Various Qatari businesses that previously focused on international market to sell their products are increasingly shifting their focus back on Qatar to help meet local demands in view of the ongoing blockade. As companies here are focusing more on local market, Qatar Development Bank (QDB) has also doubled its efforts to support them, according to a top official of the bank.
“We are noticing an increase in local production. We already had many companies manufacturing various types of products here, but they were focusing more on international markets,” said Abdulaziz bin Nasser Al Khalifa (pictured), CEO, Qatar Development Bank (QDB).
“However, with the current situation, the focus is changing. We will continue to support companies to expand globally but at the same time there is more focus on supporting companies locally,” he told The Peninsula, recently.
The QDB CEO said that many Qatari companies abroad are now coming back to augment local supply. The bank is committed to financing all projects that contribute to making the country self-reliant and help bolster local economy.
“QDB has doubled its efforts to support SMEs and other industries through various initiatives,” he added. The initiatives include QDB’s single-window services to support growth of various initiatives, mechanisms as ‘Jahiz’ 1 and 2 that offer ready -built industrial facilities for manufacture within different sectors, and also collaboration with government and private sectors to boost the local production.
Abdulaziz stressed that QDB is working with various government entities to ensure the country is self-reliant in critical sectors. QDB funding has by now exceeded QR7.5bn and is growing. QDB in cooperation with the Ministry of Municipality and Environment is supporting local agriculture, fisheries and livestock sector.
“We have by now attained more than 70 percent self-sufficiency in the fisheries sector, while almost all the agricultural farms here are supported by QDB funding. Also whenever there is a requirement to increase production, we fund those requirements,” he added.
Recently, QDB organised a forum, “ Buy Local Products,” brining in five sectors from the construction industry.
“Next week we will be having another larger forum focusing on 10 different sectors. These sessions are aimed at establishing co-ordination and collaboration among local companies to increase their production capacity to meet the needs of the local market,” he told The Peninsula.
