Minister of Economy Says Trade is Continuing as Usual

Doha, June 18 (QNA) - HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said that trade in the country is continuing as usual and that life and conditions were unaffected. Speaking at an interview with Qatar TV, His Excellency said that Qatar's economy was diversified and strong. HE the Minister noted that Qatar was the biggest exporter in the world of LNG, GPL, and Helium. The country was also one of the world's biggest exporters of petrochemicals. His Excellency added that 70 percent of the country's GDP was from non-oil sectors. Another factor was that the country's exports were to different destinations around the globe whether South-East Asia, Asia, Europe, and the U.S. His Excellency added that economic indicators show that the Qatari economy is one of the most competitive in the World and the Middle-East. HE the Minister added that Qatar managed to maintain its economic growth over the last 10 years despite the global and regional economic crises. All these indicators, His Excellency added, show that Qatar's economy is capable of facing any crisis and come out of it strong. HE the Minister of Economy and Commerce stressed that the siege Qatar is being subjected to was unjustified. HE the Minister also said that all the plans were in place to deal with such a potential crisis. An example of that related to the consumer was finding replacement for imported products. On the impact the siege have had on the freedom of commerce and business in Qatar, HE the Minister first stressed that the siege was a surprising decision that is unjustified. His Excellency then added that they dealt swiftly with the closure of borders by getting products through sea and different means. This resulted in things resuming smoothly, with no one feeling any disruption not for even one day. His Excellency said however that they noticed strange behavior in areas that marketed themselves as free zones, yet held thousands of containers belonging to Qatari businessmen for no justification. HE the Minister added that such a move put a question mark on the credibility on the movement of commerce between GCC countries, given that the view of the GCC economy was one of integrations. His Excellency noted that many Qatari businessmen have warehouses and factories in the countries putting Qatar under siege. They now find it difficult to travel or manage their business, which also puts a question mark on the credibility of those areas and whether other countries can rely on them for trade or business management. HE the Minister stressed that Qatar found different sources for import and business is running as usual, noting that the only party affected were exporters from countries putting Qatar under siege. HE the Minister said that when they announced the infrastructure plan for Qatar 2022, there was a strategic decision to engage GCC companies to benefit from them. His Excellency added that GCC companies that operated in Qatar noticed the ease of entering the Qatari market, with thousands of them operating without Qatari partnership. His Excellency noted that these countries, like the exporters of different products, will be the ones affected by the siege. As for Qatar, HE the Minister said, it has found alternative to these products with some of them even cheaper. HE the Minister discussed economic growth prospects in light of the crisis and said that the strength of the economy was in its ability to deal smoothly with such crises. His Excellency acknowledged that there will be challenges, but maintained that they create opportunities for new businessmen. His Excellency added that this was the case with the diversification of import sources, particularly in food and consumer products. HE the Minister also said that the movement of exports and imports was normal and the world will get to see that the growth of the Qatari economy will remain undeterred. HE the Minister of Economy added that they will support that growth with initiatives from the private sector that helps diversify the economy. HE the Minister of Economy and Commerce also expressed his thanks to Qatari businessmen and importers for the way they dealt with the crisis. His Excellency said that they applied the plan smoothly, which reflected the high efficiency of Qatari firms and importers. It also reflected their ability of managing crises. HE the Minister noted that imports made since the crisis have all been made by the private sector, with the state not having to intervene in the process or to back the market. The only action taken by the state in that regard was helping the private sector in finding an alternative, and in less than 24 hours the alternative products were available in Qatar. His Excellency added that this was a testament to the ability of Qatari businessmen. His Excellency said that such a challenge creates an opportunity for Qatari businessmen, something they know well. As a result, HE the Minister added, they provide new innovative ideas that help diversify the economy and its import sources. Those ideas also help support different industries whether related to food security, agriculture, or pharma. HE the Minister also called on SMEs to take initiative and find solutions to some of the challenges faced in the current crisis, expressing his belief that the siege will create good opportunities for businessmen in all fields. HE the Minister said that the alternative products were imported smoothly from a number of countries. His Excellency noted that there was no product that they couldn't find an alternative for. His Excellency added that the siege provided Qatari businessmen with the opportunity to manufacture in Qatar, something they are undertaking with enthusiasm. His Excellency stressed that the state will work with businessmen to facilitate their mission of establishing a new industry. HE the Minister Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said that the country benefited from maintaining a large strategic reserve of food and other products, as it gave the state time to determine alternatives. The strategic reserve for some products was enough for a year or more. As for basic materials, HE the Minister said that many of them such as steel and cement were manufactured in Qatar. His Excellency also noted that the state did not have to use any of its strategic reserves as the alternatives were available to import from. HE the Minister also noted that some of the basic materials they found were even cheaper than the ones from the countries now putting Qatar under siege. His Excellency also stressed that all of the World Cup 2022's infrastructure projects were going as planned and were not affected. His Excellency added that government spending on these projects was going as scheduled, and that the projects will be ready ahead of time. HE the Minister also noted that one of the stadiums that will host the World Cup was already inaugurated weeks ago, five years ahead of the World Cup in Qatar. HE the Minister then assured all companies operating in Qatar as well as residents that markets and flights were stable, as well as cargo. His Excellency also highlighted the announcement of establishing two shipping routes with Salalah and to India. HE the Minister said that they will announce new direct routes in the future. (QNA)