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165690
Thu, 03/03/2011 - 21:00
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https://oananews.org//node/165690
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Qatar's Prime Minister: Qatar GDP 18% in 2011
New Delhi, March 03 (QNA) - HE the Prime Minister and the Minister of Foreign Affairs Sheikh Hamad bin Jassim bin Jabor Al Thani affirmed that Qatar is not affected by the international financial crisis which started in mid-2008 and directly affected most development efforts worldwide.
In HE speech before the meeting of the Institute of International Finance ( IIF), HE the Prime Minister said," its effect (crisis) on the state of Qatar was minimal due to the country's wise policies, through which it achieved remarkable increase of 11% in 2009 and 16% in 2010 in gross domestic product (GDP); and this ratio is expected to surpass 18% in 2011".
HE in his speech which was delivered by HE the Minister of Finance and Economy Yousef Hussain Kamal, shared the achievements of State of Qatar in various economic sectors. He said: "In the light of the parameters adopted by HH The Emir of State of Qatar Sheikh Hamad bin Khalifa Al-Thani, in the State of Qatar's National Vision which centers on the importance of maintaining economic stability that is underpinned by a comprehensive political perspective targeting the promotion of economic sector and heeding the diversity of economy and income sources. Verily, HH the Emir is attaching great importance to upgrading the vital role of this sector in the light of the futuristic vision of the State."
" Thus, the need to provide all the possible means and ways of developing feasible policies required for a knowledge-based approach that heavily relies on research, development and innovation has been emphasized. This is much consistent with the programmes developed to prop up the principle of partnership between the public and private sectors together with the process of providing the necessary factors for empowerment, whether with respect to relevant legislations and laws or as regards the development of infrastructure and the securing of adequate funding," he added.
"You may be aware that the State of Qatar earnestly supports free market policies. It always seeks to promote business activities and capital and investment flows," The Prime Minister said.
" To further consolidate this trend, we have enacted and updated several relevant laws, legislations and regulations in the State. To that effect, the law for regulating non-Qatari capital in economic activity has been amended, an offshore company Act has been issued, which is considered one of the pioneer initiatives in the region, also a law regulating income tax has been enacted, in addition to the amendment of the Trade Company Act and some other laws," he added.
The rationale behind that is to streamline and facilitate procedures, besides increasing flexibility and transparency as well as providing an attractive economic structure, he said.
" Within the context of the general trend towards facilitating procedures and strengthening the economic structure in the State of Qatar, the role of Qatar Financial Centre's Civil and Commercial Court and the QFC's Regulatory Tribunal, has been reactivated. These two courts have been established as per the latest internationally-adopted norms. Moreover, in implementation of the policy of restructuring the State's financial sector, a decision was made to unify that sector so that it affiliated to one supervisory body, namely the Qatar Central Bank, with a view to coping with the world's latest developments in this domain," he said.
Talking about the achievements of Qatar in the hydrocarbon sector, he said: "To become the country with the highest development rate regionally and worldwide. Needless to say that the State of Qatar is the largest producer and exporter of liquefied natural gas in the world".
"Liquefied natural gas production increased from 56 million ton at the end of 2009 to 77 million ton in 2010, bearing in mind that all investments are in place to double production capacity in the coming period," he said.
The Prime Minister confirmed that the state of Qatar, out of its support of development efforts in the world and its typical commitment towards supplying the world with clean energy of natural gas, is sincerely looking forward to establishing real partnership with the countries of Asia based on achieving our common interests in development and prosperity of the peoples and countries of the region.
The State of Qatar has pumped substantial funds in support of the infrastructure, which he said is now being established in line with the highest international standards.
"Presently work is underway to construct the passengers and cargo railway and metro networks so that the county would have a transport network conforming with the latest international specifications. Such network connect all vital areas not only in Qatar but further afield across the country. Presently work is underway to develop the industrial estates and economic zones in the borders. These networks will contribute in enhancing economic integration and provide the required logistic support for various economic activities especially in industrial and services sectors. In addition, appropriate actions were taken to establish a number of tourist and entertainment projects in various locations in the country".
Despite the fact that the energy sector represents the backbone of the Qatari economy, Qatar opts to diversifying its economy by expanding the scope of its exports to include the vital energy-related products such as petrochemicals, steel, aluminum and fertilizers. As a result, income from non-hydrocarbon products is continually increasing, and is expected maintain this trend in the foreseeable future, he added.
