Qatar has emerged as one of the fastest-growing economies in the world and a reliable trade partner. The nation has emerged stronger because of its policy of economic openness which has attracted more foreign investors into the country. The blockade against Qatar proved to be a blessing as the country transformed the siege into opportunities and accelerated the pace of economic diversification, supported the private sector, achieved self-sufficiency and food-security.
With huge emphasis on self-reliance, Qatar embarked on providing several incentives to the private sector. Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani said that more than 150 large-scale projects worth billions of dollars are to be offered after 2022, which include projects related to infrastructure development, roads and construction of buildings, hospitals and schools. “I strongly believe that the private sector will play a greater role in these projects in partnership with the public sector to reach the objectives of Qatar National Vision 2030.”
Sheikh Khalifa said that Qatar, as a result of strategic planning, economic reforms and business and investment-friendly policies and legislations, is establishing a more vibrant private sector. Incentives introduced by the government have helped simplify doing business in the country and attracted more domestic and foreign investments.
The country is promoting economic diversification, food security projects, the small and medium-sized enterprise sector, and development of free-zones and special economic zones. All economic plans are on track and all infrastructure works and projects related to the World Cup 2022 are ongoing as per schedule. “In general, I’m pleased to say that the siege failed to hinder the country’s development strategies and its economic growth. On the contrary, the siege constituted an impetus for further solidarity, steadfastness and self-dependence,” said the Qatar Chamber Chairman. Commenting on the impact of the blockade on private sector businesses, he said that all the effects were temporary and situation became normal as new trade routes were swiftly established with other countries in Asia, Europe and Africa, and Qatar’s bilateral relations with other countries have almost doubled.
“Qatar was not affected because it has huge resources, ambitious economic strategies and positive relations across the globe. Qatar explored and successfully found alternative sources of goods which were previously being imported from the siege countries; we launched direct shipping routes from the Hamad Port with ports in China, Oman, Kuwait and other friendly countries,” said Sheikh Khalifa. He highlighted that the siege motivated the country to speed up the completion of its projects to ensure and promote self-sufficiency and food security. New factories were built. About 17 percent of the total number of factories operating in the country were opened, and thousands of farms and new companies in all sectors have been established. Qatar is now stronger than ever and is making new friends around the world, having proven its credibility and economic strength.
