Qatar is giving a growing emphasis on harnessing the private sector as an engine for growth. The Qatar-World Bank Group partnership is a milestone in Qatar’s ongoing efforts to support the private sector.
The Ministerial Group for Stimulating and Cooperating with the Private Sector in the Economic Development Projects, chaired by Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, signed an agreement with the World Bank Group to conduct an Investment Climate Assessment and an Evaluation on the Business Regulation Environment in Qatar, aimed towards promoting and expanding growth, driven by the private sector. The agreement will run for two years and is expected to conclude in April 2021.
This agreement is a landmark for Qatar’s business environment and will help strengthen and expand the private sector. Deputy Undersecretary for Economic Affairs at the Ministry of Finance, Saud bin Abdullah Al Attiyah said: “The agreement is part of Qatar’s on-going initiatives to continuously improve its business environment and support local and international firms alike to grow and expand. We are confident that this agreement will further support our efforts to position Qatar as the region’s preferred business and financial hub.”
Qatar has started several initiatives to expand the role of the private sector. Qatar offers many opportunities for investment and business development through promoting the investment and business environment and establishing free economic zones that offer many benefits to investors. The Ministerial Group is developing strategies to support investors in all sectors to allow for a greater role of the private sector in economic development projects across the country. The Ministerial Group plans to launch projects in different sectors, including food security, health, industry, tourism and logistics areas with the objective of creating more economic opportunities and options for investors.
Khamis Al Mohannadi, Head of the Technical Committee for Stimulating and Motivating the Private Sector, said: “In the last 20 years, Qatar has made outstanding socio-economic achievements, one of which is having a 10.5 percent average growth rate. The achievements of the economic growth resulted from the reform policies that Qatar has undertaken in the context of the rapid globalism process. This bilateral agreement aims to keep improving the investment environment in Qatar and attracting FDI”.
According to the World Bank, Qatari economy is expected to grow at 2.7 percent in 2019 and 3 percent in 2020. As many as 32,000 new companies have been established in Qatar during the ongoing blockade, registering a 34 percent growth compared to the two years before the siege, Qatar Chamber data show. Qatar’s economy has proved its resilience and attractiveness to investors. It is an indication of the continuous development and modernisation process pursued by the State.
