Establishing more than 21,000 new companies since the beginning of the siege until the end of August 2018 is a remarkable achievement. This proves that Qatar has defied the impact of the ongoing siege with vibrant economic environment and investment climate and has emerged as an attractive destination for local and foreign investors.
Qatar’s flexible and multifaceted economic strategy, which is in line with the Qatar National Vision 2030, made the country achieve significant economic development over the past years, Sheikh Khalifa bin Jassim Al
Thani, the Chairman of Qatar Chamber, said. The private sector has succeeded in taking a prominent position in the Qatari economy, especially during the siege, taking advantage of the government initiatives that have paved the way for the sector to be a true partner in economic growth.
The private sector also played a leading role to provide all products, raise production, open up new channels of communication with foreign markets and launch thousands of companies and factories that have helped overcome any possible negative impact by the siege on the economy.
The Qatar Chamber Chairman hailed the legislative reforms adopted by the government to strengthen the private sector and increase its contribution to economic development. The most important laws issued in this context are a law regulating the investment of non-Qatari capital and a law regulating economic zones in the country as well as other important laws that facilitate the business environment.
The industrial sector, he said, is moving towards a promising future, especially in light of the unprecedented mobility that is currently taking place as a result of the government’s unlimited support for the industrial sector which stems from the comprehensive strategy it has developed in this regard, and in light of the abundance of opportunities and incentives provided by the State to the private sector and foreign capital.
He praised the government’s directives to postpone loan repayment installments to industrial project owners for up to six months, in order to support investors in the industrial sector and give greater role to the private sector in the economic development projects in the country.
These efforts made Qatar the best attractive environment for foreign investments and contributed to increasing the demand for investment in the industrial sector, he said, adding that the number of factories have increased by about 14 percent since the unjust siege. The Qatar Chamber Chairman also revealed that the number of agricultural companies established in the country since the beginning of the siege reached about 164.
Among the industries that flourished after the siege were food, pharmaceutical, medical, plastic, asphalt, iron, doors, windows and aluminium industries, in addition to the manufacture of furniture, decorations, electrical and plastic supplies, paper, recycling industries, packaging and other industries that contribute to achieving good rates of self-sufficiency for the local market.
The outstanding performance of private sector has surprised one and all during the siege period and has proved its worth to be a successful and real partner in the economic development of the country.
