Qatar Economic Forum to Help Face Challenges and Build a Better Future for All

Qatar is investing in researches related to green, alternative and sustainable energy and contributing to the global efforts to combat climate change, His Highness the Amir Sheikh Tamim bin Hamad al-Thani has said.

“We are a natural gas exporting country, which is a low-carbon and least harmful energy to the environment, yet we are investing in researches related to green, alternative and sustainable energy, and we plan to move Qatar towards that end, moreover, we also contribute to the global efforts to combat climate change,” His Highness the Amir said while delivering the opening address at the Qatar Economic Forum Powered by Bloomberg, on Monday.

Welcoming the attendants, His Highness the Amir said: “ I am pleased to welcome all of you to Qatar Economic Forum, which is held in cooperation with Bloomberg, and which represents a springboard for a series of forums aimed at enriching the dialogue on the global economy and proceeding to the next post-Covid-19 phase. We are confident that the first edition of this forum will constitute a qualitative addition to the joint efforts of our countries and societies, and the cooperation between them and the business sector, in facing various challenges and building a better future for all of our peoples.”

Talking about Qatar’s strategies and plans, His Highness the Amir said: “In preparation for the next stage, Qatar is keen to adopt a balanced economic policy by continuing to expand the gas project in the North Field with the aim of increasing the production of liquefied natural gas (LNG) by 40% by the year 2026 and the revenues of this increase will be used to enhance our investments for the benefit of future generations, which will contribute to diversifying sources of income. We have also supported non-oil sectors whose contribution to the GDP exceeded 61% at constant prices in 2020.

“In this context, we took an approach to develop environment-friendly industries, establish the legislative frameworks that enhance the business environment attractiveness such as enacting the law regulating investment of non-Qatari capital in economic activity, and the law regulating partnership between the public and private sectors, as well as investing in vital and important sectors including health and technology, developing the free zones, and pursuing the expansion of Hamad International Airport and Hamad Port in a way that consolidates our country’s economic openness and enhance our trade relations with various countries.”

On how Qatar successfully dealt with the Covid-19 pandemic, His Highness the Amir said: “ The State of Qatar has spared no effort in responding quickly to tackle the serious repercussions of the pandemic, as we have issued directives for adopting a strategy based on three main axes, which are protecting all members of the society by strengthening the medical sector; especially the public health sector, providing the necessary support to the economy to reduce the negative impacts of the pandemic, and contributing to the international efforts against the virus by providing assistance to relevant countries and international organizations.

“Based on this strategy, we have adopted a national vaccination programme against the virus. This program has recently exceeded the number of two million and eight hundred thousand doses. To date, approximately 65% of the population received the vaccine.

“We have also directed to take all necessary measures to mitigate the economic consequences of the pandemic and to provide an amount of QR 75bn in support of the affected private sector.”

Stressing the importance of international co-operation to meet the challenges faced by today’s world, His Highness the Amir said;” I call upon the leaders of the world countries, especially the major industrialized countries for more cooperation, within the framework of the international system, sharing the responsibility, and working together for a just and comprehensive distribution of the vaccine in a manner that would pave the way for establishing an integrated global social and economic system in line with the sustainable global development goals to achieve wellbeing and stability to our peoples.”

A number of leaders and heads of state and governments will participate in the virtual forum held on “Bloomberg live”, including Cyril Ramaphosa, President of South Africa, Paul Kagame, President of Rwanda, and Armen Sarkissian, President of Armenia, Sheikh Hasina Wazed, Prime Minister of Bangladesh, Recep Tayyip Erdogan, President of Turkey, Boris Johnson, UK Prime Minister , Patrick Ashe, Prime Minister of Cote d’Ivoire, Macky Sall, President of Senegal, in addition to more than 100 speakers from around the world.

The First day of Qatar Economic Forum (QEF), Powered by Bloomberg, discussed a host of issues and topics listed on its agenda, with the participation of a large number of financial and business leaders, political innovators and decision-makers, who discussed in detail the post-pandemic economies, and the importance of investment partnerships for global economic recovery. Speakers in the first day’s sessions reviewed their visions and points of view on the post-pandemic world and economies, and the way by which the world can overcome the shock to the economy and trade resulted by the pandemic.