Satyendra Pathak
doha
The vast resources and capabilities within the Arab world have played a vital role in positioning the region to be a major player in the global economy. Minister of Commerce and Industry HE Sheikh Mohamed bin Hamad bin Qassem Al Thani said on Sunday.
Delivering a keynote address at the 135th Session of the Council of the Union of Arab Chambers hosted by Qatar Chamber in Doha, the minister emphasised the need for greater cooperation among Arab business sectors.
Sheikh Mohamed stressed the importance of leveraging the assets to achieve sustainable development and alleviate poverty through flexible economic policies that empower the private sector.
"The Arab region enjoys abundant wealth, diverse natural resources, and advanced human capital, which offer significant opportunities for growth,” he remarked.
The minister also pointed to the promising investment opportunities available in various sectors, from industry to digital services, emphasizing that favorable economic laws and Arab free zones would help boost intra-Arab trade and create a more integrated economy.
In his speech, Sheikh Mohamed praised Qatar’s rapid economic growth, driven by strategic plans and major projects, such as those implemented ahead of the 2022 FIFA World Cup. He outlined Qatar’s Third National Development Strategy for 2024-2030, which focuses on sectors like renewable energy and low-carbon minerals, with QR100 billion allocated for investment in the local economy by 2030.(See page 8)
The session concluded with discussions on strengthening Arab economic integration and the crucial role of the Arab private sector in driving regional development.
The Arab region offers plenty of promising investment opportunities in various fields, especially in light of the existence of leading economic laws and Arab free zones, which provide greater opportunities to promote economic integration, activate intra-Arab trade, and create a sustainable and diversified Arab economy, he added.
The minister underscored the Arab private sector’s role in the development process, especially through the development of more flexible and effective economic policies, and through greater coordination and cooperation between the chambers in the Arab countries.
He also emphasized that the Qatari economy has experienced substantial growth in recent years, supported by the economic plans and strategies adopted by the State to create an attractive business environment for investments, pointing out that the major projects implemented ahead of the FIFA World Cup 2022 have contributed to accelerating the economic diversification plans in accordance with the Qatar National Vision 2030.
The minister said that Qatar’s Third National Development Strategy 2024-2030 aims to focus on priority sectors such as the low-carbon minerals industry and renewable energy sources. The key sectors identified within this strategy offer promising opportunities, including industry, logistics, information technology, digital services, finance, food, agriculture, health, education, and other key sectors. To achieve these goals, investments amounting to $100bn have been allocated to the local economy by 2030.
In order to achieve this, Qatar has developed a world-class infrastructure, strengthened the legislative environment with many important laws, facilitated business procedures, and reduced service fees, making Qatar a global investment destination for business and investment, he said, adding that it has also enhanced the competitiveness of the Qatari private sector and its role as a true partner of the public sector in the comprehensive economic development process of the State.