Innovation and expansion to international markets are among the key factors that would enable the small and medium-sized enterprise (SME) sector to overcome challenges and continue operating post-Covid-19, according to industry experts participating in the Qatar Trade Summit 2021.
The summit gathered a panel of speakers whose discussion revolved on the theme ‘Setting a Course for Positive Economic Growth in the Mena Region’. They are FIFA World Cup CEO Nasser al-Khater, Sohar Port and Freezone CEO Mark Geilenkirchen, and TIACA director general Glyn Hughes. The discussion was moderated by Samvit Kanoria, partner at Mckinsey.
Emphasising that SMEs are the backbone of any economy, al-Khater said that while Qatar is small in terms of population, its wealth in natural resources positions it “in a very good place.”
“But for the sustainability of any economy, you have to have a very strong SME sector. Unless you’re Singapore and you’re exporting ideas and minds, one of the main pillars is growing your population,” al-Khater said.
He said, “For an SME to be successful, it should be able to attract people, people, and large businesses here looking at the different sectors to create the volume that’s required for a strong SME sector. Otherwise, you really need to think as a whole how do you create your regional and global market as a customer base for SMEs?
“Qatar, on the other hand, is service-based, so innovation is the keyword here for companies to thrive because Qatar is a small country. The government has done well in terms of putting a lot of funding behind SMEs through Qatar Development Bank. Encouraging companies to go regional and global is also key to the survival of the SME industry.”
Speaking on Qatar’s economy post-Covid-19, al-Khater said he is hoping that the decision to expand the country’s LNG production would create a new growth spurt in the country’s economy. “I think the focus is going to shift from infrastructure development, tourism, and globalising some of Qatar’s industries,” he said.
He also hopes that the government would further develop Qatar’s private sector and help companies here penetrate the global market. “Beyond that, I think Qatar is going to look at new energy sources, as well, and probably expanding globally,” al-Khater pointed out.
“All indications are towards the expansion of the LNG industry. Tourism is a key sector that the government wants to grow, so from the point of view of entertainment offering, the hospitality industry is growing.
“Qatar Tourism is doing a good job in marketing the country. Qatar Airways is also doing a good job and I believe that after the World Cup, as we’ve seen with Russia’s post-2018 World Cup, I think Qatar will be going in the same direction.
He added: “Qatar also uniquely positioned itself in terms of delivering arts and culture offerings through Qatar Museums. In terms of education in the region, Qatar is also growing its student body through Education City, Hamad Bin Khalifa University, and other educational institutions. There is a lot in that space in that sector to grow ‘education tourism’, as well.”
The summit gathered a panel of speakers whose discussion revolved on the theme ‘Setting a Course for Positive Economic Growth in the Mena Region’. They are FIFA World Cup CEO Nasser al-Khater, Sohar Port and Freezone CEO Mark Geilenkirchen, and TIACA director general Glyn Hughes. The discussion was moderated by Samvit Kanoria, partner at Mckinsey.
Emphasising that SMEs are the backbone of any economy, al-Khater said that while Qatar is small in terms of population, its wealth in natural resources positions it “in a very good place.”
“But for the sustainability of any economy, you have to have a very strong SME sector. Unless you’re Singapore and you’re exporting ideas and minds, one of the main pillars is growing your population,” al-Khater said.
He said, “For an SME to be successful, it should be able to attract people, people, and large businesses here looking at the different sectors to create the volume that’s required for a strong SME sector. Otherwise, you really need to think as a whole how do you create your regional and global market as a customer base for SMEs?
“Qatar, on the other hand, is service-based, so innovation is the keyword here for companies to thrive because Qatar is a small country. The government has done well in terms of putting a lot of funding behind SMEs through Qatar Development Bank. Encouraging companies to go regional and global is also key to the survival of the SME industry.”
Speaking on Qatar’s economy post-Covid-19, al-Khater said he is hoping that the decision to expand the country’s LNG production would create a new growth spurt in the country’s economy. “I think the focus is going to shift from infrastructure development, tourism, and globalising some of Qatar’s industries,” he said.
He also hopes that the government would further develop Qatar’s private sector and help companies here penetrate the global market. “Beyond that, I think Qatar is going to look at new energy sources, as well, and probably expanding globally,” al-Khater pointed out.
“All indications are towards the expansion of the LNG industry. Tourism is a key sector that the government wants to grow, so from the point of view of entertainment offering, the hospitality industry is growing.
“Qatar Tourism is doing a good job in marketing the country. Qatar Airways is also doing a good job and I believe that after the World Cup, as we’ve seen with Russia’s post-2018 World Cup, I think Qatar will be going in the same direction.
He added: “Qatar also uniquely positioned itself in terms of delivering arts and culture offerings through Qatar Museums. In terms of education in the region, Qatar is also growing its student body through Education City, Hamad Bin Khalifa University, and other educational institutions. There is a lot in that space in that sector to grow ‘education tourism’, as well.”
