Qatar's Industrial Sector Witnesses Robust Growth

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha: Qatar's industrial sector has witnessed robust growth as the number of registered and licensed firms in the country reached 1,449 in the current year.

The official data by the Ministry of Commerce and industry (MoCI) on its industrial portal reveals the number of registered firms stood at 966; licenses issued for industrial firms totalled 483, total investments in the companies reached QR233.136bn and the value of production amounted to QR2.563 trillion.

The portal shows the top five sectors by number of firms which include manufacture of fabricated metal products, except machinery and equipment (216); manufacture of other non-metallic mineral products (217); manufacture of rubber and plastics products (198); manufacture of food products (169); and manufacture of chemicals and chemical products (124).

While the top five sectors by investment include manufacturing of coke and refined petroleum products; chemicals and chemical products; basic metals; other transport equipment; other non-metallic mineral products; and fabricated metal products, except machinery and equipment.

Qatar is moving forward with steady steps in supporting and empowering small and medium enterprises and localising small and medium industries for their current and future needs in accordance with the best international quality standards to support the national economy.

The industrial strategy of Qatar aims to accelerate the growth rate of small and medium industries, which have a greater ability to increase the contribution of the industrial sector to the gross domestic product.

MoCI's Industrial Services Platform is a smart interface designed to support investors in the industrial sector which allows the provision of electronic services in the various stages of the industrial project with less time and effort, and without the need to visit the ministry's headquarters. It also allows completing a number of other transactions such as issuing, renewing, or writing off, increasing production capacity, modifying production data, requesting changing the location of the industrial project, and requesting approval to shut down the industrial project.

The platform also allows submitting requests for incentives and exemptions, namely requesting a customs exemption for an industrial facility, and requesting power supply at favourable prices.

Meanwhile, in last year the registered operating firms stood at 932; licenses issued for industrial projects totaled 489, total investments in the companies reached QR232.516bn and the value of production amounted to QR2.557tn.

Recently, in a major move to stimulate economic growth, