Qatari Limited Liability Companies Grew 12 Percent in 2016, Minister of Economy Says

Doha, April 24 (QNA) - HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said Monday that limited liability companies, which represent 82 percent of the country's total trade activity, registered growth of 12 percent in 2016 year-over-year. His Excellency gave a speech at the opening of the 4th International Conference on Entrepreneurship in Economic Development which began today at Qatar University. His Excellency stressed that the private sector has been playing a bigger role at the national economy, noting that Small and Medium Enterprises (SME) have become a main partner in sustainable development. HE the Minister added that the State of Qatar managed gradually to move from an economy relying on oil to a diversified one where non-oil sectors contributed 61 percent to the GDP, up from 21 percent in previous years. His Excellency noted that this improvement took place despite the fall of oil and gas prices over the past two years. HE the Minister of Economy and Commerce highlighted the importance of the annual Conference on Entrepreneurship and Economic Development, which Qatar University organizes in cooperation with Qatar Development Bank (QDB). His Excellency noted that the event encourages entrepreneurs to innovate and establish their own businesses, something that would benefit the economy of the State of Qatar. On the status of entrepreneurship in economic development, His Excellency said that entrepreneurship is ranked as one of the most important mechanisms in the country's strategy towards diversifying the economy in line with the wise vision of HH the Emir Sheikh Tamim bin Hamad Al-Thani. HE the Minister of Economy and Commerce called on entrepreneurs to establish innovative projects that would provide added value to the national economy, in order to contribute to raising non-oil exports and realizing Qatar National Vision 2030. HE the Minister of Economy and Commerce reviewed the policies and programmes placed by the State to enhance the role of entrepreneurship in economic development. His Excellency discussed the legislative and legal framework which enhanced the business environment, including the commercial companies' law, which facilitated the procedures for establishing Small and Medium Enterprises. His Excellency said that the new law cancelled procedures relating to the minimum share capital requirements when establishing a company for limited liability companies, which represent a large number of the companies established by small businessmen and entrepreneurs. His Excellency also pointed out that the State is making a lot of effort in improving laws related to the protection of intellectual property rights, with the aim of promoting the values of entrepreneurship for young innovators. HE the minister of economy and commerce touched on the main initiatives that were launched in support of entrepreneurs such as the launch of the single-window system to serve investors, in addition to the facilitation of the procedures of construction license for business centers and the launch of the logistic areas project. HE the minister highlighted the service of completely establishing a company through the ministry's mobile application, noting that the service comes within several smart ones that the ministry offers in conjunction with the systems of a number of government entities who have the power of issuing licenses and approvals of practicing commercial and economic activity in the country. He praised the role of the technical committee in motivating the private sector to participate in economic development projects that aim to promote the role of Qatari companies in mega development projects by providing promising investment opportunities in the sectors of education, health, tourism and sport. The two-day conference focuses on the importance of introducing entrepreneurship to younger generations and the subsequent role in building capacities and skills for entrepreneurs besides learning about the experiences of developed countries in this regard. The conference, which sees the participation of local and international experts, reviews the efforts of Qatar and regional countries in the teaching entrepreneurship at schools and universities as well as to interested individuals besides showcasing global experiences in the field. Qatar University President Dr. Hassan Rashid Al Derham said the university, as a national education institute, is keen on boosting state efforts to achieve sustainable development by maximizing its role in serving the community and linking scientific research to community issues. He added that supporting entrepreneurship activities in general and teaching it in particular come on top of the university's priorities so as to help in raising a new generation of entrepreneurs and achieve sustainable economic development. Dr. Al Derham said the development of entrepreneurship activities leads to an increase in the share of SMEs in economy and achieving economic diversity. He added that Qatar University took an interest in the teaching of entrepreneurship by integrating it in curricula as well as teaching innovation and cooperation with relevant entities in this regard. QDB Chief Executive Officer Abdulaziz bin Nasser Al Khalifa said the conference teaches entrepreneurship, which is an important topic, and its role in developing SMEs which supports the country's efforts to achieve sustainable economic development. Many international economies proved that SMEs is the catalyst of economic development and is one of the main components of the sustainability of the economies of many developed countries, he said. Al Khalifa said providing an ideal system to establish SMEs and providing all the support to entrepreneurs in Qatar is a cornerstone in empowering the local private sector, diversifying national economy and building a database for Qatari nationals, which all contribute to achieving Qatar National Vision 2030. Most of the various entrepreneurial activities aim to find solutions for daily obstacles, which enhances the establishment of projects that contribute to achieving current growth rates in national economy, Al Khalifa added. He said that QDB actively works on training and teaching entrepreneurs through different mediums, starting with fixating entrepreneurial ideas in the official and unofficial education curricula and organizing projects and different workshops in schools, universities and training centers. The QDB CEO presented a number of bank programs and initiatives to educate and qualify entrepreneurs. In May, the bank will launch an entrepreneurship training camp in cooperation with the American Babson College to train those interested in the world of entrepreneurship and teach them how to turn creative ideas to actual businesses, he added. Al Khalifa highlighted the importance of education in building entrepreneurship skills and capacities in order to achieve added value for Qatar's economy and support the knowledge-based economy, noting that the bank is committed to providing all necessities to support entrepreneurs and work with their partners in different fields to achieve this goal. During the opening session, Qatar University Dean of College of Business and Economics, Dr. Khalid Shams Abdulqader, highlighted the importance of the conference and the university's efforts to develop entrepreneurship. Abdulqader said Qatar University's Center for Entrepreneurship is considered one of the best entrepreneurship programs in the world according to Association to Advance Collegiate Schools of Business (AACSB). Qatar University College of Business and Economics was one of 35 colleges honored as the best colleges in the entrepreneurship program out of 120 certified colleges that applied for the competition. The conference is scheduled to include a number of sessions and workshops over two days to discuss the main topics on entrepreneurship education and present successful local, regional and international case studies in the field. (QNA)