(MENAFN- The Peninsula) Deepak John |The Peninsula
Doha, Qatar: Qatar aims to solidify its status as a global leader in the energy sector and become a pivotal global logistics hub, a premier, family-oriented global tourist destination, a centre for specialised manufacturing, an innovation leader in strategic areas, and a preferred environment for productive businesses and private capital by 2030.
The country's sustainable economic growth model incorporates four key elements which include energy sector, diversification clusters, business environment and innovation, the Third Qatar National Development Strategy 2024–2030 has noted.
Qatar will further strengthen its role as a global energy leader and build a position in new emerging fields of low-carbon energy. It plans to complete the North Field Expansion project (NFE and NFS) and will retain its status as one of the globe's leading and most efficient gas produce and also plans to sustain its production from existing oil fields and utilise currently contingent resources to facilitate monetisation in the medium term.
The report noted that Qatar will also expand its position in low-emission energy products by establishing a blue-ammonia plant and utilising carbon-capture technologies.
Innovation will play a key role in equipping the country's new specialised economic clusters with technology-based competitive advantage while also addressing national challenges that demand innovative solutions, the report further said.
Notable themes include climate and sustainability, agriculture and water management, personalised healthcare, and emerging information technologies.
National Digital Agenda (NDS3) innovation ambitions are structured around three primary objectives summarised below that will Lead to a substantial scale-up in R&D activity especially in the private sector. Qatar aims by 2030 to double R&D expenditure as a percentage of GDP, of which 60 percent to be by the private sector, and rank in the top 30 on the Global Innovation Index.
Qatar will accelerate economic growth to an average of 4 percent per year to 2030, driven by its expanded gas production and economic diversification. As part of the diversification agenda in National Digital Agenda, the country aims to build a top-10 destination for investors and businesses, develop specialised economic clusters, and foster a vibrant business-led innovation ecosystem.
It will also focus on boosting labour productivity, with a 2 percent average yearly target, to drive economic growth, create high-skilled jobs that can support higher wages, and maintain a sustainable rate of population growth that does not add pressure to social fabric and infrastructure requirements.
Through National Digital Agenda (NDS3), Qatar transitions into the next phase of its development, shifting towards a sustainable economic future driven by its citizens, residents, and the private sector, while maintaining our values, identity, and social fabric.
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