(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: Qatar offers significant opportunities for foreign investment as the business environment is attractive for investors. The foreign direct investment (FDI) flows into the country have seen an upward trend.
Speaking to The Peninsula, Scott Livermore, ICAEW Economic Advisor and Chief Economist and Managing Director at Oxford Economics highlighted the strategic initiatives Qatar has taken to diversify its Economy and attract foreign direct investment.
“Qatar has taken a number of steps to keep up with growing competition in the region and spur FDI. In addition to expanded special economic zones, these include the property ownership law, more flexible rules regulating employment and allowing 100 percent foreign ownership of businesses,” he said.
In adherence to Qatar National Vision 2030 to establish a knowledge-based and diversified economy, the government has introduced reforms to its foreign investment and foreign property ownership laws to allow 100 percent foreign ownership of businesses in most sectors and real estate in designated areas.
Qatar's economic policies have provided support for various sectors and bolstered their contribution to economic growth, thus strengthening and enhancing investor confidence in the national economy.
Commenting on the recent decision by Ministry of Commerce and Industry to reduce the fees for services provided by the Ministry to the commerce, industry and business development, and consumer protection sectors that reach up to more than 90 percent for certain fees, Livermore said“As Qatar pursues its diversification strategy, the authorities strive to create a more competitive business climate and lower fees will make it more attractive.”
He added,“Qatar's business environment is among the most competitive globally, demonstrated by the country moving up to the 11th place in the latest IMD competitiveness index.”
The ministerial decision aims to support economic growth in the country, encourage national and foreign enterprises, and create an attractive business environment for investment.
It aims at enhancing the investment environment and developing the trade and industry sectors in Qatar. It also aims to implement the objectives of the Third National Development Strategy (2024-2030), which seeks to achieve sustainable economic growth, economic diversification, and the development and enhancement of the business environment, in pursuit of achieving the Qatar National Vision 2030.
Regarding the local market performance, he said,“Qatar's market performance has markedly underperformed regional trends this year in the context of downward pressure on natural gas prices and higher-for-longer interest rates. Headwinds appear to be gradually abating and we expect the market to edge higher going into 2025.”
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