QATAR has taken several measures in the past which has made its economy resilient and strong. Empowering the private sector is one of the main priorities of the government. Highlighting the role of private sector in the country, Qatar Chamber recently hosted a conference ‘Developing Partnership between Public and Private Sectors’.
The public private partnership (PPP) conference, organised via video conference, was aimed at raising awareness among the business sector on Law No 12 of 2020, regulating the partnership between public and private sectors, which came into effect on July 11.
The issuance of the law regulating partnership between public and private sectors is a crucial step in providing an appropriate legislative framework for ensuring the private sector participation in Qatar’s major development projects, said Minister of Commerce & Industry H E Ali bin Ahmed Al Kuwari. The PPP law will help boost the engagements and complementary relationship between the public and private sectors.
It will provide a regulatory framework for the contractual relationships between both parties, he said. The law aims to develop the capabilities of the Qatari private sector companies, encourage competition and innovation, enhance the role of these companies and their contribution to the economic development, and involve them in the management of national projects. The Qatari private sector has managed to prove itself during this period as a real partner to the public sector in the march of economic development.
The recent years saw a surge in exports of the private sector and the reach of local products to many foreign markets. The private sector has been helped by Qatar’s strong economy which has remained firm during these trying times.
Despite the challenges facing the global economy, including the spread of the novel coronavirus (COVID-19) pandemic, the economy has managed to maintain its high credit ratings with a stable outlook. Moody’s rating agency assigned credit rating Aa3 to Qatar in April with a stable outlook.
In its report, Moody’s said that Qatar’s credit profile reflects the government’s strong balance sheet, vast hydrocarbon reserves and exceptionally high per capita income. The strength of the Qatari economy was also confirmed by the Standard & Poor’s rating agency, which affirmed its long-term outlook for the State of Qatar at stable. In its report issued in March, the rating agency said that Qatar’s government and external balance sheets currently remain strong and provide a buffer to withstand external shocks.
It added that while the prices of hydrocarbons may remain low, the government’s fiscal and external positions will remain stable.
