Satyendra Pathak
Doha
Qatar has taken several initiatives aimed at achieving a compound annual growth rate (CAGR) of 3.4 percent for the non-hydrocarbon GDP and attract $100 billion in foreign direct investments (FDI) by 2030, Minister of Commerce and Industry HE Sheikh Faisal bin Thani bin Faisal Al Thani said on Thursday.
Speaking at the official inauguration of the Ministry of Commerce and Industry Strategy and the Qatar National Manufacturing Strategy 2024–2030, the minister said that these targets reflect the broader goals of fostering innovation, entrepreneurship, and enhancing the business climate to draw international investments.
Additionally, he said, the strategy highlights the critical role of small and medium-sized enterprises (SMEs) as engines of economic diversification. Strategic partnerships, expanded global trade relations, and accelerated digital transformation in industries form the backbone of this multifaceted approach.
To achieve these objectives, he said, “The ministry has devised over 216 projects and initiatives, equipped with robust key performance indicators (KPIs) for regular assessment and refinement. These projects emphasize national self-sufficiency, intellectual property protection, and the empowerment of public-private partnerships, with a focus on SMEs’ growth.”
The Qatar National Manufacturing Strategy 2024–2030 sets ambitious goals to transform the manufacturing sector into a pillar of development, innovation, and sustainability. This comprehensive roadmap seeks to increase the sector’s gross output to QR70.5 billion, boost non-hydrocarbon exports to QR49 billion, and attract annual industrial investments worth QR2.75 billion by 2030.
Key initiatives include diversifying the industrial base by 50 percent, raising the private sector’s value-added contribution to QR36 billion, and positioning Qatar among the top 40 nations in the Industrial Competitiveness Index. The strategy also emphasizes transitioning to smart and green industries, fostering research and development, and aligning educational outcomes with labor market needs to enhance workforce participation in this vital sector.
The implementation plan for the manufacturing strategy features 15 targeted initiatives and 60 projects, highlighting sustainability, innovation, and global competitiveness.
The minister emphasised that the newly launched strategies build on the foundation established by the Ministry’s 2018–2022 strategy, which catalysed significant progress in economic growth, local industry development, and non-hydrocarbon sector expansion. Notable achievements from the earlier strategy include advancements in self-sufficiency, enhanced trade capabilities, and improved resilience against economic challenges.
He expressed confidence in Qatar’s ability to overcome potential challenges and realise its ambitious objectives. He stressed the importance of continued collaboration between government entities, private sector stakeholders, and international partners to ensure the successful implementation of these strategies.
The launch of the Ministry of Commerce and Industry Strategy and the Qatar National Manufacturing Strategy underscores Qatar’s commitment to sustainable development and economic diversification. By fostering innovation, promoting industrial growth, and enhancing global competitiveness, these strategies are set to drive the nation’s economic transformation over the next decade.
Sheikh Faisal concluded by reaffirming the ministry’s dedication to aligning its efforts with Qatar National Vision 2030. He expressed optimism about achieving a prosperous future for Qatar’s economy through effective collaboration and steadfast commitment to these strategic objectives.
With these initiatives, Qatar strengthens its trajectory toward becoming a global economic powerhouse, leveraging innovation, sustainability, and inclusivity to shape a resilient and diversified economy.
