Qatar’s strong will to transform itself from a traditionally hydrocarbon-based economy to a technology-driven diversified economy has positioned it as one of the most attractive destinations for foreign investors in a variety of priority sectors of its economy
By Maneesh Bakshi
Qatar is in the thick of implementing economic reforms to bring out diversification and a strong and resilient economy that offers opportunities of collaborations in the key areas of food security, logistics, new supply chains, digital technologies, water security and so on, HE Sheikh Ali Alwaleed Al-Thani, CEO of Investment Promotion Agency, Qatar, has said.
Alwaleed Al Thani was speaking during an interview at Qatar Economic Forum recently, presenting investment opportunities that Qatar holds in the current scenario when global FDI inflows dropped 40% in 2020 due to the side effects of the pandemic that has hit the whole world.
According to the Investment Promotion Agency (API) chief, Qatar’s strong will to transform itself from a traditionally hydrocarbon-based economy to a technology-driven diversified economy has led its leadership to make certain economic reforms so as to position it as one of the most attractive destinations for foreign investors in a variety of priority sectors of its economy.
Talking about the recently introduced Private Public Partnership (PPP) law by Qatar government, Alwaleed Al Thani said, “We believe the introduction of PPP law was essential for attracting investors who look for grounds especially like Qatar which stands on strong economic fundamentals; secondly, it has fiscal and monetary predictability and thirdly, effective governance.”
He added, “Essentially, the PPP programme is structured around attracting investors to participate in infrastructure projects such as public schools, sewage treatment plants etc. that we feel will turn out to be very lucrative partnership in the long term to anchor foreign investors in Qatar and scale up their presence in this region.”
“We are also looking to expand PPP investment across other sectors of economy,” he informed.
Talking about the ease of doing business, he said, “Qatar has recently brought about legislative changes to open its economy to almost all sectors for foreign investments and developed new platform to shorten the steps of registration process for foreign investors.”
According to him, Qatar’s initiative of establishing Qatar Free Zone Authority (QFZA) to oversee free zones, thus creating space for investing in large infrastructure projects for investors, and by providing much-needed logistics support through the expansion of Hamad Port and Hamad International Airport, are big steps in bringing foreign investors to Qatar.