.8 billion last year and Qatar’s investment in the UK economy is already estimated at over £40 billion, boosting jobs and growth across the country.
Minister for Investment Lord Grimstone said:
” It is excellent news that Qatar is targeting up to £10 billion investment into the UK through our new Strategic Investment Partnership.
Not only will it boost local economies and support jobs, but it supports our green economy and decarbonisation – crucial in meeting our Net Zero targets. It also strengthens our relationship with Qatar ahead of our UK-Gulf Cooperation Council trade negotiations.”
Business Minister Kwasi Kwarteng also signed a memorandum of understanding on energy cooperation with Qatar’s Minister of State for Energy Affairs at Downing Street. Qatar is a major energy supplier to the UK, supplying 40% of our LNG; The new MoU commits us to work together to drive innovation and collaboration and support global energy security.
UK Secretary of State for Business and Energy, Kwasi Kwarteng, said:
“I am delighted to further the UK’s energy cooperation with the State of Qatar as we work to stabilise international energy markets and boost energy security in the context of Russia’s illegal invasion of Ukraine.
Qatar is already a valued trading partner, recently investing in the future of British low- carbon nuclear technology through the Rolls Royce consortium developing small modular reactors. Today’s meeting will deepen our relationship even further, reinforcing the UK’s energy security and delivering cleaner and affordable energy in the years ahead.”
The Prime Minister and Amir discussed the upcoming World Cup 2022 in Qatar this winter, with the UK pledging significant new military and anti-terrorist support to safely host the event. A joint UKQatar Typhoon Squadron will provide additional air security and the Ministry of Defense will provide advanced siting training and mission planning support. The Prime Minister also confirmed that the UK will ensure that Qatari citizens can access the UK’s new electronic travel authorization system from early 2023 to facilitate travel for business travelers and tourists.
Source:
Press release
PM hails £10 billion Qatari ‘vote of confidence’ in the UK
Published :
24 May 2022