Industrial investment hits QR248bn

June 23, 2014 - 6:30:23 am
H E Dr Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, addressing the Industrial Investment Seminar 2014.

DOHA: The Ministry of Energy and Industry’s unique package of industrial investment opportunities has led to a huge volume of industrial investments in Qatar. 

H E Dr Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, yesterday announced that the total number of recently launched industrial enterprises in Qatar has reached 670 by the end of last month, with a total investment of QR248bn, of which about 52 percent is foreign investment.

Dr Al Sada was addressing “Industrial Investment Seminar 2014” to promote the opportunities in small and medium-sized industries in Qatar, QNA reported. He said the seminar comes as part of the Ministry’s continued efforts aiming at developing small and medium-sized industries, which constitute one of the basic rules of the State’s development plans for the future. 

Qatar National Vision 2030 attaches great importance to the diversification of the economy in order to transform Qatar into a regional centre for knowledge, industrial activities and high-value services. Dr Al Sada noted the National Vision has identified three stages to achieve its goal: the expansion of competitive industries derived from hydrocarbon industries, building a knowledge-based economy characterised by heavily relying on research, development and innovation, and excellence in entrepreneurship. 

The Ministry of Energy and Industry takes the National Vision as the basic reference in its efforts for the development of industrial investment in the state, and takes the National Development Strategy an approach in the preparation of its plans and development strategies. The Ministry works to develop an integrated set of elements to attract domestic, regional and foreign investment to establish and support the State’s open economy approach, the minister said.

Dr Al Sada emphasised the importance of “new areas” to be the address for the next phase of the industrial development in the State, especially with the increasing need to get out of the typical traditional areas and the trend towards industries with new technologies and high added value. 

The Ministry of Energy and Industry has prepared a list of 30 small and medium projects in important areas, such as pharmaceutical, chemical, metallurgical, and eco-friendly and high-tech industries. 

These projects constitute a promising investment opportunities for Qatari businessmen looking for a new industrial areas capable to take advantage of the comparative advantages of the State, such as the availability of raw materials, export opportunities, and encouraging indicators of profitability.

On the facilities offered by the state to encourage businessmen engage in such projects, Dr Al Sada explained that there will be tax exemptions and will not impose fees on the export in such projects, and will facilitate the financing of those types of projects through the Qatar Development Bank.

Said Al Kuwari, Director of the Industrial Development Department at the Ministry of Energy and Industry, said that seminar offered about 30 investment opportunity ranging between small and medium. He added that there is a plan for the establishment of large industrial areas to accommodate all current and future industrial projects, in addition to the existing small and medium industries area which is affiliated to the Ministry of Energy and Industry. 

The Peninsula