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Tribune News Network
Doha
Qatar is in the process of building a sea fleet that connects the country with its major trading partners in the world, targeting a market of 400 million people in the first stage, Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani has said.
He was addressing a reception organised by the US-Qatar Business Council on the sidelines of the SelectUSA Investment Summit being held in Washington.
Qatar, which has regional maritime trade agreements with Kuwait, Iraq, Oman, Turkey, Pakistan, India, Azerbaijan and Central Asia, has successfully established direct commercial routes with a number of strategic hubs around the world, the minister said.
The country's policies following the unjust siege imposed by the Saudi-led quartet has stimulated all sectors of the economy to achieve increased productivity, he said.
They have reflected positively on the national economy, he added.
"Qatar's economy continued its positive performance during the past year, confirming that the country was unaffected by the blockade."
The minister said all economic indicators demonstrated that Qatar overcame the blockade by enhancing its economic competitiveness.
In 2017, Qatar's total GDP increased to $220 billion from $218 billion in 2016.
The annual real growth rate at constant price reached around 2 percent in 2017, which was better than expected, he noted.
Citing the latest report released by the World Bank, Sheikh Ahmed said Qatar's real GDP growth is expected to increase to 2.8 percent in 2018, the highest among the GCC countries.
Qatar's foreign trade has also shown remarkable growth, increasing 16 percent to $103 billion in 2017, compared with $89 billion in 2016.
Qatar's total exports increased by 19 percent to $68 billion in 2017 from $57 billion in 2016, contributing to a total trade surplus that increased by 40 percent from $25 billion in 2016 to $35 billion in 2017.
The minister highlighted Qatar's advanced ranking on the latest Global Competitiveness Index, which puts the country on the top for stable inflation rates in the Arab world.
It is ranked 20th globally on the macroeconomic environment index; third for government procurement of advanced technology; fifth for venture capital availability and fifth for the availability of scientists and engineers, the minister said.
Qatar also ranks in advanced positions on the subfactors of the IMD World Competitiveness Yearbook 2018, Sheikh Ahmed said, adding that Qatar ranks third for the labour force and efficiency of government decisions; fourth for transparency; fifth for economic performance and entrepreneurship; seventh for public-private partnerships; eighth for education, 10th for government efficiency, and 13th for business efficiency.
The Qatar-US relations, the minister said, extend beyond trade and investment and are aimed at helping people of the two nations overcome challenges and capitalise on opportunities.
He said to help victims of Hurricane Katrina in the US, Qatar donated $100 million, which was used to develop disaster-hit communities and build homes and hospitals. Qatar also provided $30 million in aid after Hurricane Harvey.
The SelectUSA Investment Summit is aimed at promoting foreign direct investments in the US with the participation of senior government officials, CEOs, private sector representatives and entrepreneurs.
