An official of the US-Qatar Business Council (USQBC) has lauded Qatar for recent reforms announced by the government aimed at attracting more foreign direct investments (FDI) into the country.
Ambassador Anne Patterson, USQBC president, praised the major decisions made by the Qatari government during the "Doing Business in Qatar: Reforms, Incentives, & Economic Indicators", event organised recently by the council in Washington, DC.
In her opening remarks, Patterson said the major reforms are paving the way for more private sector development, and encouraging more American companies to invest in Qatar.
The business event featured senior members of a visiting Qatari delegation comprising representatives from the Ministry of Interior, Ministry of Finance, Ministry of Commerce & Industry, Qatar Financial Centre (QFC), and other critical entities in Qatar’s government. The visiting delegation was in Washington for meetings focused on enhancing the business environment, the USQBC said in a statement.
During the event, Khamis al-Mohannadi, adviser to HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani, highlighted in a keynote address the delegation’s “productive week” in Washington and developments taking place in Qatar that will improve the business climate.
“Qatar has shown remarkable performance as one of the fastest growing economies; it has embarked on a path of reforms to advance the business environment. In addition, it created concrete opportunities for businesses alongside appealing incentives dedicated to FDI,” said al-Mohannadi.
USQBC managing director Mohamed Barakat moderated a panel discussion, comprising experts on Qatar's economy and economic diversification, including Saud al-Attiyah, deputy undersecretary for Economic Affairs with the Ministry of Finance; Nasser al-Taweel, adviser to the Minister of Finance; Dr Durmus Yoruk, economic expert at the Ministry of Finance; and Mohamed Abdulkader, senior private sector specialist at the World Bank.
Al-Attiyah highlighted Qatar’s three eras of economic development and the role played by the 2022 FIFA World Cup set to be hosted in Qatar. He discussed critical investments in Qatar’s infrastructure, expedited by the hosting of the mega-sporting event, in-line with the Qatar National Vision 2030.
These developments have paved the way for a third era of economic development, which will focus on economic diversification and welcome a focus on foreign direct investment into Qatar, he said.
Al-Taweel discussed the slogan "We Mean Business", which has been a motto for the QFC. He emphasised the slogan is not without backing, and Qatar has made a concerted effort to create a pro-business ecosystem.
He touched on various components of Qatar’s robust legal system, particularly the legal framework of the QFC, which is designed for business best practices and to encourage increased FDI. Al-Taweel also highlighted the efficiency of Qatar’s systems for establishing a legal presence as a company and receives visas for staff to operate locally.
“Next year will see a dramatic increase in US-Qatar commercial relations as the Investment Promotion Agency works to attract US companies to Qatar. The USQBC seeks to effectively communicate these developments to the American private sector and facilitate greater trade and investment,” Barakat said.