QR.248 billion spending in 670 industrial establishments in Qatar…

HE Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada has said Qatar provides numerous industrial investment opportunities and incentives in various fields, which are reflected on the QR248bn investments in some 670 industrial establishments as of last month.

Of this, foreign investment was 52%, al-Sada said while addressing “Industrial Investment Seminar 2014” in Doha yesterday.

Al-Sada said Qatar, under the leadership and directives of HH the Emir, Sheikh Tamim bin Hamad al-Thani, has worked to establish a path of sustainable development and lay solid foundation towards taking the country to the league of developed countries.

The Qatar National Vision 2030 attaches great importance to the diversification of the economy in order to transform Qatar into a regional centre for knowledge, industrial activities and high-value services, he said. There are three stages to achieve that goal. These are the expansion of competitive industries based on hydrocarbon, development of economic activities for the country and building technical and human capacities to the effect; and building a knowledge-based economy by heavily relying on research, development and innovation, and excellence in entrepreneurship.

Al-Sada underlined the fact that the development of the industrial sector was a shared responsibility between the public and private sectors.

The minster said there “was an increasing need to get out of the typical traditional areas and trend towards industries with new technologies and high value addition.”

The Ministry of Energy and Industry has prepared a list of some 30 small and medium projects in important areas, such as pharmaceutical, chemical, metallurgical, and eco-friendly and high-tech industries, he said.

These projects present promising investment opportunities for Qatari businessmen looking for new industrial areas that are capable of taking advantage from Qatar’s inherent advantages, such as “the availability of raw materials, export and profit making opportunities.”

Al-Sada also spoke about tax exemption provided to specific industrial projects in the country and encouraged the local business community to make the best use of it. Financing facilities for such projects are available through Qatar Development Bank.

Said al-Kuwari, director (Industrial Development Department) at the Ministry of Energy and Industry, said there was a plan for the establishment of large industrial areas to accommodate all current and future industrial projects in the country. This is in addition to the existing small and medium industries area, which is affiliated to the Ministry of Energy and Industry.

Secretary General of the Gulf Organisation for Industrial Consulting (GOIC) Abdul Aziz bin Hamad al-Aqeel also spoke.