Qatar’s policy to attract Foreign Direct Investment (FDI) has got a big push with formation of a high-level committee to attract more investments from global investors.
Last week, Investment Promotion Agency was launched in Doha. The agency aims to attract FDI to the country, in line with objectives set out in the Qatar National Vision 2030.
The Investment Promotion Agency will aim to be a single and complete source for investment solutions in Qatar by attracting FDI in all of the country’s priority sectors. The entity will also pursue targeted, sector-specific investment promotion agendas and coordinate investment promotion and marketing activities with key stakeholders, as well as develop policy advisory.
The announcement of the high-level panel comes at a time when companies from around the globe are keen to tap the growing investment opportunities in the country.
Qatar is already an attractive destination for global investors due to its strong and vibrant economy. The country has emerged stronger and more independent than ever before with an economy that is now more accessible to the world.
According to latest reports, foreign investments, including FDI and portfolio investment in Qatar amounted to QR722.6bn at the end of the first quarter of this year, recording a month-on-month increase of 1.1 percent, or QR7.9bn, compared to QR714.7bn during the fourth quarter of 2018.
When compared on yearly basis, the level of investments in Qatar increased by QR44.9bn, or 6.6 percent, in Q1 2019 compared to QR677.7bn reported for the corresponding quarter last year.
Qatari economy has shown strong performance during the past couple of years, driven by the wise policies adopted by the State to stimulate various sectors the economy. In 2018, Qatar’s Gross Domestic Product (GDP) grew to $225bn. According to the World Bank Qatari economy is expected to grow at 2.7 percent in 2019 and 3 percent in 2020 partly driven by Qatar’s success in attracting foreign direct investments.
Qatar has successfully established direct commercial routes with a number of strategic hubs and major economies around the world.
Qatar’s foreign trade has also shown remarkable growth in 2018 with total foreign trade increasing by 19 percent in 2018 to reach $116bn. Qatar’s total exports also increased by 25 percent to reach $84bn in 2018, resulting in a 40 percent increase in the trade surplus which reached $53bn in 2018.
The Investment Promotion Agency will lead Qatar to a new period of economic growth which will further boost country’s economic growth.
