The trade between Qatar and the Association of South East Association Nations (Asean) reached a total of $16 billion in 2014, and is expected to further rise in coming years, according to a top official.

Wong Kwok Pun, chairman of the Asean Committee in Doha and ambassador of Singapore to Qatar made the statements during the recent Asean-Qatar Chamber Joint Business Seminar organised at the chamber’s headquarters, added the Peninsula Qatar report.

Pun said that Asean, a group of 10 countries, was set up in 1967 to promote cultural, economic and political development in the region, and it offers huge opportunity for Qatar’s businessmen and investors in oil and gas, minerals, forestry and agriculture sector.

Asean’s, in terms of gross domestic product (GDP) is the seventh largest economy in the world and the third largest economy in Asia. It is also a big market with around 622 million people living in the member countries, it said.

Asean countries attracted about $136bn foreign direct investment (FDI) across the globe, in which FDI from the US amounted to around $24 billion.

Mohamed bin Ahmed bin Twar Al Kawari, vice chairman, Qatar Chamber said that Qatar is keen to promote trade and cooperation with Asean members. He invited businessmen and investors from Asean to explore opportunity in the country. During the seminar, representatives from Brunei, Indonesian, Malaysian, Philippines, Singapore, Thailand and Vietnam Embassy gave presentations highlighting opportunities for Qatari businessmen and investors, it said.  

Pun noted that the group has signed Free Trade Agreements with countries such as China, Japan, South Korea, India, Australia and New Zealand. These agreements were signed to integrate Asean economies with global economy, added the report.