THE private sector in Qatar is playing a very crucial role in country’s economic growth. Helped with the initiatives taken by the government and concerned departments, the private sector has grown stronger with number of private companies rising significantly over the past few years.
QatarEnergy, recently, announced the launch of Tawteen In-Country Value Digital Portal as part of Tawteen’s efforts to enhance the localization of services and industries in Qatar’s energy sector.
Implemented in July 2020, the In-Country Value (ICV) program was designed to transform the energy sector’s procurement process by giving a competitive advantage in the bidding process to suppliers and contractors who contribute more to the local economy.
The In-Country Value program is a key component of Tawteen and its localization efforts. Led and initiated by QatarEnergy, the localization program for services and industries in Qatar’s energy sector ‘Tawteen’ aims primarily to foster the development of the energy sector’s local supply chain, expand the small and medium enterprises’ base in Qatar, and maximize the sustainable in country value creation.
The Ministry of Commerce and Industry announced the launch of 1000 Opportunities Initiative, which comprised of an electronic platform within the Single Window Platform. The ‘1,000 Opportunities Initiative’ offers small and medium-sized enterprises (SMEs) the opportunity to develop their products and services and become more competitive in the Qatari market.
It allows local investors to view the existing and future opportunities and projects that would meet their various needs in terms of products or services provided by local private sector companies. This initiative is expected to contribute to provide significant investment and economic opportunities that would benefit the industrial sector, which has seen remarkable development during the past years. This initiative allows local investors to avail investment opportunities offered by major foreign and local companies operating in Qatar.
As a result of these initiatives, the private sector has delivered strong performance despite the challenges posed by coronavirus pandemic outbreak.
The value of private sector exports last year increased 77.2 percent year-on-year to reach QR26.4bn in 2021 compared to QR14.9bn in 2020, according to economic report issued by Qatar Chamber.
Asian countries were at the top of economic blocs that received exports of private sector in 2021 amounted to QR12.5bn with a share of 47.6 percent of the total value, followed by GCC countries excluding GCC states with a share of 25.3 percent with exports of QR6.7bn.
