Doha - Minister of Commerce and Industry and Acting Minister of Finance HE Ali bin Ahmed Al Kuwari affirmed the keenness of Qatar's wise leadership, represented by the Amir HH Sheikh Tamim bin Hamad Al-Thani, to confront corruption in all its forms and types, and to ensure the highest level of transparency, governance and compliance.
During His Excellency's participation at the Qatar Economic Forum, Powered by Bloomberg, he said that all the organizations are run to the best standards and that the State of Qatar runs in a very transparent legal system.
On the current economic and financial situation, HE Al Kuwari said that Qatar's economic and financial situation is very good, adding that the budget was managed well. He noted that, despite expectations of a deficit, there was a surplus of QR 200 million recorded in the first quarter, thanks to the recovery of oil prices and the efficiency of spending.
His Excellency added that given these facts, the State of Qatar will be in a good position and with the expansion of oil and gas projects during the next few years, the Qatari economy will be in a better position.
With regard to the future prospects of the Qatari economy, His Excellency stressed that Qatar is moving forward in diversifying its economy according to a clear strategy emanating from the Qatar National Vision 2030. In this context, His Excellency said that Qatar adopts a policy of economic diversification by stimulating and empowering the private sector, attracting foreign direct investment, and developing and facilitating the business environment.
His Excellency stressed that the State of Qatar is moving forward with reforms to make the business environment highly attractive with the identification of economic diversification sectors in order to achieve the Qatar National Vision 2030.
Regarding reforms, His Excellency referred to Qatar's efforts in regulating the labor market, as well as the law regulating the investment of non-Qatari capital in economic activity, which allows foreign ownership of up to 100 percent of the joint capital, pointing out that the State also issued a law allowing foreign investors to own real estate, and other reforms in this field.
On attracting talent within the context of economic diversification efforts, His Excellency explained that Qatar has focused in the past years on developing infrastructure and construction, which has attracted a lot of manpower, indicating that economic diversification is based on qualified and skilled labor in well-known sectors.
HE the Minister added that once the FIFA 2022 World Cup ends, there will be many projects that serve economic diversification in the field of manufacturing, technology, innovation, food and other sectors, and this is an attractive factor for skilled labor, where many reforms were undertaken to ensure that.
His Excellency affirmed that the Qatari environment is attractive to workers, as it has the best infrastructure and legislative systems, and enjoys a strong economy and excellent services.
