Tribune News Network
Doha
Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani's exhaustive speech at the Hannover Trade Fair in Germany was a shot in the arm for brand Qatar.
In his address to a jam-packed hall that included high-profile leaders from all over the world, the minister promised investment opportunities and significant efforts to diversify the Qatari economy.
"Qatar seeks to support the efforts of various entities to develop and shore up the private sector," Sheikh Ahmed said on Monday after inaugurating the event ” the world's largest trade fair in the industrial sector.
The fair is being held at the Hannover Exhibition Grounds and will go on until Friday.
Sheikh Ahmed said that Qatar's participation in the fair was of great importance and presented an opportunity to promote Qatar's position on the global and regional levels.
"The fair presents an opportunity to familiarise participants, businessmen and investors with investment opportunities in Qatar."
It also highlighted the country's friendly investment climate, he said, adding that it would go a long way in attracting international companies to the local market
The exhibition provides an opportunity for participating entities to promote and market their products in new markets as well as to showcase Qatari industries in front of a large number of businessmen from around the world.
The fair also presented an opportunity to meet with representatives of international companies and factories, enabling participants to exchange expertise and access the best global technological solutions and the latest innovations and industrial technologies.
Touching upon Qatar's attractions as a leading investment destination, Sheikh Ahmed noted the efficient policies established by the country's wise leadership, which helped stimulate various economic sectors to increase productivity year after year.
As a result, the contribution of the non-oil sector to GDP at constant prices reached about 52 percent last year, he said.
Foreign trade increased 16 percent in 2017 to reach $103 billion from $89 billion dollars in 2016, Sheikh Ahmed noted, adding that the total exports rose by 19 percent to $68 billion in 2017 from $57 billion in 2016.
The Ministry of Economy and Commerce, which has set up a pavilion at the fair, sought to introduce the key laws and legislation adopted by Qatar to stimulate domestic and foreign investments.
It also showcased the incentives and advantages offered by Qatar to investors, such as income tax break on foreign capital for up to 10 years in specific investment projects.
Besides, the ministry highlighted the investment-friendly climate in Qatar and the services offered to investors to streamline investment applications and company incorporation procedures.
The Hannover Fair is the world's leading trade fair for industrial technology. The five-day fair covers a wide range of topics on industrial and information technology, industrial supply and engineering, services, energy and environmental technology.
Qatar's Ambassador to Germany HE Sheikh Saud bin Abdulrahman al Thani and a number of Qatari and German officials attended the inuaguration.
Qatar's Ministry of Economy and Commerce is participating in the fair through a 990 sqm pavilion that brings together representatives of the Ministry of Energy and Industry, Qatar Chamber, Qatar Financial Centre, Manateq Company, the Supreme Committee for Delivery and Legacy, Qatar Rail, Qatar Development Bank and a number of private companies, including Qatar Pharma, Qatar Industrial Manufacturing Company (QIMC), Qatar Aluminum Extrusion Company (QALEX), Amiantit Qatar Pipes (AQAP), Roder, SICO Middle East and National Paints Factories.