The Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor Al Thani giving the inaugural speech at the conference. (Ibrahim Kutty)
BY MOHAMMAD SHOEB
DOHA: The Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor Al Thani yesterday said that “updating and advancing the private sector” is the prime concern of government and the relationship between government and private businesses is very important to attain the ambitious objective of a diversified and sustainable economy.
The Prime Minister, during his inaugural speech at the forum “Listing of Private Companies: Supporting Qatar’s National Vision,” organised by Qatar Exchange, said that the grand budgetary allocation of $200bn (over the next 10 years) on infrastructure, education, youth welfare and health will help build a prosperous society.
“Qatar’s priorities is to enhance capabilities of the citizens and stepping up chances for them to be able to build a prosperous society under the globalisation process which is characterised by constant change , competitiveness and developing a national, diversified and competitive economy capable of meeting the needs of the citizens at present and in future,” he added.
He said that private companies can play a key role in the process of economic growth and development by increasing production, forming fixed capital and creating real assets in the economy.”
“Securing proper organisational environment and adopting economic policies capable of creating an adequate climate for the business sector to realise the public goals and confront the development related challenges,” he said.
However, the Prime Minister also said that the role of private sector as being one of the pillars of diversifying the sources of income has failed to reach the desired level, and much efforts are still need develop the sector.
He added said that the success stories of family-owned private businesses that were transformed into public shareholding companies will be discussed and highlighted in the forum.
He also said: “I am confident that the private companies will work towards taking advantage of the opportunities to become incorporated in the stock market in order to meet the development challenges of the present and the future. It is therefore necessary to take initiatives to support and strengthen the role of the private sector in development, so it would become an active and significant partner in achieving the desired economic and social development.”
Highlighting the benefits of incorporating the private companies in the stock market, he added that it is imperative to mention the significant development that Qatar Exchange has gone through during the past few years, since its creation, at the technical and organisational levels. The stock market is an important component of our national economic fabric, and such development provides our shareholders with multiple investment options, especially since the market is in need for incorporating more companies in the coming period to keep pace with the rapid economic growth of the country.
He emphasised on the significance of creating market for emerging companies in the QE that targets small and medium enterprises is an essential step towards the advancement of an important sector such as the market of emerging companies, for it generates a strong motivation for emerging companies to look for a new source of funding by raising their capitals without having to face debt risks.
He also stressed on the need to gear those companies towards operating in the era of globalisation and open markets.
The Peninsula
