Amir’s speech stresses durability of Qatari economy, says Qatar Chamber chairman

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani lauded the speech of His Highness the Amir Sheikh Tamim bin Hamad al-Thani at the inauguration of the second ordinary session of the first legislative term, corresponding to the Shura Council’s 51st annual session.Sheikh Khalifa said His Highness the Amir’s speech has drawn the features of the coming period in light of the achievements made in recent years. He noted that the speech manifested the great interest of the Amir has on the national economy.He said His Highness Sheikh Tamim assured the durability and strength of the Qatari economy, which has continued to grow this year despite a decline in 2020. Preliminary data indicated that GDP in the first half of 2022 increased by 4.3%, supported by a 7.3% growth rate of the non-oil sector compared to the same period last year, he said.Sheikh Khalifa praised the Amir’s keenness on enhancing public-private partnerships and the contribution of the private sector to economic activity. He said the Amir’s speech stressed the importance of activating the provisions of the law regulating partnerships between the public and private sectors in all relevant projects, including health, educational, and tourism facilities. “His Highness the Amir also cited the in-country value programme, which has been launched to give preference in tenders and bids to companies that are more dependent on the local economy than other companies in supplying goods and services to the public sector,” he said.Sheikh Khalifa assured that the Qatar private sector values and appreciates the interest of the Amir to support it and maximise its role in development. He said the private sector witnessed great development in recent years and has become a responsible partner of the public sector in implementing projects for economic development.He also added that the private sector can play an important role in achieving comprehensive economic development, which is the state’s main goal. He said His Highness Sheikh Tamim stressed that the country’s comprehensive development remains the ultimate goal that the state is working to achieve and continues steadily to fulfil its requirements at all levels in accordance with the Qatar National Vision 2030 and its aspired goals.Sheikh Khalifa said the Amir spoke about enhancing the investment climate in Qatar by amending legislation regulating foreign investment to remove obstacles for investors. His Highness Sheikh Tamim has assured to elevate Qatar to international levels as an incubator for direct international investment and improving the country’s investment environment.The speech also discussed opening the way for Gulf Co-operation Council citizens to engage in new activities, such as shipping services, advertising, stock trading, and establishing companies, as well as working on developing the energy sector and expanding gas production in the North Field.Sheikh Khalifa said all these factors assure that the Qatari economy would see further development and growth in the years to come, noting that His Highness the Amir said the increase in energy prices turned a projected budget deficit at the beginning of the year into a surplus of about QR47.3bn in the first half of the year and that the budget surplus would be directed to reducing the level of public debt and increasing the state's financial reserves.