Trade volume between Qatar and Portugal is forecast to grow to more than $100 million, as the two countries recently signed a deal to boost trade and economic ties.

The two countries’ trade volume reached QR 370 million ($100.9 million) in 2023, according to Qatar Chamber (QC) First Vice Chairman Mohamed bin Ahmed bin Twar Al Kuwari.

The official shared the data following the signing of a memorandum of understanding (MoU) between the chamber and the Portuguese International Trade & Investment Agency (AICEP), the state-owned Qatar News Agency reported on Monday.

With the agreement, Al Kuwari indicated that the trade volume between Qatar and Portugal could grow further “in the years to come”.

The MoU seeks to strengthen commercial cooperation between both parties, streamline procedures and foster cooperation among businessmen from both countries.

Commenting on the MoU, Felipe Santos Costa, Chairman of AICEP, also noted that Portugal offers several investment opportunities, especially in the energy, petrochemicals, chemicals, and technology sectors.

As of 2021, trade represents 93% of Qatar’s GDP. The country’s top trading partners in the same year were China (15.5%), Japan (13.6%), India (15%) and South Korea (12.8%), according to a Lloyds Bank’s report, quoting World Bank data.

(Writing by Cleofe Maceda; editing by Seban Scaria)