32,000 new companies established during siege: QC

As many as 32,000 new companies have been established in Qatar during the on-going blockade, registering a 34 percent growth compared to the two years before the siege, Qatar Chamber (QC) Chairman Sheikh Khalifa bin Jassim Al Thani has said.

Sheikh Khalifa  also noted that the number of factories has increased by 17 percent reaching 823 in 2019 compared to 707 factories in 2016, with 116 new factories established. The number of permits for establishing factories reached 613 with total investments of QR34bn compared to 466 permits in 2016 with investments worth QR31bn, he added.

Also, the total number of factories, including existing and those under construction, has increased by 23 percent (263 factories up) to 1,436 factories in 2019 from 1173 in 2016.

New factories started production during the siege which contributed to achieving self-sufficiency in many sectors especially foodstuffs.

Sheikh Khalifa affirmed the role played by the chamber as an important part of the self-sufficiency strategy, noting that the private sector proved it is a real partner in Qatar’s economic process.

Sheikh Khalifa also said that Qatar’s non-oil exports grew by 35 percent from QR18.05bn in 2017 to QR24.4bn in 2018.

He said Qatar has managed to overcome the repercussions of the siege in a very short time due to the rapid steps adopted by the government and the strength of the private sector which proved high potentials in dealing with great challenges.

In a press statement issued by the Chamber on the occasion of the second anniversary of imposing the siege, Sheikh Khalifa said there are many factors which have helped the country defeat the siege and transform its repositions into benefits, including the economic and legislative environment, sound strategic plans as well as cooperation among all bodies and trade relations with friendly countries.

He said the siege has no significant impact on Qatar’s economy, while affirming that it had a light impact in the beginning which eventually disappeared due to synergy of efforts and resilience of the economy.

He also stressed that the siege was a strong impetus toward achieving many significant accomplishments including  accelerating the country’s  economic strategies, expanding agricultural and industrial projects, increasing outward investments, promoting local investment  and attracting more foreign investments to the local market.

This also includes providing more incentives to the private sector for promoting local industries, increasing production, enhancing relations with friendly countries and activating trade with world countries.

Stressing the Chamber’s role during siege, Sheikh Khalifa said it has sought since the very beginning of the siege to solve all obstacles facing the private sector.

He outlined the measures taken by the Chamber in coordination and cooperation with the competent authorities in the State to face the consequences of the siege, where the Chamber worked with importers of food to find new alternatives and overcome all the obstacles facing companies operating in this sector in order to ensure continuity of flow of those goods to the State.

During the siege, Qatar Chamber held meetings with more than 200 trade delegations to discuss mutual investment opportunities and the possibility of establishing economic partnerships and alliances in light of the incentives, facilities and benefits for investment proposed by Qatar and the governments of those countries.

Source from: The Peninsula