By Sachin Kumar
DOHA: Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani has stated strengthening Qatar’s Small and Medium Enterprises (SME) sector will further boost the country’s ongoing efforts to diversify its economy. Delivering the opening speech at the 12th Annual Meeting of International Network for SMEs (INSME 2016) yesterday, the Minister said government is keen to strengthen role of SMEs in the economy.
To help remove obstacles that hinder the growth of Qatari SMEs, the ministry has issued the new companies law, which is an important step in the transactions of the business sector, especially in the field of establishing companies promoting ease of doing business, added the Minister.
Qatari economy has gradually transformed from an oil-based economy to a knowledge-based economy in order to strengthen the non-oil and gas sector and the role of such sectors has seen significant growth by 7.4 percent in the last quarter of 2015. Qatar’s economy was able to overcome recent global slowdown due to its strong legislation and laws, said the minister.
The Minister added that the ministry has adopted and provided a range of initiatives and programmes to support SMEs, including the launching of comprehensive applications to encourage SME owners and entrepreneurs to establish their businesses and projects.
Abdul Aziz bin Nasser Al Khalifa, CEO of Qatar Development Bank highlighted the efforts made by QDB to support and develop SMEs. He said QDB organised 66 workshops for SMEs in 2015. Around 550 entrepreneurs participated in these workshops and funding to different institutions reached $4.5bn.
“Hosting such an influential global industry event shows the prestigious reputation Qatar has built as a thriving business and investment destination, and its recognised efforts to SMEs and private sector growth. During the event, Qatar Development Bank will share its experience in supporting SMEs and the success we have achieved in this area through innovative financing and advisory programs, along with marketing and logistical support. For example ‘Jahiz’ that provides fully equipped facilities and tailored special services for Qatari entrepreneurs to encourage manufacturing. Following this, we can then help build and sell their products globally through our ‘Tasdeer’ export program,” said Al Khalifa. “We are always happy to host such events that enable us to share and exchange knowledge with international institutions and organizations, allowing us to explore new innovations and help identify further ways to diversify Qatar’s economy to achieve Qatar National Vision 2030,” he added.
INSME is a legally recognised not-for-profit association open to international membership based in Italy. It was established 12 years ago and comprises of 77 members across four continents. The Peninsula
