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Doha
Minister of Commerce and Industry HE Ali bin Ahmed al Kuwari chaired Qatar’s delegation to the Organisation of Islamic Cooperation (OIC) High Level Public and Private Investment Conference taking place in Istanbul.
In the two-day conference that began on December 8, Qatar’s participation in the conference comes within the framework of its keenness to strengthen bilateral relations with Turkey and to bolster cooperation with OIC member states. It also provides insight into the investment climate in Qatar and the opportunities that the country offers in various promising sectors.
In his remarks, Kuwari said the conference represented a key step towards promoting trade and investment cooperation and integration among Islamic countries.
He noted that numerous international institutions have lowered their estimates for global growth for the current year, including the Organisation for Economic Cooperation and Development (OECD), which noted in its latest November 2019 report that the global economy will grow at the slowest pace since the global financial crisis at a rate of 2.9 percent in 2019 and an average of 2.9-3 percent between 2020 and 2021.
The International Monetary Fund (IMF) also projects that over 70 percent of economies around the world will experience a decline in GDP growth to 3.3 percent in the first half of the year compared to 3.6 percent in 2018, he said.
He explained that these estimates reflect delicate geostrategic and economic changes that coincided with a slowdown in multilateral trade and the negative repercussions of political uncertainties leading to rising economic nationalism and protectionist measures at the global trade level. It has resulted in a slowdown in various global economic sectors, especially foreign direct investments, he said.
He said the decline in investment inflows was evident across OIC member states, noting that FDI inflows into the OIC region stood at $107.4 billion in 2018, dropping by $35.6 billion compared 2011.
Kuwari noted that this decline reflects the magnitude of the challenges faced by investors in OIC countries, particularly in terms of restrictions imposed on the transfer of profits and foreign capital.
He called for the adoption of a comprehensive economic strategy to encourage investment inflows and stimulate growth in a way that reflects the economic capabilities and potential of member states in a bid to achieve economic integration and promote joint Islamic action.
Touching on Qatar’s economic performance, he explained that the Qatari economy saw a balanced and flexible performance in the midst of these global conditions.
In this context, the minister highlighted Qatar’s efforts to support the private sector and to diversify its economy in line with the National Development Strategy 2018-2022, which aims to promote the growth of added value sectors including the industrial, financial services and tourism sectors.
He said Qatar has sought to speed up the implementation of key initiatives and measures aimed at cementing the country’s position as an attractive business and investment destination.
Touching on Qatar’s legislative environment, Kuwari emphasised Qatar’s keenness to consolidate foreign investment-friendly laws such as the law regulating the investment of non-Qatari capital in economic activity and the Free Zones Investment law, which allow investors up to 100 percent ownership.
He noted that Qatar is embracing a policy of economic openness to effectively engage with global markets, and build fruitful international partnerships, by capitalising on its developed infrastructure such as Hamad International Airport and Hamad Port as well as free zones and logistical and industrial areas, which represent an important incentive for foreign companies to invest in non-oil sectors to tap local markets and expand their business into new regional markets.
The minister elaborated on the Qatari-Turkish strategic partnership, which represents an inspiring model of bilateral regional alliances.
He said Qatar and Turky enjoy close and friendly relations, noting that these relations reflected positively on bilateral trade, which reached about QR5.69 billion, the equivalent of $1.55 billion between January and September 2019.
He added that the growth in bilateral trade reflects the effectiveness of Qatari-Turkish joint measures and initiatives particularly the Trade and Economic Partnership Agreement (TEPA) that was signed in November 2018.
Kuwari noted that this agreement represents a decisive step in bolstering economic integration between Qatar and Turkey, adding that the benefits of the agreement outweigh those secured within the framework of the World Trade Organisation in terms of preferential transactions and customs exemptions for goods and services as well as the incentives it offers to investment companies in both countries.
He also praised Turkish companies for contributing to the growth of the Qatari economy, noting that more than 535 Qatari-Turkish joint companies are currently operating in Qatar.
Kuwari said the purpose of his participation in the conference is to bolster joint Islamic action in line with the OIC principles and objectives, and to develop cooperation and coordination mechanisms among member states to promote investments and to serve the developmental orientations and aspirations of people in terms of stability and prosperity.
During its participation in the conference, the Qatari delegation showcased the most prominent laws and legislations that the state ratified to stimulate foreign direct investments, in addition to the incentives and services offered to investors to streamline the submission of investment applications and the processing of transactions, and to eliminate obstacles that may face investors with relevant authorities, which will contribute to attracting foreign direct investments and enhancing Qatar’s competitive position in the region and beyond.
The conference aims to promote investments within the framework of the OIC by reducing obstacles that impede the flow of goods, services and financing between OIC member states and adopting mechanisms that facilitate business procedures.
The conference provides a platform for public and private policy makers in OIC members states to discuss issues of common interest including innovative financing sources for the development of the private sector and the enhancement of the global value chain as well as the role of export credit agencies in mitigating trade and political risks to encourage and protect investments.
