(MENAFN- Gulf Times) The draft law that seeks to protect national products and combat practices that may harm them in international trade would boost national industry and encourage investors to start various manufacturing projects in the country.
Arabic daily Arrayah reported yesterday that a considerable number of Qatari businessmen, economic experts and specialists in related fields stressed that the law, which was approved by the Cabinet recently, when enforced would address the concerns of local producers and give them the necessary security and stability for their investment.
The protection of national products is also considered a step forward in enhancing the national economy.
The key location of Qatar would make it easy to export products outside the country — to different Arab, African and Asian markets, they said.
Accordingly, there are high expectations that more investments would pour into the fields of food and medicine industry, in particular small and medium-sized factories.
Saud al-Hinzab, former chairman of the Central Municipal Council, said that the new draft law and its regulations represented a change of concept within the local society and involves a trend towards boosting production and more investments.
He expected that the upcoming period would see the introduction of many small and medium-sized manufacturing projects in addition to new investments in heavy industries.
He also called for more measures to encourage local products and support them, especially that some of these enjoy high quality and competitive prices.
Dr Abulaziz al-Hammadi, an economic expert and CEO of a brokerage company, said the cabinet approval of the draft law came at a very critical time. He pointed out that Qatar used to buy products from the neighbouring countries before the blockade imposed on Qatar by Saudi Arabia, UAE, Bahrain, and Egypt, and pay around 20% more over international price to encourage GCC industry and products, as the country used to consider these as local industry.
However, after the blockade Qatar started to be more self-dependent and the private sector has been encouraged to invest in local industries.
Qatari businessman Ahmed al-Khalaf considered endorsing this draft law as an unprecedented legal achievement for the country that would complement other legislation in protecting local production against unfair competition practices.
He stressed that it was necessary and it is a very important decision that came at the right time.
Dr Mohamed al-Habeel, CEO of a group of companies in the field of mid-sized industries, said the new law would eliminate any fear of potential investors and would eventually help in boosting national production.
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