Policy reforms reflect Qatar’s economic strength: IPA CEO

DOHA:  Sheikh Ali bin Alwaleed Al Thani, Chief Executive Officer of Qatar’s Investment Promotion Agency (IPA), said yesterday that Qatar is witnessing a comprehensive growth in all fields.

Delivering a speech during the Qatar-Korea Business Forum, Sheikh Ali noted that Qatar offers promising investment opportunities recognised by a number of institutions and investors around the world, and proven by measures and indicators that reflect the strength of the country’s economy. He stressed the importance of the strong strategic economic and trade relations between Qatar and Korea, expressing hope for a richer future for these relations, QNA reported.

Qatar markets were the best performers among the GCC countries in 2018, in terms of price returns and net foreign portfolio inflows. The diversed Qatari economy offers an attractive value to international companies and investors alike, and the country is characterized by abundance of opportunities, as well as an efficient and secure business environment.

On the ongoing reforms in the country’s business environment, including the establishment of special economic zones, enactment of new labor law, and increased the limits of foreign ownership, he said the reforms were welcomed by international organizations, including the International Monetary Fund.

Sheikh Ali said that Qatar has ranked first in financial safety, first in the Global Entrepreneurship Index, third in economic performance, fifth in government efficiency and tenth in business efficiency. He added hat Qatar ranked 30th globally and second in the Middle East in terms of global competitiveness, according to the Global Competitiveness Report 2018.

The CEO of IPA stressed that all the indicators highlight the attractive Qatari business and investment climate, which is still a very profitable investment destination for foreign investors. Qatar has focused on developing financial services and technology to achieve the long-term development goals for the financial sector, while Qatar Financial Centre (QFC) continues to improve its regulations to provide attractive opportunities for companies looking to operate in these sectors.

The government has also launched more financial and other incentive programs for investors through its various entities, demonstrating the country’s commitment to its goals to develop its position as a leading global destination for companies. He said Qatar is committed to attract foreign direct investment to become an international competitor in attracting global investments, recognizing the role that foreign investments can play in the country’s economic development.

Jaehee Hwang, from Korea Maritime Institute, reviewed the areas of maritime cooperation between Qatar and Korea, outlining plans and methods to develop cooperation between the two countries in this regard. Hwang pointed out that his country has made great progress in maritime transport, and recorded remarkable economic growth based on maritime exports.

During this second edition of the Qatar-Korea Business Forum, several Qatari parties gave promotional presentations explaining the possibilities and opportunities offered by these entities to foreign investors.

CEO of Qatar Financial Center Yousuf Mohamed Al Jaida, the Executive Director of Business Finance at Qatar Development Bank Khalid Abdulla Al Mana, the Director of Business Development at the Qatar Free Zones Authority Hamad Al Mohannadi, and the Executive Vice President, Operations Manager at Qatar Ports Management Company Abdulaziz Al Yafei, took part in the Forum session.

Source from: The Peninsula