Economic development in Qatar aims at transforming the country into a more capable sustainable development by seeking to develop a diversified economy coupled with diminishing dependence on hydrocarbons, where investment is moving towards a knowledge-based economy and growing importance for private sector. The government is keen on helping the companies, businesses, and entrepreneurs in diversifying the economy by guaranteeing business-friendly guidelines, liberal business policies, and foreign investment legislature. The Vision encompasses creating a stable and sustainable business environment through wise management of resources within the Qatari economy, increasing healthy competition, attracting investments and invigorating growth across the country.
Sustainable Economic Management
The State of Qatar is enjoying a period of unparalleled prosperity with exceptional economic progress being increasingly evident through higher standards of life experienced by the people. Significant advances in the economy continue to occur as the government is keen on investing in the diversification of the economy and creating legislatures that allow foreign investment into businesses in Qatar. Under the wise leadership of HH the Emir, Sheikh Tamim bin Hamad Al-Thani, the state continues to implement strategic initiatives that accelerate country financial growth and secures the country’s livelihood while strengthening its role in the international community.
Extensive Economic Diversification
As one of the fastest growing economies in the Middle East, Qatar’s economic diversification is well advanced with the non-hydrocarbon sector growth is significant in the recent times due to the supportive policies of the Qatari government. The recent changes in the legislature support international investors to have hundred percent ownership in diversified sectors, this boosts the investment into the other areas such as manufacturing, processing, advanced technology, trade, logistics, and finance.
The country's abundant wealth from hydrocarbon has been wisely invested in developing the economy with the creation and nurturing of a multitude of industrial sectors. Now, the state offers opportunities that are previously undreamt with formidable challenges. It is imperative for the entrepreneurs and business owners to choose Qatar as the best place to start their business ventures in a path that is compatible, supported by the government, leadership, and people of the country.
Economic development and protection of the environment are two demands where neither of them should be sacrificed for the sake of others. With the best efforts, the State of Qatar will meet the needs of this generation withoutcompromising the needs of future generations. Sustainable development is a process that seeks to meet the needs of the present generation without compromising the ability of futuregenerations to meet their needs.
The development pattern that earlier depended on oil, natural gas, petrochemical, and heavy industries have already committed to enforcing international standards for environmental protection. Moreover, the country's future path of development is compatible with the interests of protecting and conserving the environment while investing in the right technologies and systems that help to secure and improve the situation.
Moreover, the rights of future generations would be threatened if the depletion of non-renewable resources were not compensated by the creation of new sources of renewable by developing innovative solutions which creates valueto the economy. Creating value to the marketplace with minimum impact on the environment can be done in three ways.
- The financial returns from hydrocarbon wealth could be used efficiently in delivering high returns projects which focuses on designing, developing and deploying renewable solutions
- Creating environmentally friendly policies without compromising the development of the nation. Furthermore, this can be reinforced by assisting businesses that produce products, follow and implement procedures that help to secure the environment without destroying it
- Choosing the development path that carefully balances the interests of the current generationwith the interests of future generations so that resources are not drained at a faster rate than the current demand levels. In other words, the state shall keep targeting the growth rates that are compatible with its capacity for real economic expansion
Move towards Self-sufficiency
Qatar is ramping up the efforts on laying the foundation to build up a sustainable nation, and this has been planned by the government according to the Emir's directives to strengthen the economy, diversify the markets while positioning the country in a competitive spot in the Middle East by creating new opportunities for growth. By focusing on developing the necessary infrastructure through key projects, integrated support systems and improving educational levels in the nation, Qatar can maintain a sustainable growth into the future with minimum environmental footprint and can increase its production while contributing to economic growth.
Furthermore, the country’s plan to attain self-sufficiency through its continued focus on increasing investment in the critical sectors such as food production, manufacturing, transportation, and material processing shall prove to be fruitful in the future as these as essential in increasing the self-sufficiency on the nation. The expansion in the sectors mentioned above can be achieved by creating sustainable development practices, educating people, and supporting the sustainable practices through governmental agencies, thereby protecting Qatar's environment and making it a better place to live. The Qatar National Vision 2030 provides a framework for the development strategies, trends and available options which reflect the aspirations and culture of the Qatari people. Finally, it aims to strike a balance between economic growth, social & human development, and environmental protection.
Nonetheless, Qatar combined with its visionary leadership under His Highness Sheikh Hamad bin Khalifa Al Thani, resilient spirit of the people and strategic initiative by the government the State of Qatar is destined to become one the best location to start your business as the overall growth potential is high, and importance is given to non-hydrocarbon sector companies which predominantly work in advanced technology, research, medical sciences and commercial activities that facilitate or promote transfer or technology while encouraging the development of national human resources. If you are interested in starting your company in Qatar, contact us our Qatari team will be happy to give you all the information regarding the business environment, location, registration, and incorporation.