His Excellency Sultan bin Rashid Al-Khater, Undersecretary of the Ministry of Commerce and Industry, participated in a virtual session organised by Italy’s Ministry of Foreign Affairs and International Cooperation and the Italian Institute for International Political Studies (ISPI) under the theme ‘Restructuring Middle East and North African Economies After Covid-19’.

The session was held within the framework of the sixth edition of the Rome MED 2020-Mediterranean Dialogues conference, which is being held in the Italian capital from 25 November to 4 December 2020.

In his address, H.E. stressed the importance of co-operation and partnership to mitigate the repercussions of the Covid-19 pandemic, which has disrupted various industries and businesses around the world.

H.E. said Qatar was making unremitting efforts and has taken proactive steps to deal with the repercussions of the pandemic by investing in innovation, technology and science to enable urgent and effective measures to contain the virus and mitigate its impact.

Touching on the efforts that the government has undertaken to ease the repercussions of the economic crisis, H.E. said the administration was providing support to the private sector through a financial impetus package of 75 billion Qatari Riyals, adding that Qatar has presented a successful model in overcoming the repercussions of the coronavirus through a major monetary stimulus deal and other successful measures.

The trade balance, H.E. noted, also continued to achieve positive surpluses and Qatar’s exports began to rise as of May 2020 due to the gradual lifting of restrictions and the resumption of commercial activity, reflecting the effectiveness of the measures and economic stimulus taken by the state.

H.E. the Undersecretary noted that the Ministry of Commerce and Industry, in turn, supported the state’s efforts to weather the Coronavirus crisis and adopted a flexible and integrated strategy aimed at protecting the private sector and providing companies with the necessary support to adapt to the current circumstances after the gradual lifting of restrictions.

H.E. indicated that the local private sector has played a major role in overcoming the repercussions of the pandemic and seized the opportunity that the crisis offered, especially in the trade and industry sectors, to develop its storage, import and production capacity and to improve the quality of imported and locally manufactured goods.

In this context, Qatar has maintained its commitment to the multilateral trading system and strengthened international cooperation frameworks to ensure the continuity of trade as the engine for economic recovery, H.E. said, noting that Qatar has stepped up efforts to enhance its advanced logistical networks and to capitalize on its high-quality infrastructure to consolidate its position as a regional and global trade and investment hub.

H.E. added that Qatar offers investors access to logistic parks and free zones in strategic locations that are in close proximity to Hamad International Airport and Hamad Port as well as a high-speed road network designed in line with the highest international standards.

Qatar’s Free Zones allow investors 100% foreign ownership and offer tax exemptions and partnership opportunities with Qatari entities, H.E. said, noting that investors have also access to a skilled workforce, investment funds and quality infrastructure.

Qatar’s highly developed infrastructure, H.E. explains, acts as an important catalyst for companies to invest in value-added sectors particularly the industrial, technological and logistics sectors.

Touching on the laws and legislations that Qatar enacted to attract and encourage investments, H.E. said Qatar took important steps forward in this direction including the issuance of a Private Public Partnership law that expands the country’s investment horizons.
The law also provides a legislative framework for improving governance and risk management and promoting competition and innovation to bolster Qatar’s dynamic business environment, H.E. added.

H.E. explained that investors will have the opportunity to finance, develop and operate projects in a variety of priority sectors including food security, sports, tourism, health, education and logistics.

In this context, the PPP law will deliver a major boost to Qatar’s business environment as preparations continue to host the 2022 FIFA World Cup with the development of new projects, H.E. said.

Qatar also issued a law regulating the investment of non-Qatari capital in economic activity, allowing 100% foreign ownership in various sectors.

The session touched on several topics, including the challenges facing Middle East and North Africa region countries as a result of the COVID-19 outbreak as well as the measures adopted across the area to mitigate the negative repercussions of the pandemic and their impact on economic activity. Discussions also focused on recovery efforts through the potential restructuring of regional economies and the adoption of a comprehensive reform agenda that would address basic structural issues and promote a more sustainable and inclusive growth model, in addition to exploring mechanisms to unleash the region’s economic capacity, to support youth and women and ease obstacles that hinder their creative potential.

The Rome Med 2020 Conference is an annual high-level initiative aimed at rethinking traditional approaches to the Middle East region, analysing current challenges and drafting a new “positive agenda” to bolster economic cooperation, overcome regional rivalries and address conflicts.

Launched in 2015, the annual conference features a number of dialogue sessions, discussions and meetings based on the four pillars of shared prosperity, shared security, migration and civil society and culture.

The conference brings together high-level officials including ministers, economists, businessmen and academics representing countries around the world, in addition to representatives of the most prominent international institutions and organizations.