Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari
Doha: Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari emphasised that Qatar National Day presents a key occasion to reflect on the significant and honorable achievements that were accomplished under the leadership of the Amir H H Sheikh Tamim bin Hamad Al Thani.
Qatar’s National Day also reflects the values of solidarity, unity and patriotism that have been deep rooted in Qatars history since its founding 141 years ago, H E the Minister said.
In a statement to Qatar News Agency on the occasion of the National Day, H E the Minister said: “Our homeland’s achievements since Qatar’s foundation embodies our loyalty and pride and inspires us to seek new innovative accomplishments to build the future of Qatar.” H E Al Kuwari extend heartfelt congratulations to H H the Amir Sheikh Tamim bin Hamad Al Thani, and H H the Father Amir Sheikh Hamad bin Khalifa Al Thani, expressing hope that our nation witnesses further progress, growth and prosperity.
In a bid to strengthen its economic resilience, H E the Minister said that Qatar has adopted inspiring developmental policies that promote self-sufficiency and economic openness as strategic principles to tackle various regional and global challenges, particularly the unjust blockade imposed on the country over two years ago. The blockade incentivized Qatar to achieve remarkable progress on all levels, particularly on the economic front, H E the Minister said, noting that Qatar’s gross domestic product (GDP) at current prices grew by 15% in 2018 while non-oil GDP by 9%.
H E the Minister explained that the private sector plays a pivotal role in bolstering economic growth, noting that the State has sought to encourage businessmen and investors to tap economic sectors with added value, which would serve Qatar’s goals in line with its National Vision 2030 and the Second National Development Strategy 2018- 2022.
Touching on the industrial sector, H E the Minister said the development of competitive Qatari industries is highly dependent on the growth of small and medium enterprises and major national industrial companies, noting that Qatar has sought to motivate investors, business leaders and factory owners to expand production and establish new industrial lines to keep pace with the increase in demand for local goods in various sectors, especially food and pharmaceutical products.
H E the Minister added that the wise economic policies adopted by Qatar to develop the business environment have strengthened the competitiveness of the national economy as evidenced by various international reports, pointing out that out of 190 countries, Qatar ranked among the top 20 countries that implemented reforms in 2020 to enhance the ease of doing business.
H E the Minister of Commerce and Industry underlined that Qatar has sought to further open its economy to friendly countries and to bolster its reputation and position as a strong and influential economic and trade partner in the region, noting the State’s success in attracting additional foreign direct investment during the current year.
Foreign investments inflows into Qatar increased by 5% during the second quarter of 2019, amounting to QR 758.6 billion until last June, H E the Minister said, noting that this growth coincides with the launch of key initiatives to attract foreign capital inflows, the most important of which is the enactment of a law regulating the investment of non-Qatari capital in economic activity, which allows foreign investors up to 100% ownership in various sectors and commercial activities.
The law also grants key incentives for foreign investors, including exempting projects from income tax in accordance with the rules stipulated in the income tax law, as well as exempting investors from customs duties on imports of machinery and equipment and raw materials that are unavailable in the local market in addition to allowing all transfers relating to foreign investments to and from Qatar.
H E the Minister also highlighted Qatar’s efforts in order to streamline incorporation procedures for companies, praising the State’s optimal use of digital technology to enhance government services offered to the business sector through the provision of smart electronic services in this field as well as the launch of the first phase of the Single Window services, which allows the establishment of companies in Qatar at any time and from anywhere around the world.
