Qatar’s successful efforts at diversifying its economy away from oil and gas and equipping the private sector to play a greater role in national economy, which was envisaged in the Qatar National Vision 2030, were highlighted during the talks HE the Minister of Economy Sheikh Ahmed bin Jassim bin Mohamed al-Thani had with a Nato parliamentary delegation here on Thursday.

During the meeting, the minister stressed the close strategic relations between Qatar and the North Atlantic Treaty Organisation (Nato) countries and expressed his hope for further co-operation at all levels.

Qatar, the minister said, is gaining strength and developing rapidly under the wise leadership of His Highness the Emir, Sheikh Tamim bin Hamad al-Thani.

Various economic indicators confirm that the national economy has continued in its growth trajectory, enhancing its competitiveness and surpassing all challenges, by implementing a strategy aimed at diversifying sources of income, enhancing the productivity of non-oil sectors and supporting the private sector to be an active partner in achieving the Qatar National Vision 2030.

He pointed out that Qatar’s gross domestic product (GDP) in 2017 would have risen to $220bn compared to $218bn in 2016.

The real growth rate of GDP at constant prices was about 2% in 2017. According to the latest World Bank reports, Qatar's real GDP growth is expected to rise by nearly 2.6% in 2018.

In addition, Sheikh Ahmed said, Qatar’s non-oil sector contributed 52% to GDP at constant prices. Qatar's foreign trade witnessed remarkable growth during last year.

The volume of trade last year increased by 16% to reach $103bn compared to $89bn in 2016.

Qatari exports, the minister noted, increased by 19% in 2017 to reach $68bn, compared with $57bn in 2016. This reflected on the balance of trade, which achieved a large surplus of about 40% – $35bn in 2017 compared with $25bn in 2016.

On the investment incentives offered by Qatar, Sheikh Ahmed stressed that “Qatar is one of the most important countries to invest in the region thanks to its well-researched and well planned policies and economic decisions, as well as its strategic position as a major commercial hub for various countries in the region and the world.”

During the meeting, they exchanged views on issues of common concern, discussed aspects of joint co-operation, particularly in economy and commerce, and ways to develop them, and discussed enhancing investment opportunities between Qatar and Nato countries.

The Nato Parliamentary Assembly, established in 1955, is an interactive platform for members of the Nato parliament to examine key issues affecting the security of the Euro-Atlantic region and support for national defence and security. It also represents a key link between Nato and Nato parliaments.

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