Qatar's economy to have a different direction: Emiri Diwan's Economic Advisor

 05 Dec 2017 - 18:28

Qatar's economy to have a different direction: Emiri Diwan's Economic Advisor
(file photo)

The Peninsula

Doha: Qatari economy will have a different direction in the future from what it has been before, especially since Qatar has been relying on integration in the Gulf region, Economic advisor at the Emiri Diwan Dr Ibrahim Al Ibrahim said.

Speaking on the sidelines of the Euromoney Qatar conference, Dr Al Ibrahim said the vigilance and prior readiness of the Qatari administration for surprises such as the siege formed a protection from any repercussions of the siege, noting that there are effective plans to move towards all markets and strengthen trade relations with all world countries.

He noted that in the past Qatar has faced the challenge of being able to take the gas sector from the Gulf market or the region to go global, stressing that it largely succeeded in doing that and became the biggest exporter of LNG in the world. He added that this is currently being repeated in exporting in the non-oil sector and how the state can succeed in exporting its products globally.

Dr Al Ibrahim noted that the second national strategy is almost complete and will include six priority sectors. These sectors will have comprehensive strategies, he said, adding that there are specific targets for each sector such as increasing productivity, increasing employment efficiency, creating an appropriate investment climate for local and foreign investors, and encouraging innovation and entrepreneurship. He said that the state will help with the export process in these sectors.

The economic advisor said the siege had an impact on the state budget for fiscal year 2018 as it created new challenges and circumstances that prompted the need to develop plans for the development of food industries and intermediary industries necessary to serve the rest of the economic sectors in the country.

Dr Al Ibrahim added that the merger between Qatargas and RasGas has been successfully done under the umbrella of one entity, Qatargas, as one of the largest in the world in LNG production.