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Minister of Commerce and Industry HE Ali bin Ahmed al Kuwari took part in a session titled "Multilateral Strategic Visions: The Future of Policy-Linked Investment.” The session was held within the framework of the World Economic Forum in Davos, Switzerland.
Addressing participants in the session, H.E said the gathering comes at a time of global economic uncertainties and challenges, noting that Qatar is also facing an illegal blockade that was imposed on the country since 2017.
The siege, H.E said, wasaimedat underminingQatar’s position as an economically independent and sovereign state.However , it presented an opportunity for Qatar to cement its position as one of the most resilient, diverse and competitive economies in the region, H.E said.
H.E added that Qatar has worked on balancing its strategies to promote sustainable development, long before this blockade was imposed, by embracing integrated policies to successfully increase the contribution of its non-hydrocarbon sector to GDP in line with its National Vision 2030.
In this context, Qatar has beenchanneling its hydrocarbon revenues into supporting various economic sectors and transforming national industries and trade sectors into active partners in achieving the objectives of its national development strategy, H.E said.
Along these lines, Qatar has sought to make its economy more accessible to the world, H.E added, noting that Qatar has worked on establishing new shipping routes with its trade partners worldwide, including Pakistan, Kuwait, Iraq, Oman, Turkey, India, Azerbaijan, and countries in Central Asia.Through agreements with these countries, Qatar aims to target a population of four hundred million, in the first stage, H.E stressed.
H.E added that Qatar aims to achieve this goal by capitalizing on its strategic location between East and West and utilizing its hi-tech logistics capability and world-class facilities such as Hamad Port and Hamad International Airport to bolster trade.
H.E explained that Qatar’s new port accounts for 27% of the regional trade volume in the Middle East with an annual capacity of 7.5 million shipping containers while Hamad International Airport is one of the biggest in the region. The airport links Qatar to more than 160 destinations through Qatar Airways, which was recently voted the best airline in the world, H.E said.
H.E highlighted that this strategy has proven to be highly successful so far, noting that Qatari exports increased by 18% in 2017, which resulted in a surplus of 49% in Qatar’s trade balance. Overall, Qatar’s foreign trade grew by 16% in 2017, H.E added.
Qatar’s international trade was further bolstered by the development of afavorable framework for trade and industrial sectors, H.E argued.
H.E explained that foreign companies that choose to operate in Qatar have access to economic and logistics zones in strategic locations in close proximity to Hamad International Airport and Hamad Port.
These areas support local and foreign investors through fully equipped sites of various sizes as well as sophisticated warehousing parks and industrial zones, H.E added.
The state-owned free zones include RasBufontas, which spans an area of 3.96 squarekilometers and is equipped for the operation of projects related to the logistics, aviation, information technology, light industry and environment sectors as well as international trade services, H.E said.
H.E added that the second free zone is located in Um Alhoul and spans an area of 30.3 squarekilometers . The area is located near the port of Hamad and Mesaieed Industrial City, welcoming investors seeking to establish projects in a number of vital sectors such as marine industries, heavy industries, various industrial sectors and emerging technology and logistics.
In addition, Qatar provides Logistics Parks in Al Wakra, Birkat Al Awamer, Aba Saleel andJery Al Samur as well as warehousing parks in four locations that enable companies to complete their logistics activities alongside industrial zones in Mesaieed, H.E said.
H.E stressed that Qatar’s advanced logistics and infrastructure have bolstered the productivity of the private sector, enhanced the competitiveness of domestic industries and paved the way for the development of a strong production base that contributed to balanced economic growth.
According to H.E, Qatar’s GDP increased to 222 billion dollars in 2017 compared to 218 billion dollars in 2016, growing at an annual rate of 1.6%, and expanding by over 5% in the first six months of 2018 compared to the same period last year.
Quoting the World Bank, H.E said growth is estimated at 2.3% in 2018 and expected to increase to 2.7% in 2019 and 3% in 2020, mainly driven by Qatar’s attractive business-friendly environment.
This is evident in the ranking of Qatar on the World Economic Forum’s Global Competitiveness Report 2018, H.E said.
H.E added that globally, Qatar ranks first in terms of low inflation rates, sixth in terms of the effect of taxes on competition, eighth in terms of venture capital availability, ninth in terms of financing small and medium enterprises (SMEs), and tenth for growth of innovative companies while regionally the country ranks first on the Global Entrepreneurship Index.
Building on these advanced rankings, Qatar has begun to fast-track the implementation of progressive policies to further attract foreign direct investments, H.E explained, noting thatFDIs increased by 4% or $7.8 billion to $186 billion at the end of the first quarter of 2018 from $178 billion at the end of 2017.
