By Sachin Kumar
DOHA: Government’s efforts to diversify Qatar’s economy continue to yield positive results. The non-oil sector is expected to grow by 10 percent in 2016 which is likely to be higher than the expected growth in oil and gas sector, said Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani yesterday.
“The contribution of the non-oil sector to Qatar’s economy rose from less than 42 percent in 2005 to nearly 50 percent by the end of 2014. It is expected that the non-oil sector will increase by an estimated 10 percent in 2016, a ratio much higher than the expected growth in the oil and gas sector,” said the Prime Minister in his inaugural speech at the World Export Development Forum (WEDF).
The forum is being organised by Qatar Development Bank (QDB) in cooperation with the International Trade Centre, a subsidiary organisation of the World Trade Organisation (WTO) and the United Nations Conference on Trade and Development.
The two-day forum, at Sheraton Doha, is being held for the first time in the Middle East under the theme ‘Sustainable trade: Innovate, invest, internationalise’.
Sheikh Abdullah bin Nasser added that the non-oil exports have registered five-fold increase from QR500m to QR2.4bn between 2011 and 2014 due to expansion and access to export markets outside the GCC countries such as Chile, the United States and Australia.
The Prime Minister said that in July this year non-oil exports of small and medium-sized companies (SMEs) reached about QR1.5bn that this is expected to grow to QR3bn by the end of the year. The number of exporters of non-oil products during that period also doubled.
He pointed out that trade and investment in Qatar has played a key role in government’s efforts to diversify the economy away from a dependency on hydrocarbons.
The Prime Minister added that the development of Qatari small and medium projects is at the forefront of efforts being taken to diversify the economy.
The government has paid attention to financing of SMEs engaged in exports.
Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani said SMEs comprise 97 percent of Qatari companies and there is a comprehensive government programme for supporting these companies.
In his speech at the opening session, the Minister added that the programme includes the provision of specialised zones and training, logistics, financial and technical support for these companies in addition to assisting in their growth and introducing them to local or global market.
There are programmes being carried out by the government through several institutions led by Qatar Development Bank to support this group of companies, he added. He stressed that the government attaches attention to the development of SMEs through the provision of all kinds of support and training in addition to supporting their exports to the global markets.
“The message we send from Doha today is clear: More open trade and investment and more competitive SMEs can help us generate sustainable and inclusive growth and reach the UN Global Goals,” said Arancha Gonzalez, Executive Director, International Trade Centre. “Sustainable, because growth needs to be compatible with our planet and inclusive because growth must work for all, including youth and women.
“This must be growth anchored in small and medium enterprises, which represent 90 percent of all businesses worldwide and which account for seven of every 10 jobs,” she added.
The Peninsula
