Qatar Chamber official lauds private sector role in overcoming Covid-19 economic impact

The value of Qatari exports, including exports of local goods and re-exports, amounted to QR64.0bn, or an increase of QR4.5bn, during the first quarter of 2021, said Qatar Chamber general manager Saleh bin Hamad al-Sharqi, who lauded the private sector’s role against the impact of Covid-19 on the national economy in an interview with Qatar News Agency (QNA).

The state's merchandise trade balance data revealed a huge leap in May 2021, as the ratio amounted to 211.4% on an annual basis (compared to May 2020) and it recorded a monthly increase of 29.9% compared to April of this year to reach QR16.6bn.The value of the total Qatari exports, which includes exports of local origin and re-exports, rose approximately to QR24.9bn, an increase of 87.8% compared to May 2020, and 18.9% compared to April 2021.On the other hand, the value of merchandise imports reached about QR8.3bn or a 4.7% year-on-year increase, and a monthly increase of about 1.7% compared to April 2021.Private sector exports started to improve and grow in recent months after facing a decline due to the repercussions of the pandemic at a value of about QR1.2bn in November 2020 and rose to QR1.33bn in December 2020.Private sector exports rose to QR1.5bn in January 2021 and rose again to QR1.64bn the following month, achieving the highest increase in 10 months. It again jumped to QR1.94bn in March, achieving the highest level since the start of the Covid-19 pandemic, and a record increase of 238%.The industrial sector also achieved remarkable growth during the past year, as official data showed the growth of the number of industrial establishments registered in the country during 2020 to 927 industrial facilities compared to 862 facilities in 2019, with investments worth about QR263bn.In addition, the private sector had a vital and important role in facing the pandemic, as Qatar Chamber launched initiatives and activities that contributed to alleviating the impact of the crisis on business sectors and stimulating the operation of companies.In this context, al-Sharqi highlighted the role played by Qatar Chamber during the pandemic by contributing to the society, especially through the ‘Takatuf Initiative’, which aims to encourage all members of the chamber from the private sector, public shareholding companies, and businesspersons, to participate in supporting the state's efforts to limit the spread of Covid-19.Al-Sharqi also pointed out that the chamber intensified its activities during the last period, and its sectoral committees played a pioneering role in studying all the obstacles facing local companies, while the chamber discussed them with the concerned authorities to find appropriate solutions for them.The Qatari private sector has maintained its productivity despite the challenges of the crisis, and has also been able to overcome these challenges, he said, noting that the private sector's exports have returned to their levels before the Covid-19 and reached many markets.Thanks to the policies that the country has followed since the beginning of the pandemic to deal with its negative effects, the State of Qatar has been among the top 20 countries that introduced reforms related to facilitating business activities last year out of 190 countries, according to the World Bank Group (WBG).These indicators were reflected in the optimistic expectations of the Qatari economy, as a report issued by the World Bank in April 2021, expected that the State of Qatar would register an economic growth of 3% and 4.1% during 2021 and 2022, respectively compared to a contraction of 3.2%.