(MENAFN- The Peninsula) The Peninsula
DOHA: Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari has said that the State of Qatar has adopted a package of economic policies that have placed its economy at advanced rankings in different levels compared to the economies of countries around the world, as the country recorded the lowest rate of inflation in the world, with advanced levels of capital availability and reduced tax burdens.
Speaking at the opening of the Qatar-Pakistan Business Forum yesterday, the Minister described the country's economic growth as strong, citing the World Bank's forecast that the country's economy will grow by 2.8 percent in 2018 and by three percent in 2020, the highest of its kind in the region.
Al Kuwari stressed that the State of Qatar is working to make the non-oil sector essential to the growth of its economy, noting that the contribution of the non-oil sector in the country's economy amounted to about 52 percent in 2017. He called for strengthening cooperation between businessmen in Qatar and Pakistan, and building partnerships to launch innovative projects benefiting both countries.
While highlighting that the two countries have strong and long-standing bilateral relations culminated in many official bilateral visits, which reflected the efforts to strengthen these relations, especially in commerce and economy, His Excellency said that bilateral trade between the two countries has seen remarkable progress over the past decade as it registered the biggest growth last year, when the volume of trade between the two countries increased by 104 percent to about $1.6bn compared to $782m in 2016.
He pointed out that there are 850 Qatari-Pakistani companies operating in the State of Qatar in a variety of fields, in addition to six Pakistani companies active in the country, expressing his aspiration to strengthen cooperation relations between the two parties through the organisation of such regular economic forums and mutual visits.
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