Minister of Commerce and Industry: Qatar Eyes 3.4-Percent Non-Oil Growth, $100 Billion FDI by 2030

Sheikh Faisal bin Thani bin Faisal Al-Thani

HE Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al-Thani said Thursday the Ministry's strategy eyes economic diversification and an annual 3.4-percent non-oil growth.

Addressing the inauguration ceremony of the Ministry of Commerce and Industry Strategy and Qatar National Manufacturing Strategy 2024-2030, His Excellency added Doha envisions a $100 billion foreign direct investment (FDI) by 2030, aligned with its approaches boosting innovation and entrepreneurship, and business ecosystem.

The ceremony was held at the Qatar National Convention Center under the slogan achieving sustainable economic growth.

The two strategies aim to support the achievement of Qatar National Vision 2030 by promoting sustainable economic growth, diversifying priority economic sectors, and increasing the private sector’s contribution to the GDP.

They also seek to develop manufacturing industries and enhance the competitiveness of the Qatari economy at the regional and international levels.

HE the Minister stressed that the launch of the Ministry’s strategy comes within the framework of achieving the objectives of the Third National Development Strategy, within Qatar National Vision 2030, which aims at sustainable economic growth.

He added that the strategy attaches great importance to supporting the role of small and medium-sized enterprises as key drivers of economic diversification, enhancing strategic partnerships and cooperation to expand Qatar’s global trade relations, and driving digital transformation and smart technologies in industries, in addition to ensuring the integration of sustainable development practices in various sectors.

His Excellency explained that the new strategy is based on four main axes: institutional excellence, improving the business and investment environment, developing local industries and trade exchange, protecting consumers and encouraging competition.

The strategy also focuses on increasing direct economic contribution, enhancing competitiveness and productivity of priority sectors, enabling partnerships between the public and private sectors, developing small and medium enterprises, in addition to enhancing intellectual property protection and contributing to achieving self-sufficiency for the country.

He pointed out that the Ministry has developed ambitious development plans to implement more than 216 projects and initiatives, with the adoption of key performance indicators to ensure achievement and continuous evaluation.

In the same context, regarding the Qatar National Manufacturing Strategy 2024-2030, HE the Minister stressed that the strategy seeks to enhance the capabilities of the industrial sector and increase its gross domestic product as a driver of development and innovation.

The strategy aims to raise the added value in manufacturing industries to QR 70.5 billion, increase non-hydrocarbon exports to QR 49 billion, and enhance annual industrial investments to reach QR 2.75 billion by 2030.

His Excellency added that the strategy includes 15 initiatives and 60 projects, and focuses on diversifying industries by 50 percent, increasing the private sector's contribution to QR 36 billion , and aims to raise Qatar's ranking among the top 40 countries in the competitive industrial performance index to build a more sustainable and competitive economy.

HE the Minister said that the strategy focuses on the shift towards smart and green industries, enhancing research and development to increase productivity, and linking education outcomes to labor market requirements, while enhancing the participation of the Qatari workforce in this vital sector.

His Excellency noted that the Ministry's new strategy complements the successes of the previous strategy, which laid the foundations for economic growth and contributed to the development of national industries, with a focus on supporting non-oil sectors and achieving self-sufficiency.

Despite the great achievements that have been made, there are still many challenges to achieving the ambitious goals, he added, stressing full confidence in the ability to overcome them.

Concluding his speech, HE the Minister of Commerce and Industry expressed his aspiration to complete this journey towards achieving Qatar Vision 2030 in cooperation with the Ministry's partners, to work together to shape a bright future for the national economy, in line with the objectives of the Third Development Strategy and Qatar National Vision 2030.

(QNA)