Qatar Chamber’s top official has underscored the chamber’s role in the diversification of the country’s economy, saying this is aligned to some of the major points raised in His Highness the Amir Sheikh Tamin bin Hamad al-Thani’s speech during the 49th Ordinary Session of the Shura Council.
Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani said His Highness the Amir’s speech reinforces the continuous efforts to achieve the objectives of Qatar National Vision 2030, particularly economic development.
“In his speech, HH the Amir stressed the need for enhancing economic diversification by reducing the dependency on revenues from oil and gas, in addition to encouraging private sector investment and achieving food security,” Sheikh Khalifa said in the latest issue of Al Moltaqa, the chamber’s monthly economic magazine.
“In this context, I would like to emphasise that Qatar Chamber had made strenuous efforts to encourage businessmen to invest in new sectors and projects that contribute to the achievement of the desired economic diversification and establishment of industrial projects that depend on cutting-edge technology,” he said.
He added: “To achieve this vision, the chamber also regularly organises exhibitions, conferences, and external visits with a view to promoting the state’s business climate and acquainting Qatari investors with the opportunities available in other friendly countries, as well as promoting Qatari products in a way that supports the realisation of the country’s economic diversification strategy.”
According to Sheikh Khalifa, HH the Amir’s speech highlighted the importance of encouraging investments and improving the state’s business climate by issuing a series of legislations to stimulate investment and enhance Qatar’s business environment, particularly Public-Private Partnership Law.
Sheikh Khalifa pointed out that these legislations “have undoubtedly contributed” to an increase in the number of factories in the country and foreign direct investment (FDI) inflow to Qatar.
“HH the Amir’s confirmation that the state’s budget will continue to concentrate spending on health, education, and major infrastructure projects affirmed that Qatar is on the right track to accomplish the inclusive development in line with its 2030 national vision.
“Also, the drafting of the state’s next budget on the price of oil at $40 per barrel, which is lower than the expected price, will prevent any possible negative impacts on the national economy,” Sheikh Khalifa explained.
Underscoring the state’s role in overcoming Covid-19, Sheikh Khalifa said His Highness the Amir stressed Qatar’s success in dealing with the pandemic by implementing well-planned partial and interim lockdowns and precautionary measures, in addition to providing support to vital facilities affected by the pandemic.
“I am fully confident that the state has managed to protect the health of citizens and residents and preserve the strength and resilience of the national economy at the same time,” he said.
Sheikh Khalifa added: “In this respect, I highly-appreciate HH the Amir’s interest to support the private sector during the pandemic by allocating a QR75bn financial package, which significantly enabled the private sector to remain steadfast against the pandemic’s negative implications and maintain the strength of the national economy.”
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