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Tribune News Network
Doha
Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani has highlighted the competitiveness of the Qatari economy, and the numerous incentives the country offers to investors, at the Qatar-Singapore Economic Forum in Singapore, a press statement said on Tuesday.
The forum, which was organised by Qatar's Ministry of Economy and Commerce, in cooperation with the Singaporean Ministry of Trade and Industry, comes within the framework of HH the Emir Sheikh Tamim bin Hamad al Thani's visit to Singapore, the statement said.
While praising economic and trade relations between Qatar and Singapore, Sheikh Ahmed hailed Doha's strategic location, which makes it an attractive destination for investment.
He also shed light on the country's advanced infrastructure and its position as the world's largest natural gas exporter.
He noted that Qatar is highly competitive in the energy market thanks to its rich natural gas and oil resources, noting that the nation is also the world's leading exporter of liquefied natural gas (LNG) and helium, and the fourth-largest producer of urea in the world.
"Qatar has also succeeded in delivering an array of world-class infrastructure projects over the past few years. These include Hamad International Airport, one of the world's largest airports, that will soon accommodate 50 million passengers annually, and Hamad Port, with a capacity of 7.5 million containers.
"Qatar also hosts an advanced network of highways while its globally leading airline carrier, Qatar Airways, connects the country to more than 150 destinations worldwide," Sheikh Ahmed said.
On the laws and legislative framework established to regulate the business environment, the minister stressed Qatar's efforts to consolidate the concept of the rule of law, an important characteristic of the Qatari legislative environment at the global level, as demonstrated by the country's ranking in 10th place on the Institutional Strength Index.
"Qatar has recently issued several laws to promote business, namely a new International Arbitration Law, Commercial Companies Law and Labour Law."
Sheikh Ahmed said Qatar is currently working on issuing a Public Private Partnership Law that would facilitate the establishment of new projects in the areas of health and education, among other sectors.
The minister also highlighted Qatar's advanced ranking on several international indices, noting the country's leading position in terms of low inflation, business safety, the impact of taxes on business and the government efficiency index.
He also outlined the programmess and policies adopted by Qatar to establish an attractive investment environment for various economic projects, noting that the country has achieved significant growth driven by an increase in the contribution of the oil and non-oil sectors to GDP.
"Qatar has continued to achieve stable real GDP growth rates of 3.3 percent over the last three years despite fluctuations in oil prices, which demonstrates the strength of the Qatari economy," Sheikh Ahmed said.
Qatar has developed a comprehensive environment to attract investors, reflecting the state's belief that the country's business climate and institutional framework are equally important to its advanced infrastructure, the minister said.
Sheikh Ahmed also highlighted the incentives offered to investors by the Qatar Financial Centre, the Qatar Science and Technology Park and Logistics and Industrial zones.
"Sport Business Park, which will be dedicated to sports companies involved in the organisation of the 2022 FIFA World Cup, is underway," he added.
On the education sector, the minister said Qatar is home to a very high-quality education system, ranking fifth globally on the quality of education index, according to the World Economic Forum.
"The country has allocated 2.8 percent of its GDP for research and development, and is home to some of the world's educational institutions, such as Qatar Foundation, Qatar University, and Hamad Bin Khalifa University, as well as leading international leading universities such as Texas A&M, Cornell, Carnegie Mellon, and Georgetown."
He urged the business community to tap investment opportunities offered by Qatar, noting that the state is providing important incentives in a number of priority sectors, including industry, agriculture, health, education, information technology, tourism and sports.
Highlighting incentives provided by the state, Sheikh Ahmed said non-Qatari investors can contribute up to 100 percent of investment projects in several economic sectors, while invested foreign capital is exempted from income tax for up to 10 years from the date of operating an investment project.
"Qatar also offers key investment incentives, such as exempting imported large machinery and raw materials from taxes, and refraining from imposing restrictions on capital and profit repatriation, in addition to allowing the free transfer of company ownership."
About Singapore-Qatar relations, Sheikh Ahmed said Singapore ranks as Qatar's seventh largest trade partner, with a total trade of $3.5 billion. Qatar's exports to Singapore reached $3 billion in 2016, while Singapore's exports to Doha stood at more than $350 million in 2016.
"There are plenty of opportunities and a prosperous future for bilateral economic and trade ties for the two countries."
Sheikh Ahmed said the forum would provide an opportunity to establish action plans aimed at increasing economic cooperation and bolstering bilateral trade and investment, as well as paving the way for partnerships and joint investments between Qatari businessmen and their Singaporean counterparts.
Meanwhile, Singaporean Minister of Trade and Industry HE S Iswaran lauded the distinguished relations between the two countries, noting that Qatar represents a strategic trading partner for Singapore, which imports the bulk of its natural gas needs from Qatar.
The Singaporean minister also praised the economic forum, while highlighting promising bilateral opportunities and productive partnerships.
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18/10/2017
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