Govt incentives boost private sector’s confidence: QBA
The 32nd board meeting of QBA reviews plans to revitalise businesses post COVID-19
THE Qatari Businessmen Association (QBA) has lauded the financial and economic incentives package provided by the government in support of the private sector and the economic and financial sector in general, in implementation of the directives of His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani, to face the challenges of the coronavirus (COVID-19) crisis.
QBA Chairman Sheikh Faisal bin Qassim Al Thani said the package of financial and economic incentives gave the private sector more confidence, and stability in the business environment to continue its role as a partner in achieving the comprehensive development of the state.
QBA Board members also appreciated the meeting called by Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, with the beginning of the spread of the Corona virus (COVID-19), to discuss the economic and commercial conditions resulting from it, its effects on the private sector and appropriate solutions to overcome it.
THE Qatari Businessmen Association (QBA) has hailed the financial and economic incentive packages provided by government in support of the private sector and the economic and financial sector in general to face challenges of coronavirus (COVID-19) pandemic.
The QBA officials, who gathered for the 32nd board meeting last week, valued the government’s quick response under the directions of HH The Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani to provide financial incentive packages to the private sector.
QBA Chairman Sheikh Faisal bin Qassim Al Thani, who presided over the meeting, said that the package of financial and economic incentives offered the private sector more confidence and stability in the business environment to continue its role as a partner in achieving the comprehensive development of the country.
QBA Board members also lauded meeting called by the Prime Minister and Minister of
Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani to discuss the economic and commercial conditions resulting from the COVID-19 pandemic, its effects on the private sector and appropriate solutions to overcome it.
They viewed the meeting an indication of the government’s efforts to provide the necessary support to the private sector and to encourage it to play the role assigned to it.
At the top of the board meeting agenda was the discussion of the recommendations presented by QBA during the recent meeting of ‘The Private Sector Challenges Obstacles Committee ‘.
The committee comes as a government initiative that aims at strengthening the partnership between the public and private sectors and the involvement of the private sector in the state’s economic development process.
It was formed by a decision of the prime minister last year and headed by the Minister of Commerce and Industry HE Ali bin Ahmed Al Kuwari.
QBA appreciated the remarkable progress made by the committee in solving these challenges and the full support given to the private sector to be a true partner in the economic process. The meeting reviewed the activities and initiatives of QBA during the past year and the first half of this year, especially after the impact of the coronavirus pandemic crisis on the business sector in the country. The meeting also discussed QBA participation in various ministerial committees, and reviewed a number of reports that it prepared and submitted to the competent authorities.
With the outbreak of the coronavirus, QBA continued to exercise its work with the same momentum through virtual communication techniques. This stage began with a meeting of QBA members to discuss the implications of this stage and the meeting reviewed a number of ideas, proposals and initiatives that would reduce the economic impact of COVID-19 on the business sector, following the meeting, QBA presented an economic study to analyse the main economic indicators, with some urgent proposals submitted to the authorities.
In the same context, QBA prepared more than six economic reports in various sectors, in addition to the Global Competitiveness Report that QBA prepares annually with the World Economic Forum as a primary partner for the WEF in Qatar for 15 consecutive years.
This year, QBA in partnership with “the Social and Economic Survey Research Institute’ SESRI, continued its role in distributing and collecting data from businessmen and women and senior executives in private sector companies.
Through the current global situation, the QBA took many efforts to maintain its relationship with its international partners and to communicate with its counterparts from the different economic institutions around the world, organising a group of virtual bilateral meetings.
Most notably, holding Qatar-Turkey Business Council with the Turkish Foreign Economic Relations Association DEIK, to discuss opportunities for economic cooperation during the current global crisis and to consolidate ties with economic institutions in order to identify and benefit from global experiences and to discuss proposed solutions to support private sector companies.
As a follow-up to the results of this Business Council, the Qatari Businessmen Association organised sectoral specialised meetings in coordination with its Turkish partner DEIK, where more than 50 sectoral meetings were organised in the sectors of health, medicine and food industries in cooperation, and with the participation of the Free Zones Authority in Qatar. These meetings aim at ensuring continuous communication between Qatari businessmen and their counterparts around the world considering the current crisis and its consequences on the economic environment.
The QBA held a virtual meeting with the Federation of German Chambers of Industry and Commerce (DIHK), confirming the importance of cooperation between various economic bodies and businessmen in light of this crisis that impacts the global economy and discusses ways to overcome its effect.
The meeting also reviewed QBA plans and activities for the coming period, especially with regard to fully revitalising business after the end of the coronavirus crisis.
QBA First Deputy Hussein Al Fardan, QBA Second Deputy Sheikh Khaled Bin Thani Al Thani, QBA Board Members Sheikh Nawaf bin Nasser Al Thani, Sherida Saad ubran Al Kaabi, Saud Al Mana, and Abdul Salam Issa Abu Issa, representing Issa Abu Issa, as well QBA Deputy General Manager Sarah Abdullah also participated in the meeting.