Entrepreneurship key to economic development

February 25, 2014 - 4:53:59 am

The Minister of Energy and Industry, H E Dr Mohamed bin Saleh Al Sada (sixth right), the President of Qatar University, Dr Sheikha Abdulla Al Misnad (seventh right), the Chairman of Qatari Business Association Sheikh Mohammed bin Faisal bin Qassim Al Thani (seventh left) and other officials during the opening of the Entrepreneurship in Economic Development Forum at Qatar University yesterday. Kammutty V P

Doha: Entrepreneurship plays a very important role in Qatar and other Gulf states in the expansion of economic activity and should be encouraged for economic growth, said speakers at the opening of the Entrepreneurship in Economic Development Forum yesterday. 

In his opening speech, the Minister of Energy and Industry  H E Dr Mohamed bin Saleh Al  Sada said, “Entrepreneurship also plays a very important role in Qatar and other Gulf states in activity and the role of the private sector, as well as increasing its dynamism and expanding the economic base.”

The two-day forum is being organised by Qatar University (QU) in collaboration with Interactive Business Network (IBN). 

Qatar Petroleum has joined it as the official energy partner.

The Minister said Qatar has offered a set of entrepreneurship incubators to revive and encourage projects in various domains.

“Qatar has set up several business incubators which are working to support modern projects in various areas,” he said. 

“Entrepreneurship may also contribute to the increase in investments, creating new opportunities and guiding investment spending towards new areas that contribute to improving the effectiveness of the production base,” he added.

He said ministries such as the Ministry of Economy and Trade and the Ministry of Communications and Information Technology are working together to support digital and industrial incubators.

“Entrepreneurship is the basis of free economic system or market economy,” said Sheikha Al Misnad, President, QU.

“While its main driving force may be profit-making and controlling markets, whether by an individual or a company, it usually achieves a wider benefit for the public economy and business sectors as well as society as a whole,” she said.

“Qatar and countries in the Gulf in general have made great progress during the last one or two decades in terms of modernisation and expansion of their basic and social infrastructure, as well as in the development of the investment environment, providing all means of support for private sector activity, including the promotion of foreign investment,” said Sheikh Mohammed bin Faisal bin Qassim Al Thani, Chairman,  QBA.

Raed Chehaib, CEO, IBN, reiterated that entrepreneurship plays a pivotal role in the economic development and a key stimulator of the activity in the private sector.

The Peninsula

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