Qatar Chamber Chairman Expects Bigger Private Sector Role in Development

Doha, January 05 (QNA) - Chairman of Qatar Chamber HE Sheikh Khalida bin Jassim Al-Thani said Saturday that he expects the private sector to play a bigger role in building the state's economy, by partnering with the public sector to realize the goals of Qatar National Vision 2030. His Excellency said that the rate of projects in the State of Qatar will continue at the same pace even after 2022. He noted that there were more than 150 major project that will that will be delivered after 2022. These include projects in sectors such as infrastructure, roads, construction, healthcare, education, among other. Speaking to The Oil and Gas Year (TOGY) magazine, he said that Qatar paved the way for the private sector to play a key role in the economy and participate in the mega-projects implemented in the country. These policies included the reduction of rental value by 50 percent for all investors in the logistics areas of the Economic Zones Corporation in south Qatar during 2018 and 2019, as well as an increase in the percentage of purchasing local products from 30 percent to 100 percent if the local product meets Qatari specifications and standards, as well as the financial facilitation provided by Qatar Development Bank (QDB). He also noted that the governments support for SMEs will help turn Qatar from an oil-based economy into a knowledge-based one, adding that they represent the backbone of any economy worldwide. He stressed that these steps set the country on the right track and further promote the private sector in the sustainable economy process. His Excellency also said that the country's focus and commitment to realizing the goal of its 2030 national vision helped it overcome the blockade imposed on it for more than a year and a half. He noted that Qatar explored and successfully found alternative sources of goods which were previously being imported from the siege countries. The country also launched direct shipping routes from the Hamad Port with ports in China, Oman, Kuwait and other friendly countries. His Excellency noted that the past few years saw the Qatari government provide many attractive incentives for national and foreign investors. These incentives included facilities in ownership and exemption from Customs duties on imports of machinery, equipment and spare parts. They also include exemption from export duties or taxes on corporate profits for predetermined periods The chairman of Qatar Chamber discussed the business climate and said that Qatar provides a highly lucrative and attractive investment destination. He added that Qatar's economic privilege is based on a clear vision that depends on the strategic use of the country's surplus from oil and gas, and its foreign investment policy, with the aim of developing a competitive and open economy. His Excellency added that the country's economic vision and strategy provide bigger investment opportunities for the private sector and aim to broaden economic relations with countries worldwide. He also stressed that Qatar's economic growth has and will continue to be accompanied by openness to world markets, which will help foster a better investment climate locally. The Chairman of Qatar Chamber said that Qatar achieved during the past year most of its diversification and development plans. It has managed to build a strong and resilient economy, becoming one of the fastest-growing economies in the world. It also paved the way for the private sector to play a key role in the economy and participate in the mega-projects implemented in the country. His Excellency noted that Qatar managed to overcome all challenges and difficulties. One of them was facing an unjust blockade aimed at curtailing its sovereignty and hindering its progress. All economic plans are on track and all infrastructure works and projects related to the World Cup 2022 are ongoing and were not affected by the blockade. He also said that Qatar was not affected by the blockade because of it has huge resources, ambitious economic strategies and positive relations across the globe. Qatar explored and successfully found alternative sources of goods which were previously being imported from the blockading countries. The Chairman of Qatar Chamber said that during this period, new military, security, economic, commercial and other agreements have been signed with the world's major powers. Non-hydrocarbon sectors like construction and manufacturing also will not see any disruptions thanks to the alternate supply chains established since the crisis, His Excellency added. "I'm pleased to say that the best thing that could have happened to Qatar is this siege. Qatar managed to turn the crisis into advantage. The siege triggered Qatar to rethink its sustainability and independence and to set itself up for the future. It opened new channels of co-operation with other friendly countries. It encouraged Qatar to open its doors to new regional and international markets," the Chairman of Qatar Chamber said. His Excellency discussed the country's foreign investments and said that Qatar is considered one of the leading countries in outward investments. Its overseas investments are spread across 80 countries. Qatar's outward foreign direct investments significantly support the country's economic diversification strategies and provide financial revenues for future generations. This investment policy relies on adopting investment opportunities with minimal risk and maximum return. (QNA)