The Peninsula Praises Growing Manufacturing Sector in Qatar

Doha, June 12 (QNA) - Qatari English newspaper The Peninsula underlined Saturday that the recent data issued by the Ministry of Commerce and Industry (MoCI) reflects the success of Qatar government in materializing economic diversification plans as envisaged in Qatar National Vision 2030. The paper said that the figures reveal that Qatar successfully managed the impact of COVID-19 pandemic as 16 new factories were added to countrys manufacturing sector in the first quarter of this year. According to "Industry Indicators First Quarter 2021", the manufacturing industry contributed over QR10 billion to Qatars GDP in the fourth quarter of 2020. In other indicators of the growing sector, the rate of compliance of factories with industrial requirements was put at 80%. Also, Industrial-Manufacturing Production Index in January 2021 reached 108.6, the paper noted. A recent KPMG report stated that Qatars efforts to promote local manufacturing are expected to boost production value for the sector by approximately 30% in the next few years. The growth in the industry would create over 100,000 job opportunities by 2025, the paper added. Through the Qatar National Manufacturing Strategy 2018-2022, which aims to accelerate growth in the sector to develop and diversify the States economy, Qatar launched the comprehensive plan to provide the conditions necessary for a vibrant manufacturing sector, The Peninsula said. Meanwhile, a report released by BofA Global Research has said that Qatars economy is set to enter a period of accelerated growth, supported by several factors including expansion of Liquefied Natural Gas (LNG) capacity, robust policy response from the government to tackle COVID-19, and the upcoming FIFA World Cup Qatar 2022, the paper said. (QNA)