The recent data shared by the Ministry of Commerce and Industry (MoCI) reflects the success of Qatar government in materialising economic diversification plans as envisaged in Qatar National Vision 2030.
The figures also reveal that Qatar successfully managed the impact of COVID-19 pandemic as 16 new factories were added to country’s manufacturing sector in the first quarter of this year.
According to ‘Industry Indicators First Quarter 2021’, posted by MoCI on its Twitter, the manufacturing industry contributed over QR10bn to Qatar’s GDP in the fourth quarter of 2020. In other indicators of the growing sector, the rate of compliance of factories with industrial requirements was put at 80 percent. Also, Industrial Development Services are delivered at an average time of four days. Industrial-Manufacturing Production Index in January 2021 reached 108.6 while Industrial Production Index (IPI) was 107.1.
A recent KPMG report stated that Qatar’s efforts to promote local manufacturing are expected to boost production value for the sector by approximately 30 percent in the next few years. The growth in the industry would create over 100,000 job opportunities by 2025, the report added.
Through the Qatar National Manufacturing Strategy 2018-2022, which aims to accelerate growth in the sector to develop and diversify the Gulf state’s economy, Qatar launched the comprehensive plan to provide the conditions necessary for a vibrant manufacturing sector.
As per related details recently shared by the MoCI, the recycling industry in Qatar currently produces 215 products from 135 factories. Paper products and the printing industry contribute 78 products from 62 factories.
Qatar’s building materials and chemical products industry has 281 factories with 392 products. The medical products sector makes 22 products from five factories. Besides, the petroleum and petrochemical industry boasts of 28 factories that produce 64 products. The metal industry with 179 factories makes 291 products.
In the electrical equipment industry, Qatar’s 36 factories manufacture 93 products, while the food and beverage sector, with 86 factories, makes 177 products. On the other hand, the textile industry makes 42 products from 15 factories, while the wood and derivatives sector produces 32 items from 36 factories.
Meanwhile a report released by BofA Global Research has said that Qatar’s economy is set to enter a period of accelerated growth, supported by several factors including expansion of Liquefied Natural Gas (LNG) capacity, robust policy response from the government to tackle COVID-19, and the upcoming FIFA World Cup Qatar 2022.
