Qatar calls for global cooperation to tackle COVID-19 repercussions
MoCI undersecretary says Qatar investing in innovation, tech and science to fight the pandemic
QATAR has called for increased cooperation and global partnerships to mitigate the repercussions of the coronavirus pandemic at a virtual session hosted by the Italian Ministry of Foreign Affairs and International Cooperation along with the Italian Institute for International Political Studies (ISPI).
Addressing the session, Sultan bin Rashid Al Khater, Undersecretary of Qatar’s Ministry of Commerce and Industry, said Qatar was investing in innovation, technology and science, with the aim of strengthening the capacity to take urgent and effective measures to contain the pandemic and mitigate its effects.
In terms of the measures taken by Qatar to alleviate the economic impact of the pandemic, Khater said the country supported the private sector through a package worth QR75 billion.
Qatar’s trade balance continues to record surpluses, while the levels of Qatari exports started rising in May, due to the gradual lifting of restrictions and the resumption of economic activity, he said.
This reflects the effectiveness of the measures and economic incentives taken by the country, he added.
The local private sector has played a major role in overcoming the effects of the pandemic and transforming the challenges into opportunities, especially in the trade and industry sectors, Khater argued.
Qatar has achieved remarkable development in the areas of storage, import, production and the quality of imported and locally manufactured goods, he added.
“Qatar has reiterated, since the beginning of the outbreak of the pandemic, its commitment to the rules of the multilateral trading system and the strengthening of international cooperation frameworks in a way that supports the continuity of trade as an engine for economic recovery.”
The MoCI official said the country has allowed investors to benefit from free and logistical zones in strategic locations close to Hamad International Airport and Hamad Port, in addition to providing an advanced highway network that has been designed according to the highest international standards adopted in this field.
He highlighted the advantages of free zones, which offer foreign investors, the opportunity to have 100 percent ownership, partnerships with the Qatari private sector, tax exemption benefits, access to investment funds, highquality infrastructure, as well as access to competencies and skilled workers.
Khater stressed that this infrastructure plays an important role in incentivizing companies to invest in many industries.
Discussing the laws and legislations established by the state to attract and encourage investment, the MOCI Undersecretary explained that Qatar has taken a number of important steps in this field, including the issuance of a law on public-private partnerships, which aim to expand investment horizons in the country and provide the legislative framework.
He added that the law would provide investors with the opportunity to finance and operate projects in a wide variety of sectors, describing it as an important step in light of the World Cup 2022 projects.
He said the country has also issued a law allowing foreigner to own 100 percent of projects in different sectors, and raised the level of ownership in publicly-listed companies to 49 percent.
Qatar has reiterated, since the beginning of the outbreak of the pandemic, its commitment to the rules of the multilateral trading system and the strengthening of international cooperation frameworks in a way that supports the continuity of trade as an engine for economic recovery.
Rashid Al Khater, Undersecretary of Qatar’s Ministry of Commerce and Industry