Speech by his Excellency Mr. Ali bin Ahmed Al-Kuwari Minister of Commerce and Industry and Acting Minister of Finance
Qatar has successfully cemented its position as one of the most resilient, diverse and competitive economies in the region, in line with the approach set by His Highness the Amir Sheikh Tamim Bin Hamad Al-Thani, to achieve the Qatar National Vision 2030, which aims to transform Qatar into an advanced country, capable of sustaining its own development and providing for a high standard of living for all of its people for generations to come.
Qatar has worked on balancing its strategies and plans to promote comprehensive development by embracing integrated economic policies that raise the contribution of the non-hydrocarbon sector to GDP. Qatar also continues to focus on the energy sector as an important source of national revenue while channeling these revenues into supporting all economic sectors, and transforming national industries and trade sectors into active partners in achieving the objectives of its National Development Strategy.
Along these lines, the Ministry of Commerce and Industry has prioritized the development of a favorable business climate in the trade and industrial sectors to meet the needs of the country and build a strong production base that will achieve balanced economic growth for Qatar.
As part of its mission, the Ministry aims to align commercial and industrial activities with the requirements of national development through the promotion of a business environment that attracts investments and bolsters exports.
The Ministry is also working on developing the business environment by providing smart e-services to streamline the incorporation of companies in Qatar as well as developing legislation that will enable foreign investors to own up to 100% of investment projects across all sectors and economic activities in line with a draft law regulating the Investment of Non-Qatari Capital in Economic Activity.
Qatar has also amended certain provisions of the Investment Free Zones Law and issued new laws regulating the business climate in the country such as the Commercial Companies Law, the Retail Outlets Law and the Commercial Registry law.
The Ministry is working on developing general policies to promote industrialization and national industries through the development and expansion of industrial Areas to include new regions in Qatar.
Simultaneously, the Ministry of Commerce and Industry is pursuing ambitious plans to develop and bolster the trade sector, which will contribute to positioning Qatar as a strategic trade hub linking the region with major business centers around the world. In this context, the Ministry aims to further develop its plans to diversify sources of imports and to ensure and facilitate the flow of high-quality goods to local markets at reasonable prices.
The Ministry is also spearheading efforts to promote sound business practices by regulating the practice of trade professions, the registration of commercial and investment establishments and the issuance of the necessary licenses to carry out their activities. The Ministry is also working on regulating local markets, protecting consumer rights, fighting commercial fraud, safeguarding competition and intellectual property rights, preventing monopoly practices and promoting sustainable development in a bid to propel Qatar’s progress and ensure the prosperity and well-being of its people.