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Qatar one of most stable economies in region: MoCI official

Qatar one of most stable economies in region: MoCI official

Tribune News Network
Doha
Qatar is one of the region’s most stable, competitive and growth-oriented economies, said Undersecretary of the Ministry of Commerce and Industry Sultan bin Rashid al Khater.
Addressing the second Gulf International Forum (GIF) held in Washington on Thursday, Khater said the Gulf region was one of the most important regions of the world due to its geo-strategic position and economic importance for the global market
He said the region was home to a population of 202 million, which represented 2.7 percent of the world population in 2018 with a total GDP of $2.32 trillion in 2018.
The region also contains an estimated 50 percent of the world’s oil reserves and 21.5 percent of the world’s gas reserves, he said, noting that Qatar controlled about 13 percent of the world’s gas reserves with an estimated reserve of about 25 trillion cubic metres.
Qatar, he said, was also leading the global LNG trade with exports to customers in Asia such as Japan, Korea and India as well as Europe and the United States through long-term agreements.
Quoting the World Bank’s latest report, the MoCI official said Qatar’s economy would grow by 3.4 percent by 2021, driven by higher growth in the services sector as Qatar readies to host the 2022 FIFA World Cup.
Qatar has emerged stronger and more economically independent than ever before, he said, noting that the illegal blockade had presented an opportunity for Qatar to make its economy more accessible to the world and to establish new shipping
routes with its major trade partners.
Qatar’s economy has also received a significant boost as new national companies went public and more than 823 Qatari businesses were established in the field of food production, services and manufacturing industries, he said.
Qatar is also expanding industrial cities to feature 769 industrial land plots as work continues to complete 337 projects in the manufacturing sector and create promising investment opportunities in non-oil
sectors, the MoCI official added.
Khater explained that Qatar attached great importance to supporting the private sector in line with its belief that the sector plays a key role in promoting competitiveness and economic diversification.
Qatar has begun to fast-track the implementation of measures aimed at supporting the private sector by offering public-private partnership projects and establishing incentive programs to attract foreign direct investments, he said.

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