Economic studies

As the host of the 2020 FIFA World Cup, the emirate of Qatar has embarked on a colossal project to modernise its sports, hotel and transport infrastructure, largely funded by hydrocarbon revenues.

In addition to the oil and gas pipelines that have brought it prosperity today, the country still has enormous potential for diversification, which requires investment in training, research and development.

Qatar wants to move from an economy based on oil and gas to one based on knowledge and know-how. To meet this ambitious challenge, Qatar will undoubtedly have to rely on competent partners.

On the occasion of the joint Belgian economic mission to Qatar from 21 to 27 March 2015, the Belgian Foreign Trade Agency published an economic study. The first chapter is devoted to Qatar's macroeconomic situation, while the second contains an analysis of four dynamic sectors that offer many trade opportunities: gas and petroleum, construction, cleantech and healthcare. This is followed by a selection of recent success stories of Belgian companies in Qatar.

Document only available in French and Dutch.

Diversification, modernisation and openness: three words that aptly describe the current economic situation in Russia. Moreover, Russia is not only a huge country, but also possesses huge energy resources that have made it a world power. However, the economic crisis is also forcing Russia to develop other economic sectors. This study offers an overview of the Russian economy and the country's plans for the future. Many opportunities will arise here for our Belgian companies. This study can be a first step in that direction.

This study was realised on the occasion of the Belgian economic mission to Russia in April 2011.

Document only available in French and Dutch.

Saudi Arabia, the largest economy in the Middle East, is recording solid growth prospects with an annual average growth rate of 4.9% for the period 2014-2017, driven by both private and public consumption and investment.

Rising oil revenues enabled the country to adopt the largest budget in its history in 2013. This budget amounts to EUR 221 billion and provides for expenditure that is 19% higher than in 2012.

Apart from the oil pipelines and the refineries, the diversification of the country's economic activities is one of the government's priorities. The pharmaceutical, construction, renewable energy and education sectors are steadily improving and have attractive potential for foreign investors.

On the occasion of the joint Belgian economic mission to Saudi Arabia (from 14 to 21 March 2014), the Belgian Foreign Trade Agency has published an economic study. The first chapter is devoted to the kingdom's macroeconomic situation, while the second contains an analysis of three dynamic sectors in which trade opportunities abound: infrastructure & logistics, energy and healthcare. This is followed by a selection of recent success stories of Belgian companies in Saudi Arabia.

Document only available in French and Dutch.

As the second largest economy in the West African Economic and Monetary Union (WAEMU), Senegal's GDP is expected to grow by 8% in 2023 and by more than 10% in 2024. This expected growth is indicative of an economy and a country in full development. The European Union is Senegal's first supplier and second customer. Belgium is an important and recognised partner of the country. Senegal is positioned as the gateway to West Africa.  It invests in modern infrastructure and enjoys a stability that is recognised worldwide.

Investors are attracted by the reforms encouraging the business world as well as by the opportunities that the country offers. On the strength of this attractiveness, the Senegalese State is keen to ensure endogenous and inclusive development in good understanding with its international partners. To achieve this, the country can count on a diversified economy and abundant natural resources.

In this context the Belgian Foreign Trade Agency, with its partners the FPS Foreign Affairs, Flanders Investment & Trade, the Wallonia Export-Investment Agency (AWEX) and hub.brussels, is organising a joint economic mission to Senegal from 21 to 25 May 2023, under the Presidency of HRH Princess Astrid, Representative of His Majesty the King.

Consult our study for an analysis of the Senegalese economy. Document only available in French and Dutch.

Interview with HE Baye Moctar Diop, Ambassador of Senegal to Belgium (May 2023):

Interview with HE Hubert Roisin, Ambassador of Belgium to Senegal (May 2023):