The financial sector enjoys great significance in Qatar's strategic vision, The Prime Minister said in his speech.
" Doha has become one of the key regional financial centers. In the same context, the Qatari banks are experiencing rapid regional and international expansion mostly in the form of overseas branches, representation offices, shares in the capitals of foreign banks or joint ventures."
The commitment of Qatar towards its financial sector was obvious during the international financial crisis, he said. "Financial authorities took preventive measures to ensure the stability of the markets through providing the required liquidity and pumping more capitals in the market. No doubt, the strong financial position of the State of Qatar enabled the country to act as a catalyst for the support of international financial institutions and the resulting stability in the international financial markets."
Qatar government has increased share in the capital of a major international bank when that investment was urgently needed. "Recently we bought transferrable bonds from Credit Suisse Bank International to become one of the major international creditors by virtue of our increasing assets in foreign markets," he said.
"Out of our trust in domestic banking sector, and in confirmation of our keenness to ensure the availability of the suitable amount of liquidity at the banks in line with the actual requirements of the market, the state bought 20% of the capital of the companies listed at the bourse and a number of funds and real estate investments at the banks. The amount of 15 billion Qatari Riyals were allocated for this purpose. In addition, the state bought the shares of local banks' investment funds listed at Qatar bourse; and actions were taken to increase the role of local banks in domestic economic activity. This, as a whole, has positive effects in various related economic sectors and ensured the economic stability which is one of our priorities".
Investing in human resources remains to be one of our main priorities, the Prime Minister said.
"The education city was established on 80 million square meters, encompassing several campuses of the world's most renowned universities and advanced research centers such as Weill Cornell Medical College, Carnegie Mellon University, Georgetown University and other world class universities. Each one of these universities is a branch of the integrated state educational foundation which has contributed substantially in transforming Qatar into an educational center and destination in the region".
Seeking to achieve international integration in all fields, Qatar has become an active member in the international community through supporting the world's energy resources and maintaining its commitment towards the environment and the economic, political and social stability throughout the world, he said.
Concluding the Prime Minister said: "The state of Qatar in line with the policy of open doors with regard to international investments in various sectors opts to distribute its international investments among various sectors, which ensures the common interests of concerned parties as a result of open market and mutual benefit policy. The huge investments of Qatar in the field of gas contributed a great deal in supplying the world with its needs for clean energy which has now become the mainstay of human development".(QNA)
In HE speech before the meeting of the Institute of International Finance ( IIF), HE the Prime Minister said," its effect (crisis) on the state of Qatar was minimal due to the country's wise policies, through which it achieved remarkable increase of 11% in 2009 and 16% in 2010 in gross domestic product (GDP); and this ratio is expected to surpass 18% in 2011".
HE in his speech which was delivered by HE the Minister of Finance and Economy Yousef Hussain Kamal, shared the achievements of State of Qatar in various economic sectors. He said: "In the light of the parameters adopted by HH The Emir of State of Qatar Sheikh Hamad bin Khalifa Al-Thani, in the State of Qatar's National Vision which centers on the importance of maintaining economic stability that is underpinned by a comprehensive political perspective targeting the promotion of economic sector and heeding the diversity of economy and income sources. Verily, HH the Emir is attaching great importance to upgrading the vital role of this sector in the light of the futuristic vision of the State."
" Thus, the need to provide all the possible means and ways of developing feasible policies required for a knowledge-based approach that heavily relies on research, development and innovation has been emphasized. This is much consistent with the programmes developed to prop up the principle of partnership between the public and private sectors together with the process of providing the necessary factors for empowerment, whether with respect to relevant legislations and laws or as regards the development of infrastructure and the securing of adequate funding," he added.
"You may be aware that the State of Qatar earnestly supports free market policies. It always seeks to promote business activities and capital and investment flows," The Prime Minister said.
" To further consolidate this trend, we have enacted and updated several relevant laws, legislations and regulations in the State. To that effect, the law for regulating non-Qatari capital in economic activity has been amended, an offshore company Act has been issued, which is considered one of the pioneer initiatives in the region, also a law regulating income tax has been enacted, in addition to the amendment of the Trade Company Act and some other laws," he added.
The rationale behind that is to streamline and facilitate procedures, besides increasing flexibility and transparency as well as providing an attractive economic structure, he said.
