Qatar's economy has overcome regional and global challenges, says top minister
Qatar’s economy has been able to overcome various regional and global challenges through the implementation of a strong strategy to diversify sources of income and support the private sector to be an active partner in achieving sustainable development.
This observation was made by Qatar’s Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohamed Al Thani on Tuesday, during the opening of the Qatar-Belgium Economic Forum, reported Gulf Times.
The forum was held with the aim of enhancing economic, trade and investment co-operation between the two nations. It also intended to open up prospects for communication between representatives of the Qatari and Belgian private sectors to establish investment projects that served the interests of the two countries.
The Forum brought together Sheikh Khalifa bin Jassim bin Mohammed Al Thani, Chairman of Qatar Chamber and Bernard Gilliot, President of the Federation of Belgian Enterprises, along with more than 200 businessmen, investors and government officials from both countries.
In his opening speech, Sheikh Ahmed recalled that friendly Qatari-Belgian relations went back to as early as the 1970s, especially in the economic and commercial fields, noting that bilateral trade grew to $1bn in 2017.
He said that 14 companies fully owned by Belgian citizens and 31 companies jointly owned by Qatari and Belgian citizens are currently operating in Qatar, according to The Peninsula.
He stressed that the ongoing blockade of Qatar was aimed at undermining the country’s position as an economically independent and sovereign state but had failed.
He added that Qatar had emerged stronger and more economically independent than ever before. He opined that the illegal blockade presented an opportunity for Qatar to make its economy more accessible to the world.
He said Qatar had seized the opportunities that the illegal blockade presented, noting that the country's economy continued its positive performance during the past year and into 2018 and has been largely unaffected by the blockade.
HE the Minister added that the Qatari economy managed to overcome various regional challenges by implementing a strategy aimed at diversifying its revenue sources and positioning the private sector as an active partner.
Trade surplus increased by 40% in 2017, reaching $35bn compared to $25bn in 2016, which reflected positively on Qatar’s ranking on several international indicators.
He said that foreign companies looking to expand their business in Qatar can benefit from many investment incentives.
Sheikh Ahmed said investors can take advantage of a tax-free environment, allowing for up to 10 years’ income tax exemption for selected investment projects across different sectors, together with Customs tax and fee exemptions for equipment and raw material imports.
The Minister added that Qatar also allows foreign investors up to 100% ownership across various sectors in addition to allowing the repatriation of capital profits and the free transfer of company ownership.
He explained that investors can choose between operating their investment projects in free zones or directly accessing Qatar’s markets, noting that the state is currently developing two free zones that will help position Qatar as an ideal destination for foreign direct investment.
The Minister also noted that investing in Qatar is now easier through the Invest in Qatar Centre, which aims to help investors establish their businesses.