Doha
Minister of Commerce and Industry HE Ali bin Ahmed al Kuwari chaired Qatar’s delegation to the Organisation of Islamic Cooperation (OIC) High Level Public and Private Investment Conference taking place in Istanbul.
In the two-day conference that began on December 8, Qatar’s participation in the conference comes within the framework of its keenness to strengthen bilateral relations with Turkey and to bolster cooperation with OIC member states. It also provides insight into the investment climate in Qatar and the opportunities that the country offers in various promising sectors.
In his remarks, Kuwari said the conference represented a key step towards promoting trade and investment cooperation and integration among Islamic countries.
He noted that numerous international institutions have lowered their estimates for global growth for the current year, including the Organisation for Economic Cooperation and Development (OECD), which noted in its latest November 2019 report that the global economy will grow at the slowest pace since the global financial crisis at a rate of 2.9 percent in 2019 and an average of 2.9-3 percent between 2020 and 2021.
The International Monetary Fund (IMF) also projects that over 70 percent of economies around the world will experience a decline in GDP growth to 3.3 percent in the first half of the year compared to 3.6 percent in 2018, he said.
He explained that these estimates reflect delicate geostrategic and economic changes that coincided with a slowdown in multilateral trade and the negative repercussions of political uncertainties leading to rising economic nationalism and protectionist measures at the global trade level. It has resulted in a slowdown in various global economic sectors, especially foreign direct investments, he said.
He said the decline in investment inflows was evident across OIC member states, noting that FDI inflows into the OIC region stood at $107.4 billion in 2018, dropping by $35.6 billion compared 2011.
Kuwari noted that this decline reflects the magnitude of the challenges faced by investors in OIC countries, particularly in terms of restrictions imposed on the transfer of profits and foreign capital.
He called for the adoption of a comprehensive economic strategy to encourage investment inflows and stimulate growth in a way that reflects the economic capabilities and potential of member states in a bid to achieve economic integration and promote joint Islamic action.
Touching on Qatar’s economic performance, he explained that the Qatari economy saw a balanced and flexible performance in the midst of these global conditions.
In this context, the minister highlighted Qatar’s efforts to support the private sector and to diversify its economy in line with the National Development Strategy 2018-2022, which aims to promote the growth of added value sectors including the industrial, financial services and tourism sectors.
He said Qatar has sought to speed up the implementation of key initiatives and measures aimed at cementing the country’s position as an attractive business and investment destination.
Touching on Qatar’s legislative environment, Kuwari emphasised Qatar’s keenness to consolidate foreign investment-friendly laws such as the law regulating the investment of non-Qatari capital in economic activity and the Free Zones Investment law, which allow investors up to 100 percent ownership.
He noted that Qatar is embracing a policy of economic openness to effectively engage with global markets, and build fruitful international partnerships, by capitalising on its developed infrastructure such as Hamad International Airport and Hamad Port as well as free zones and logistical and industrial areas, which represent an important incentive for foreign companies to invest in non-oil sectors to tap local markets and expand their business into new regional markets.
The minister elaborated on the Qatari-Turkish strategic partnership, which represents an inspiring model of bilateral regional alliances.
He said Qatar and Turky enjoy close and friendly relations, noting that these relations reflected positively on bilateral trade, which reached about QR5.69 billion, the equivalent of $1.55 billion between January and September 2019.
He added that the growth in bilateral trade reflects the effectiveness of Qatari-Turkish joint measures and initiatives particularly the Trade and Economic Partnership Agreement (TEPA) that was signed in November 2018.
Kuwari noted that this agreement represents a decisive step in bolstering economic integration between Qatar and Turkey, adding that the benefits of the agreement outweigh those secured within the framework of the World Trade Organisation in terms of preferential transactions and customs exemptions for goods and services as well as the incentives it offers to investment companies in both countries.
He also praised Turkish companies for contributing to the growth of the Qatari economy, noting that more than 535 Qatari-Turkish joint companies are currently operating in Qatar.
Kuwari said the purpose of his participation in the conference is to bolster joint Islamic action in line with the OIC principles and objectives, and to develop cooperation and coordination mechanisms among member states to promote investments and to serve the developmental orientations and aspirations of people in terms of stability and prosperity.
During its participation in the conference, the Qatari delegation showcased the most prominent laws and legislations that the state ratified to stimulate foreign direct investments, in addition to the incentives and services offered to investors to streamline the submission of investment applications and the processing of transactions, and to eliminate obstacles that may face investors with relevant authorities, which will contribute to attracting foreign direct investments and enhancing Qatar’s competitive position in the region and beyond.
The conference aims to promote investments within the framework of the OIC by reducing obstacles that impede the flow of goods, services and financing between OIC member states and adopting mechanisms that facilitate business procedures.
The conference provides a platform for public and private policy makers in OIC members states to discuss issues of common interest including innovative financing sources for the development of the private sector and the enhancement of the global value chain as well as the role of export credit agencies in mitigating trade and political risks to encourage and protect investments.