" Within the context of the general trend towards facilitating procedures and strengthening the economic structure in the State of Qatar, the role of Qatar Financial Centre's Civil and Commercial Court and the QFC's Regulatory Tribunal, has been reactivated. These two courts have been established as per the latest internationally-adopted norms. Moreover, in implementation of the policy of restructuring the State's financial sector, a decision was made to unify that sector so that it affiliated to one supervisory body, namely the Qatar Central Bank, with a view to coping with the world's latest developments in this domain," he said.
Talking about the achievements of Qatar in the hydrocarbon sector, he said: "To become the country with the highest development rate regionally and worldwide. Needless to say that the State of Qatar is the largest producer and exporter of liquefied natural gas in the world".
"Liquefied natural gas production increased from 56 million ton at the end of 2009 to 77 million ton in 2010, bearing in mind that all investments are in place to double production capacity in the coming period," he said.
The Prime Minister confirmed that the state of Qatar, out of its support of development efforts in the world and its typical commitment towards supplying the world with clean energy of natural gas, is sincerely looking forward to establishing real partnership with the countries of Asia based on achieving our common interests in development and prosperity of the peoples and countries of the region.
The State of Qatar has pumped substantial funds in support of the infrastructure, which he said is now being established in line with the highest international standards.
"Presently work is underway to construct the passengers and cargo railway and metro networks so that the county would have a transport network conforming with the latest international specifications. Such network connect all vital areas not only in Qatar but further afield across the country. Presently work is underway to develop the industrial estates and economic zones in the borders. These networks will contribute in enhancing economic integration and provide the required logistic support for various economic activities especially in industrial and services sectors. In addition, appropriate actions were taken to establish a number of tourist and entertainment projects in various locations in the country".
Despite the fact that the energy sector represents the backbone of the Qatari economy, Qatar opts to diversifying its economy by expanding the scope of its exports to include the vital energy-related products such as petrochemicals, steel, aluminum and fertilizers. As a result, income from non-hydrocarbon products is continually increasing, and is expected maintain this trend in the foreseeable future, he added.
The financial sector enjoys great significance in Qatar's strategic vision, The Prime Minister said in his speech.
" Doha has become one of the key regional financial centers. In the same context, the Qatari banks are experiencing rapid regional and international expansion mostly in the form of overseas branches, representation offices, shares in the capitals of foreign banks or joint ventures."
The commitment of Qatar towards its financial sector was obvious during the international financial crisis, he said. "Financial authorities took preventive measures to ensure the stability of the markets through providing the required liquidity and pumping more capitals in the market. No doubt, the strong financial position of the State of Qatar enabled the country to act as a catalyst for the support of international financial institutions and the resulting stability in the international financial markets."
Qatar government has increased share in the capital of a major international bank when that investment was urgently needed. "Recently we bought transferrable bonds from Credit Suisse Bank International to become one of the major international creditors by virtue of our increasing assets in foreign markets," he said.
"Out of our trust in domestic banking sector, and in confirmation of our keenness to ensure the availability of the suitable amount of liquidity at the banks in line with the actual requirements of the market, the state bought 20% of the capital of the companies listed at the bourse and a number of funds and real estate investments at the banks. The amount of 15 billion Qatari Riyals were allocated for this purpose. In addition, the state bought the shares of local banks' investment funds listed at Qatar bourse; and actions were taken to increase the role of local banks in domestic economic activity. This, as a whole, has positive effects in various related economic sectors and ensured the economic stability which is one of our priorities".
Investing in human resources remains to be one of our main priorities, the Prime Minister said.
"The education city was established on 80 million square meters, encompassing several campuses of the world's most renowned universities and advanced research centers such as Weill Cornell Medical College, Carnegie Mellon University, Georgetown University and other world class universities. Each one of these universities is a branch of the integrated state educational foundation which has contributed substantially in transforming Qatar into an educational center and destination in the region".
Seeking to achieve international integration in all fields, Qatar has become an active member in the international community through supporting the world's energy resources and maintaining its commitment towards the environment and the economic, political and social stability throughout the world, he said.
Concluding the Prime Minister said: "The state of Qatar in line with the policy of open doors with regard to international investments in various sectors opts to distribute its international investments among various sectors, which ensures the common interests of concerned parties as a result of open market and mutual benefit policy. The huge investments of Qatar in the field of gas contributed a great deal in supplying the world with its needs for clean energy which has now become the mainstay of human development".(QNA)
