DOHA: The pick up in inbound foreign direct investments, growing investments in technology and inflow of international talents, especially from many technologically advanced countries such as the US, UK, Germany, France, Italy, Japan and Korea, are giving a great impetus to Qatar’s ambitious economic diversification programme.
The upcoming Investment Free Zones and other economic zones with the combined capital and assets value of over QR50bn is expected to play a key role in achieving the objective of knowledge-based society, according to Qatar Chamber.
“Businesses from many countries, including Turkey have already agreed to set up manufacturing facilities and production units, in some of Qatar’s most promising sectors, such as food, medicine, construction materials and others,” Muhammed bin Ahmed bin Towar Al Kuwari (pictured), Vice-Chairman of Qatar Chamber told The Peninsula recently.
Al Kuwari, who is also a prominent businessman, added: “Qatar is looking for technology transfer. We already have many existing projects, and several others in the pipeline, or being developed on build–operate–transfer (BOT) or build–own–operate–transfer (BOOT) models.”
Early last month, Qatar announced plans to award contracts worth $29bn to the private sector in order to encourage diversification and focus on supporting food security projects, small and medium enterprises, and the development of infrastructure in economic zones and free trade zones.
He said that Qatar, after the blockade, is constantly developing and establishing alternative trade links, both for imports and exports. With the opening of Hamad Port and the start of new trade network from Turkey-Iran and Qatar things have changed significantly.
“In addition, we are also developing and expanding the Ruwais Port. We have two links from Ruwais Port connecting Iran’s two important provinces—Port of Bushehr and Bandar Abbas, a port city and capital of Hormozgān Province. If you go to Ruwais Port you can see ships with merchandise from Turkey, Iran and other neighbouring countries. Government officials from all the three countries are meeting and investing to further develop the trade route in a big way,” noted Al Kuwari.
Turkey, one of the close partners of Qatar, is in the process of supporting its industrialists and manufacturers to establish manufacturing and production units at key sectors in Qatar.
On the fast growing and deepening economic ties between Qatar and Turkey, Ahmet Gulec, Member of the Board of Turkish Exporters Assembly (TIM), and head of the recently concluded trade mission, said: “Qatar and Turkey are investing in many projects, and still can do a lot together. The cooperation can be expanded in many sectors such as retails, real estate, furniture, agriculture automotive, tourism, textiles and many other industries.”
