‘Qatar is an ideal hub for businesses expanding to new markets’, says QFZA chief

Qatar’s location, advanced infrastructure, digital technology capabilities, and supportive legal environment enable it to serve as an ideal business hub for companies expanding into new markets in the region, an official of Qatar Free Zones Authority (QFZA) has said. Delivering a keynote titled ‘Diversifying Supply Chains in a Post-Pandemic World’ at the Qatar Trade Summit 2021, which concludes Wednesday, QFZA CEO Lim Meng Hui said the Qatari economy is showing “great signs of sustainable recovery,” with expectations for economic growth “looking extremely bright over the next decade.”Hui said this economic resilience can be attributed to the Qatari government’s strong focus on improving international trade and connectivity, providing state-of-the-art infrastructure, and fostering a business-friendly environment. “It’s also fair to say that the strong fundamentals of Qatar’s position in the global economy are as compelling as they were before the pandemic. From our location, which provides easy access to 60% of the world’s population within eight hours, to our award-winning airport, seaport, and airline, Qatar Airways, which is the largest cargo airline today,” he said. Hui said there are also exciting projects coming up in the next few years, which will continue to attract global companies to Qatar.“In natural gas, the North Field Expansion Project will continue to stimulate the economy and drive inward investment. Elsewhere, Qatar is rapidly becoming a global leader in the sports arena, punching far above its weight in the calibre of international events we are hosting, from the FIFA Arab Cup, the Formula 1 Grand Prix to the FIFA World Cup next year. “Lastly, Qatar has impressive long-term potential in the technology sector, able to provide some of the best 5G network coverage and infrastructure in the world and offer huge early mover advantages for companies working in artificial intelligence, advanced mobility, and other future-focused technologies,” he explained.Hui also explained how QFZA positioned itself to unlock the strategic role that its free zones could play in Qatar’s future economic growth. He said QFZA is a regulator, zones developer, and operator, holding at the same time a $1bn fund to promote investment and economic growth. It boasts of nearly 40sq km of well-planned zones next to Hamad International Airport, Hamad Port, and Msheireb Downtown District.“Our direct role is to attract investments and long-term partners to Qatar, especially in three major sectors: logistics, chemicals, and emerging technologies. These sectors are chosen to capitalise on Qatar's vast natural gas reserves, powerful infrastructure, and high Internet and IT penetration to make Qatar an excellent hub for tech operations, across automotive, marine, aviation, pharma, and chemicals industries,” Hui said.He added: “We are committed to fostering economic growth by focusing on sectors where Qatar has a strong value proposition across private sector and international companies. Our aim is to create a diversified and flourishing Qatari economy, through developing the right business partnerships for Qatar. We intend to do this by helping and facilitating the potential investors, to be on board for this purpose.