Qatar gives priority to the development of Small and medium-sized enterprises (SMEs) which play an important role in economic growth and diversification of economy. The importance of SMEs and the role played by the government in encouraging private sector was highlighted the third SMEs Conference organised by the Qatar Chamber in partnership with the British Embassy in Qatar.
It also showcased the developments in the SMEs sectors in Qatar and the UK. Speaking during the event, Qatar Chamber Chairman, Sheikh Khalifa bin Jassim Al Thani, said that Qatar Chamber is keen in stimulating investments in SMEs which support the state’s policies in achieving economic diversification and move away from oil dependence. He added that tireless efforts have been made by the Qatari government and the private sector to enhance the country’s SMEs sector and increase its contribution to Qatar’s GDP. The conference represented an ideal opportunity for identifying means of developing and promoting SMEs by reviewing the leading British expertise in this field.
According to the World Trade Organisation (WTO), around 95 percent of projects around the world come from SMEs. Qatar Chamber, Qatar University and Qatar Development Bank have launched MAAN initiative to initiative to support entrepreneurs. The initiative was launched three years ago by Qatar Chamber, Qatar Development Bank, and Qatar University with the aim to offer support for entrepreneurs through specialised training courses, incubators, competitions, awards, and promotion. SMEs and entrepreneurs have played an important role in defeating the unjust siege imposed on Qatar by blockading countries. The government has also launched national initiatives and programmes that support entrepreneurs and SMEs.
Efforts have also been made to make their products and services competitive in the local market, as well as initiatives to support their export capacities at the regional and global levels. Ministry of Commerce and Industry, in co-operation with Qatar Development Bank, has launched the ‘Land and Industrial Loan’ initiative to provide support for Qatari investors and encourage entrepreneurs and SMEs to easily invest in the industrial sector. To build an open economy, the country has issued and updated many laws, including one that allows foreign investors to own 100 percent in various sectors.
Several hypermarkets have launched initiatives for SMEs which give them opportunity to showcase their products to the supermarket chain and offer them the opportunity to compete with the market. The initiatives by the government and private sector will play crucial role in boosting SMEs.
