HE the Chairperson of Qatar Chamber (QC) Sheikh Khalifa bin Jassim al-Thani stressed the importance of the Qatar Economic Forum (QEF) 2023 in fostering Qatar's position as a leading global business hub, particularly after its historic FIFA World Cup Qatar 2022 hosting, and the country's advanced infrastructure and legislation.
His Excellency said the event is an opportunity to promote the Qatari economy globally, by highlighting its incentives and facilities that attract more investments and business to the country, and increase confidence in the Qatari economy, which stimulates and accelerates the economic growth.
Speaking exclusively to Qatar News Agency (QNA) ahead of the QEF-2023 which begins today, His Excellency said that the participants would be able to exchange experiences in business and investment, and the event would provide an umbrella to enhance co-operation and communication among various economic sectors, opening new horizons for future co-operation and partnership.
Over the past two years, Qatar has produced two successful QEF editions, having provided a platform to discuss the most important strategic issues that top the priorities of the global economy, His Excellency said, highlighting the previous editions' meetings, discussions, round tables, memoranda of understanding and various agreements that brought together a host of business leaders and policy makers worldwide.
To be held from May 23-25, the third edition will see greater international participation, with the aim of highlighting the necessary innovations to push the global economy ahead, His Excellency noted.
Commenting on the impacts of the event on the national economy, His Excellency said it would contribute to enhancing Qatar's position as a leading business hub. It will bolster economic promotion and open new horizons for co-operation and partnerships, His Excellency added, extending invitations for local companies to actively participate in the forum to enhance their communication and co-operation with other foreign companies.
His Excellency said that the private sector plays an important role in stimulating the national economy and enhancing bilateral trade exchange with various countries of the world through exchanging investments with trading partners, and focusing on innovation and technology. By providing an attractive investment environment and launching partnerships with foreign entities, the private sector also contributes to stimulating intra-foreign trade and enhances trade exchange between the State of Qatar and world countries, His Excellency elaborated.
In this context, His Excellency added, the State of Qatar has provided world-class infrastructure and modernised its economic legislation, which contributed to enhancing the investment environment, reviving commercial and industrial activities, and attracting foreign investors. His Excellency highlighted the incentives and exemptions and procedures, which created an attractive climate that made Qatar a leading destination and international business hub.
His Excellency stressed the wise leadership's non-stop backing for the Qatari private sector, based on its keenness to provide it with the opportunity to play its aspired role in economic development. His Excellency also highlighted the government's support for national industry, small and medium enterprises and entrepreneurs by establishing free and logistical zones to attract foreign investment, transfer technology to Qatar, promote non-oil activities, and increase its contribution to the national economy.
An effective and strong private sector of outstanding local companies, and the construction of free economic zones make an appropriate environment for investors to expand, develop, diversify, and enter new markets, His Excellency elaborated.
Commenting on the role of the investment environment in attracting investors and the role of the QC in this respect, Sheikh Khalifa bin Jassim al-Thani hailed the State of Qatar's advanced infrastructure and investment environment as stimuli for more local and foreign investors looking for a safe environment and profitable revenues. The State is committed to providing a promising environment in sectors that are considered a priority for the national economy, supported by an advanced administrative and legislative system that stimulates the practice and development of business, His Excellency added.
As a result, Qatar topped the best countries attracting foreign direct investment in the world for the year 2023, according to fDi Intelligence's foreign direct investment report, His Excellency said, highlighting the country's success in promoting this economic boom during its World Cup hosting.
Promoting Qatar's competitive investment advantages globally, fuelled by the backing of the concerned authorities such as the QC and the Investment Promotion Agency of Qatar (IPA Qatar) would allure further international partners, His Excellency said.
His Excellency also stressed the need for facilitating procedures that support emerging, small and medium companies, and provide them with financing, training and consulting to enhance innovation and increase investment opportunities in the country.
His Excellency highlighted the QC's endeavours to support attracting foreign investments in all sectors by providing the necessary information and available incentives in all internal and external events in which it takes part.
Regarding structural reforms of the economic system, His Excellency stated that they include the development of infrastructure, legislative, legal and labour fields, and these reforms contribute to stimulating growth, increasing the attractiveness of the Qatari economy, and attracting more investments. They will reflect positively on increasing the private sector's contribution to the economic diversification, especially as it plays a pivotal role in the current comprehensive development.
Commenting on Qatar's approaches to bolster its position as an economic growth hub amid global fluctuations in oil and energy markets, His Excellency hailed Qatar's development in infrastructure and its economic policies and plans that fostered confidence in its economy. His Excellency said these measures made Qatar's economy more competitive and enticing to local, regional and global investments; contributed to driving growth in various sectors; provided great investment opportunities, and diversified sources of income, despite the fluctuations.
His Excellency expected that Qatar would focus in the upcoming period on capitalising on its unprecedented achievements, particularly the World Cup hosting to develop its business environment, improve the investment climate, and promote business activities.
Commenting on the Gulf region's expected growth amid current inflation and economic stagnation, His Excellency said the GCC countries would continue to show varied growth in the coming years based on the policies and visions seeking to enhance and expand economic diversification in other sectors, apart from the full dependence on oil and gas, while focusing on the industrial and tourism sectors and Gulf investments abroad, which constitute an important source of GCC countries' income to avert an expected slowdown in the GDPs of many Middle East countries. Benefiting from high oil and gas revenues, the GCC countries continue to establish major economic projects, diversify its export markets, and invest in food security, he added.
About the hoped-for role for the region to become an alternative to supply chains in light of its advanced ports and transportation networks and in light of the Russian-Ukrainian conflict and the accompanying disruption in supply which put the world before another tragedy after the Coronavirus pandemic, His Excellency noted great potential enjoyed by GCC countries which qualifies them to play an important role as an alternative to global supply chains in several areas, adding this will contribute to enhancing intra-trade between the GCC countries and the world, thus improving its infrastructure, increasing its productivity and diversifying its exports.
These potentials and capabilities are an important factor in facilitating international transport and promoting intra-external trade in the region, especially as it is distinguished by its geographical location, the presence of many seaports and international airports, in addition to logistical services which enhance its role as a centre for global trade and services, His Excellency said.
Sheikh Khalifa concluded by saying that Hamad Port is one of the largest ports in the Middle East and is considered a strategic centre for trade and shipping in the region. It plays an important role in facilitating the flow of goods to and from Qatar and other countries in the Gulf, Middle East, Europe and Asia, he said, pointing out that the port, the most important arteries of the Qatari economy, is distinguished by its advanced infrastructure with the latest technologies in the field of loading, unloading, storage and handling.