‘Qatar's private sector is a key player in comprehensive economic development’

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani has assured the capability of the country’s private sector to play a key role in achieving comprehensive economic development.Sheikh Khalifa’s statement came in the wake of His Highness the Amir Sheikh Tamim bin Hamad al-Thani’s speech during the 51st annual session of the Shura Council where he declared milestones and defined Qatar’s direction moving forward."Qatar Chamber highly values and appreciates His Highness the Amir’s keenness to develop and maximise the private sector’s role in development, especially since it has seen great growth in recent years and has become a responsible partner of the public sector in implementing economic development projects,” Sheikh Khalifa stated in the latest edition of Al Moltaqa, the chamber’s economic magazine.According to Sheikh Khalifa, the chamber is certain that the private sector can play an important role in achieving comprehensive economic development, which is Qatar’s top priority.He said Qatar has been steadfast in fulfilling the requirements of comprehensive development "at all levels” in line with the Qatar National Vision 2030 "and its desired objectives.”Sheikh Khalifa emphasised that His Highness the Amir’s speech also focused on enhancing Qatar’s investment climate through amendments in legislation on foreign investment and by removing barriers that prevent FDI, as well as highlighting Qatar as a global incubator for FDI and improving the country’s investment environment.He said the Amir’s speech emphasises his keenness to bolster the contribution of the private sector in economic activity and to create more public-private partnerships (PPPs).Sheikh Khalifa reiterated the Amir’s call to allow GCC citizens to launch trade activities, including shipping services, advertising, stock trading, and company establishment, as well as the development of the energy sector and expanding gas production in the North Field."All these directives confirm that the Qatari economy will see further development and growth in the coming years,” Sheikh Khalifa said, highlighting the Amir’s statements on a "QR47.3bn” budget surplus triggered by the increase in energy prices in the first half of 2022 despite speculations of a deficit at the beginning of the year.Sheikh Khalifa said: "His Highness the Amir’s speech showed the great interest he attaches to the national economy. His Highness emphasised the strength of the Qatari economy, which continued to grow in 2022 after a decline in 2020, with the preliminary data indicating a 4.3% GDP growth during the first half of this year, supported by a 7.3% growth in the non-oil sector – a large percentage amid the current international circumstances.”He added: "His Highness also stressed the importance of activating the provisions of the law regulating partnership between the public and private sectors in all related projects, especially in the health, educational, and tourism sectors."His Highness further highlighted the In-Country Value Programme, which gives preference in tenders and bids to companies that further depend on the local economy to procure goods and services to the public sector.”