Washington: Qatar has succeeded in strengthening its abilities and consolidating its position as one of the region’s most stable, competitive and growing economies, said a senior official of the Ministry of Commerce and Industry (MOCI).
Delivering speech at the second Gulf International Forum, held recently in Washington, Undersecretary of the Ministry of Commerce and Industry Sultan bin Rashid Al Khater pointed to the economic developments witnessed by the State during the past two years and said that Qatar is moving forward in the implementation of its major development plans. This has consolidated its position as one of the most stable and competitive economies, he added.
He pointed to the report of the World Bank, which expects the Qatari economy to rise to 3.4 percent by 2021 driven by higher service sector growth as the FIFA World Cup gets nearer, this compared with a growth rate of 1.43 percent in 2018, following the recovery of the economy from the effects of the illegal and unjust blockade imposed on Qatar since 2017.
He stressed that Qatar has succeeded in strengthening its position more than ever, adding that the unjust blockade provided the opportunity to make the Qatari economy more open to all countries of the world.
He added that the Qatari economy has witnessed a significant recovery, with more than 823 Qatari companies opened in the fields of food processing, services and manufacturing industries, as well as the expansion of industrial cities to provide about 769 industrial plots, completion of 337 projects in the manufacturing sector, and creation of promising investment opportunities in the non-oil sectors.
He highlighted Qatar’s support to the private sector in line with its belief in the key role it plays in enhancing the competitiveness and diversity of the national economy. The State was keen to accelerate the implementation of measures to support this sector, through the launch of partnership projects with the public sector and the establishment of incentive programs to attract foreign direct investment, he added.
Al Khater pointed to the efforts of Qatar to facilitate procedures for issuing commercial and industrial licenses, and to develop services and infrastructure to meet the expectations of investors.
The Free Zones Authority in Qatar, has sought to provide important opportunities and incentive benefits for companies seeking to expand globally.
He added that the free zones were designed according to the highest international standards adopted to meet all the needs of companies and enhance their success, pointing out the advantages that these zones provide to investors such as new infrastructure, facilities, tax incentives and investment funds.
The Undersecretary praised the level of the Qatari-American relations. He said that the United States of America is one of the largest and most important strategic partners of Qatar, adding that over the past five years, the volume of trade exchange between the two countries amounted to $26.7bn, while the bilateral trade balance achieved a surplus in favor of the United States by 84.5 percent, equivalent to $22.6bn.
He pointed out that the US is one of the most important sources of Qatari imports, stressing that in 2018, Qatar imported 19.43 percent of its imports from America.
The number of US companies operating in Qatar has reached 753 companies, including 118 wholly owned by Americans, in addition to more than 63 American companies licensed under the umbrella of Qatar Financial Center.
He pointed to several Qatari investment initiatives in the United States in various sectors that have created and provides thousands of jobs, and talked about the role of American companies in the Qatari market.
He added that Qatar provides a range of development projects which in turn provide an opportunity for American companies to increase their contribution in diversifying the Qatari economy.
He announced the intention of Qatar to launch a second version of the economic tour in 2020 to include a number of major cities in the United States of America in order to build on what was achieved during the first version in 2018.
He pointed out that this initiative would consolidate the Qatari-US partnership and enhances bilateral efforts aimed at establishing successful investment projects that serve the interests of the two countries.
