DOHA: The Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani has said Qatar’s efforts to diversify its economic activity is a major trigger to boost the country’s private sector. It helps private sector ensure greater participation in the economic activity, he said.
Opening the Qatar Central Bank-supported Euromoney Conference here yesterday, the prime minister said Qatar continues to work on updating the legal framework, and noted a number of laws were issued of late related to economic and financial sector. Directives have been issued to review all the systems that have an impact on the investment and business sector in Qatar, in order to improve them further. The government has also been working on supporting non-oil sectors by increasing the number of industrial areas and storage capacities, as well as supporting medium and small enterprises.
“Today’s launch of the Ras Bufontas Special Economic zone project for technology and logistics sectors is an example of the government’s efforts to support the private sector,” the prime minister said.
He said the continued economic growth of Qatar will be linked to developments in the global economy. As a result, Qatar remains keen on monitoring the global economic, something that adds more relevance to today’s conference.
The premier noted Qatari citizen’s development comes on top of the priorities and objectives of the Qatar national Vision 2030. Hence, the investment in education, health and projects associated with the transition to the knowledge economy bestow a special attention by the government. This trend clearly shows in the state’s public budget for education and health sector in addition to the huge allocations for infrastructure projects and major development projects in addition to the projects associated the 2022 FIFA World Cup bid , he said. .
The prime minister’s remarks were reinforced by the Minister of Finance H E Ali Shareef Al Emadi, who stressed that Qatar’s economy is being rebalanced, so that the non-energy industries – and the private sector in particular — is set to play a growing role in the coming years.
“Financial stability is a top priority and at the heart of the Qatar National Vision 2030. We are investing in major projects in education, health and transport infrastructure and managing the development process so that they are rolled-out in harmony, limiting logistical issues and delivering for the benefit of the people of Qatar. We have develop a progressive, reliable regulatory and legal framework to provide a solid foundation for our development strategy,” said the minister.
Qatar Central Bank (QCB) Governer H E Sheikh Abdullah bin Saoud Al Thani highlighted the key role played by the central banks around the world. He noted that the work of central banks had become both more important and more complex since the financial crisis, both in Qatar and around the world.
“Qatar Central Bank has launched initiatives to promote the effectiveness of the finance sector in developing capital markets and increasing financial stability. We have launched a strategy for the development of capital markets with other ministries, based on the Qatar National Vision 2030,” he said.
The Peninsula
