Doha, Qatar: Investment Promotion Agency Qatar (Invest Qatar) confirmed that the recent launch of the Third National Development Strategy (NDS3) 2024-2030 provides amazing opportunities to redefine the economic landscape in the country, and places it in a position that qualifies it to face the challenges as well as the opportunities of the 21st century, especially in light of the economic transformations and the technological progress the world is witnessing.
This came in a publication by the agency yesterday on its website, in which Invest Qatar’s Strategy Manager Hamad Rashid Al Nuaimi highlighted the ambitious goals, spanning sustainable economic growth and environmental sustainability, underscoring the nation’s commitment to navigating a turbulent global landscape. He also emphasized the Foreign Direct Investment (FDI) target, the pivotal role of the Invest Qatar in shaping Qatar’s economic landscape, focusing on economic diversification, sustainability, and the path to a prosperous future.
Hamad Rashid Al Nuaimi said that amid global economic shifts and technological advancements, Qatar stands at a significant juncture, proactively expediting the transition towards a diversified and knowledge-based economy. This strategic shift is encapsulated in the NDS3 2024-2030, serving as a roadmap guiding the nation towards realizing Qatar National Vision 2030 (QNV 2030).
He pointed out that revolving around seven strategic national outcomes, ranging from sustainable economic growth to environmental sustainability, the NDS3 reflects Qatar’s commitment to navigating a turbulent global landscape. By prioritizing the diversification of key economic sectors and fostering a business-friendly environment, the country remains committed to attracting foreign investment and skilled talent, establishing itself as a global business hub.
He said that the NDS3 sets ambitious targets, seeking to accelerate economic growth to an average of 4 percent annually until 2030, fuelled by increased gas production and economic diversification. The strategy emphasizes innovation and research, targeting a Gross Expenditure on research and development (R&D) of 1.5 percent of GDP, with a significant contribution from the business sector. Additionally, a key objective is to improve labour productivity with an average yearly target of 2 percent, aligning with the overarching vision of cultivating a knowledge-based economy and generating high-skilled employment opportunities.
He indicated that the ambitious Foreign Direct Investment (FDI) target of USD 100 billion, exemplifies Qatar’s strategic focus to diversify its economy, bolster its global economic presence, and foster sustainable growth.
At the core of this strategy are ‘Growth Clusters’, situated within the framework of
sustainable economic development, focusing on manufacturing, logistics, and tourism. These sectors are crucial in driving Qatar’s non-hydrocarbon economic development, each with a set of clearly defined goals.
The manufacturing cluster focuses on expanding chemicals and low-carbon metals, aligning with global sustainability trends, with the goal of ranking in the top 40 on the Competitive Industrial Performance (CIP) Index. The logistics cluster strengthens Qatars position as a global supply chain hub by expanding its air transport activities, optimizing its port operations through technological advancements and operational improvements, and capitalizing on its geographical and infrastructural advantages.
The objective is to achieve 6.6 percent GDP CAGR, 2.4 percent labour productivity CAGR, and reach QR 25 billion in re-exports.
The tourism cluster focuses on developing business tourism while also building on the countrys unique characteristics to become a tourism destination of choice for families. Qatar aims to attract 6 million visitors by 2030, increase total in-destination spending to QR 34 billion, and achieve 19 million room nights thereby transforming the country into a premier travel destination.
