HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Abdullah al-Thani described the visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to the Republic of Tajikistan as a vital step in the development of relations between the two countries at all levels and in all areas.
In an interview with Qatar News Agency (QNA), HE Sheikh Mohamed said the visit is an important occasion to discuss ways to benefit from economic elements and potentials shared by the two sides, as well as inform Qatari and Tajik business communities of the available investment incentives and opportunities to develop joint projects in priority sectors that serve development agendas of the two sides.
He added that the visit of His Highness the Amir to the Republic of Tajikistan comes as a culmination of a new era of bilateral co-operation between the two countries, especially in trade and investment areas. The Minister pointed out that the State of Qatar aspires to consolidate communication bridges between Qatari and Tajik business sectors, promote investments of Tajik companies in Qatar, as well as enabling them to take advantage of promising investment opportunities offered by the Qatari economy, particularly in priority sectors in alignment with economic diversification policy since the industrial sector is one of the most important strategic pillars for this trend, because of its role in bolstering self-sufficiency of Qatar.
Qatar offers numerous incentives to investors in the industrial sector, including smart packaging to establish industrial facilities in the country via the Single Window platform, HE Sheikh Mohammd added, emphasising that the Industrial Consulting Service has been opened which offers investors in this field an opportunity to inquire about products intended to be manufactured prior to initiating feasibility studies. He highlighted the Industrial Services Platform that has been launched on the website of the Ministry of Commerce and Industry (MoCI), which offers a wide range of electronic services in various phases of industrial projects, along with multiple investment incentives provided by Qatar to investors from all over the world, particularly Tajik companies.
He pointed out that such incentives and investment facilitations are part and parcel of successful economic policies pursued by Qatar that have profoundly consolidated investors' confidence in Qatari economy. Qatar is one of the most important countries that stimulate investment in the region thanks to its balanced policies, political and economic decisions, along with its strategic location positioning it to become a major trading hub for many countries around the world.
Qatar has meticulously initiated a development strategy to achieve economic diversity with the objective of diversifying income resources through pivoting away from oil and gas resources, HE Sheikh Mohamed outlined, adding that such a strategy is fundamentally moving forward to promote non-hydrocarbon and priority sectors such as education, health, financial services, tourism, manufacturing, transportation, and storage that support trade activities.
Qatar has prepared a conducive investment climate with a development and strategic dimension in recognition of investment that offers added value to the community and economy which is an optimal orientation towards achieving economic growth and prosperity, the Minister said. He pointed out that many laws and legislations have been amended to upgrade the performance of various economic and trade sectors in conformity with global investment standards by counting on best international practices to consolidate knowledge economy concepts in a prelude to establishing a new era of building Qatar's future, attracting and encouraging local and foreign investments.
The laws that have been upgraded include; Commercial Companies Law, the law regulating the investment of non-Qatari capital in economic activities, Competition Law, and laws that regulate companies and small and medium enterprises.
HE Sheikh Mohamed indicated that Qatar has pivoted towards the consolidation of economic openness and active engagement with global markets, building fruitful global partnerships between the two countries in non-oil sectors, creating opportunities to forge smart partnerships in new and innovative fields, upgrading infrastructure like ports, airports and transportation networks such as Hamad Port and Hamad International Airport which effectively support trade flows, in addition to taking steps that streamline trade procedures to bolster efficiency and reducing impediments, such as implementing electronic customs systems and adopting sophisticated electronic platforms for trade relevant operations.
The Minister pointed to the measures taken by Qatar to promote exports and attract global companies by opening this field for investment in free and logistical zones and special economic zones, such as Qatar Science & Technology Park (QSTP) for the development of companies, projects and products in energy, environment, sustainability, health care, IT and communications, as well as education and artificial intelligence (AI) technologies through the provision of vital investment incentives and the possibility of 100 % ownership.
The Qatar Financial Centre (QFC) offers a particular environment with legal and regulatory, tax and trade infrastructure to foreign investors, in addition to conducive environments that include ownership requirements, freedom of transferring profits to abroad and disputes settlements, the Minister outlined.
The Qatar Free Zones Authority, likewise, works to develop and regulate world-class free zones in Qatar through providing long-term solutions to companies and enabling them to grow across the region and the world, in addition to providing foreign ownership to businesses with 100% with the possibility of returning the entire capital, as well as exemption from tax for 20 years, the Minister added. Media City Qatar opens prospects for investors to establish promising businesses and projects in the media sector through expediting clearance mechanisms and visas, along with all official procedures with the provision of financial incentives that include grants and discounts on spending and recruitment within Qatar, in addition to facilitating access to funding, HE Sheikh Mohammed said.