Undersecretary of Ministry of Commerce and Industry: Qatar Enhanced Its Economic Openness, Created Ideal Environment for Business, Investment

Doha, March 02 (QNA) - HE Undersecretary of the Ministry of Commerce and Industry Sultan bin Rashid Al Khater affirmed that the State of Qatar has enhanced its economic openness and created an ideal environment for business and investment, through legislative, regulatory and institutional mechanisms in various sectors. His Excellency said, during a meeting with the US trade mission delegation that is currently visiting the country, Qatar has moved towards accelerating the implementation of initiatives and projects aimed at enhancing its economic openness and supporting its position as an ideal destination for business and investment through the development and issuance of legislation stimulating the private sector and foreign investment, such as the law regulating non-Qatari capital investment in the economic activity and the law of Investment Free Zones, which allow foreign investors to own 100 percent of the property. He added that the State has also worked to allow individuals and non-Qatari commercial companies to own real estate in several vital economic and tourist areas in the country, in addition to issuing a law regulating partnership between the public and private sectors. The aim is to increase the contribution of private sector companies in implementing, building, financing, operating and managing the country's development projects. In this regard, HE Undersecretary called on US companies to take advantage of these legislations and to establish more investments in the Qatari market. The US delegation participating in the meeting included representatives of 10 major US companies specialized in the sectors of oil and gas, energy, information technology, health technology, education, security services, engineering and consulting services. During the meeting, they discussed trade, industrial and investment relations between the State of Qatar and the United States and ways to develop them in light of the close ties that bind the two friendly countries. The meeting also witnessed a visual presentation of the Investment Promotion Agency, in which the promising investment opportunities in Qatar were reviewed for various US companies, introducing potential investors to business platforms in the country, in addition to highlighting the advantages and incentives provided by the business environment to US investors wishing to establish their businesses in Qatar, and ways to benefit from them. The State of Qatar and the United States of America have close economic and trade relations that positively reflected on the volume of trade exchange between the two countries, which in 2021 amounted to about USD 5.4 billion. (QNA)