According to H.E Minister of Commerce and Industry, this increase is driven by Qatar’s revisedlegislations and regulations to provide further incentives to foreign investors and allow up to 100% ownership in all sectors, which benefit from income tax exemptions as well as exemptions from customs duties on the import of all required goods for production.
H.E added that Qatar is also allocating lands by way of rent for up to 50 years to foreign investors to establish their projects while allowing foreign companies to transfer their investment returns to their home countries in any convertible currency and investors to transfer the ownership of their companies to a Qatari or foreign investor in accordance with applicable laws.
Qatar now allows investors up to 100% ownership in free zones and offers tax exemptions for up to 20 years amid no restrictions on the repatriation of capital, H.E said, noting that investors in these areas can export to local markets, tap investment funds and enter into joint ventures with local state-backed companies.
H.E added that Qatar is also in the process of drafting a public and private partnership law to pave the way for the launch of major new projects as the government bolsters spending on state-of-the-art infrastructure and logistics in line with the highest international standards.
Qatar’s 2018 annual budget allocated $25.5 billion for spending on major projects, H.E said, noting that these include projects related to the organization of the 2022 FIFA World Cup as well as sustainable development projects implemented within the framework of the National Vision 2030.
These projects will further promote Qatar’s tourism sector ahead of plans to attract 5.6 million visitors annually by 2023 – double the number Qatar welcomed in 2016, H.E explained.
In his concluding remarks, H.E said he was confidentthese progressive investment , trade and business policies are the answer to today’s challenges as Qatar pursues efforts to promote sustainable growth.
The session brought together Mr. TawfikHammoud, CEO of the Boston Consulting Group, Mr. Mansour Ibrahim Al-Mahmoud, Chief Executive Officer of the Qatar Investment Authority, Mr. Philippe Larrain, Chile’s Minister of Finance, Mr. Jose Vinals, Chairman of Standard Chartered Bank, and Mr. ShahmarMovsumov, Chief Executive Officer of Azerbaijan’s State Oil Fund.
H.E Minister of Commerce and Industry also participated in the Informal Gathering of World Economic Leaders (IGWEL), which focused on the employment of new systems of cooperation in the Middle East and North Africa.
This year’s edition of the World Economic Forum titled “Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution” features 350 sessions and seminars. The forum discusses a number of key topics including geopolitics in a multipolar world, the future of the economy, industry systems and technology policy, risk resilience to promote systems thinking to radically improve the collective and integrated management of the key environmental systems, development of human capital and society and global institutional reform.
Kuwari meets ministers and officials
HE Ali bin Ahmed al Kuwari held separate meetings with, Maxim Oreshkin, Russia’s Minister for Economic Development, Francis Gurry, DirectorGeneral of the World Intellectual Property Organization (WIPO), and Arancha González, Executive Director of the International Trade Centre (ITC).
He also met with CEOs of major international companies and financial institutions, including Mark Allen, Vice President of Boeing, Frédéric Oudéa, the CEO of French bank Société Générale, and Andrey Kostin, President and Chairman of Russia’s VTB Bank.
The meetings took place on the sidelines of the minister's participation in the World Economic Forum 2019 in Davos.
Discussions touched on the promotion of bilateral relations as well as the development of joint cooperation, particularly in the fields of trade, investment and industry. Officials exchanged views on the topics featured in the Forum’s agenda.
Addressing participants in the session, H.E said the gathering comes at a time of global economic uncertainties and challenges, noting that Qatar is also facing an illegal blockade that was imposed on the country since 2017.
The siege, H.E said, was
H.E added that Qatar has worked on balancing its strategies to promote sustainable development, long before this blockade was imposed, by embracing integrated policies to successfully increase the contribution of its non-hydrocarbon sector to GDP in line with its National Vision 2030.
In this context, Qatar has been
Along these lines, Qatar has sought to make its economy more accessible to the world, H.E added, noting that Qatar has worked on establishing new shipping routes with its trade partners worldwide, including Pakistan, Kuwait, Iraq, Oman, Turkey, India, Azerbaijan, and countries in Central Asia
H.E added that Qatar aims to achieve this goal by capitalizing on its strategic location between East and West and utilizing its hi-tech logistics capability and world-class facilities such as Hamad Port and Hamad International Airport to bolster trade.
H.E explained that Qatar’s new port accounts for 27% of the regional trade volume in the Middle East with an annual capacity of 7.5 million shipping containers while Hamad International Airport is one of the biggest in the region. The airport links Qatar to more than 160 destinations through Qatar Airways, which was recently voted the best airline in the world, H.E said.
H.E highlighted that this strategy has proven to be highly successful so far, noting that Qatari exports increased by 18% in 2017, which resulted in a surplus of 49% in Qatar’s trade balance. Overall, Qatar’s foreign trade grew by 16% in 2017, H.E added.
