HE the Minister of Finance Ali bin Ahmed al-Kuwari said economic diversification is important and Qatar has been working to make the business environment more competitive, build world-class infrastructure and develop new sectors, including free zones.
He was participating at the session titled ‘Gulf Economies’ organised on the sidelines of the World Economic Forum 2024 in Davos.
Al-Kuwari spoke about Qatar's continued endeavours to achieve the National Vision 2030 through the implementation of medium-term strategies for the remaining years.
He said: “The next phase of the Third National Development Strategy will focus on economic diversification and include improving the business regulatory environments, supporting the private sector, and attracting foreign investment, in addition to focusing on tourism and logistics services and enhancing competition.”
Al-Kuwari also elaborated on Qatar's commitment to supporting development, whether bilaterally or on a multilateral basis.
“All countries in the region are actively implementing diversification plans, including public investments that are driving strong growth, and we see this as mutually beneficial as the Gulf also becomes more economically integrated,” al-Kuwari added.
The discussion centered on how GCC countries can transform their economies by making them more competitive, digital and green, without crowding out the private sector, particularly against the backdrop of the global economic slowdown.
It also took into fact that 2024 is expected to be a year of higher economic growth for the Arab countries in the Gulf region, fuelled in part by strong public investment programmes and windfall oil profits accruing to their sovereign wealth funds.