Qatar’s international trade was further bolstered by the development of a
H.E explained that foreign companies that choose to operate in Qatar have access to economic and logistics zones in strategic locations in close proximity to Hamad International Airport and Hamad Port.
These areas support local and foreign investors through fully equipped sites of various sizes as well as sophisticated warehousing parks and industrial zones, H.E added.
The state-owned free zones include RasBufontas, which spans an area of 3.96 square
H.E added that the second free zone is located in Um Alhoul and spans an area of 30.3 square
In addition, Qatar provides Logistics Parks in Al Wakra, Birkat Al Awamer, Aba Saleel and
H.E stressed that Qatar’s advanced logistics and infrastructure have bolstered the productivity of the private sector, enhanced the competitiveness of domestic industries and paved the way for the development of a strong production base that contributed to balanced economic growth.
According to H.E, Qatar’s GDP increased to 222 billion dollars in 2017 compared to 218 billion dollars in 2016, growing at an annual rate of 1.6%, and expanding by over 5% in the first six months of 2018 compared to the same period last year.
Quoting the World Bank, H.E said growth is estimated at 2.3% in 2018 and expected to increase to 2.7% in 2019 and 3% in 2020, mainly driven by Qatar’s attractive business-friendly environment.
This is evident in the ranking of Qatar on the World Economic Forum’s Global Competitiveness Report 2018, H.E said.
H.E added that globally, Qatar ranks first in terms of low inflation rates, sixth in terms of the effect of taxes on competition, eighth in terms of venture capital availability, ninth in terms of financing small and medium enterprises (SMEs), and tenth for growth of innovative companies while regionally the country ranks first on the Global Entrepreneurship Index.
Building on these advanced rankings, Qatar has begun to fast-track the implementation of progressive policies to further attract foreign direct investments, H.E explained, noting that
According to H.E Minister of Commerce and Industry, this increase is driven by Qatar’s revised
H.E added that Qatar is also allocating lands by way of rent for up to 50 years to foreign investors to establish their projects while allowing foreign companies to transfer their investment returns to their home countries in any convertible currency and investors to transfer the ownership of their companies to a Qatari or foreign investor in accordance with applicable laws.
Qatar now allows investors up to 100% ownership in free zones and offers tax exemptions for up to 20 years amid no restrictions on the repatriation of capital, H.E said, noting that investors in these areas can export to local markets, tap investment funds and enter into joint ventures with local state-backed companies.
H.E added that Qatar is also in the process of drafting a public and private partnership law to pave the way for the launch of major new projects as the government bolsters spending on state-of-the-art infrastructure and logistics in line with the highest international standards.
Qatar’s 2018 annual budget allocated $25.5 billion for spending on major projects, H.E said, noting that these include projects related to the organization of the 2022 FIFA World Cup as well as sustainable development projects implemented within the framework of the National Vision 2030.
These projects will further promote Qatar’s tourism sector ahead of plans to attract 5.6 million visitors annually by 2023 – double the number Qatar welcomed in 2016, H.E explained.
In his concluding remarks, H.E said he was confident
The session brought together Mr. TawfikHammoud, CEO of the Boston Consulting Group, Mr. Mansour Ibrahim Al-Mahmoud, Chief Executive Officer of the Qatar Investment Authority, Mr. Philippe Larrain, Chile’s Minister of Finance, Mr. Jose Vinals, Chairman of Standard Chartered Bank, and Mr. ShahmarMovsumov, Chief Executive Officer of Azerbaijan’s State Oil Fund.
H.E Minister of Commerce and Industry also participated in the Informal Gathering of World Economic Leaders (IGWEL), which focused on the employment of new systems of cooperation in the Middle East and North Africa.
This year’s edition of the World Economic Forum titled “Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution” features 350 sessions and seminars. The forum discusses a number of key topics including geopolitics in a multipolar world, the future of the economy, industry systems and technology policy, risk resilience to promote systems thinking to radically improve the collective and integrated management of the key environmental systems, development of human capital and society and global institutional reform.
Kuwari meets ministers and officials
HE Ali bin Ahmed al Kuwari held separate meetings with, Maxim Oreshkin, Russia’s Minister for Economic Development, Francis Gurry, DirectorGeneral of the World Intellectual Property Organization (WIPO), and Arancha González, Executive Director of the International Trade Centre (ITC).
He also met with CEOs of major international companies and financial institutions, including Mark Allen, Vice President of Boeing, Frédéric Oudéa, the CEO of French bank Société Générale, and Andrey Kostin, President and Chairman of Russia’s VTB Bank.
The meetings took place on the sidelines of the minister's participation in the World Economic Forum 2019 in Davos.
Discussions touched on the promotion of bilateral relations as well as the development of joint cooperation, particularly in the fields of trade, investment and industry. Officials exchanged views on the topics featured in the Forum’s agenda.
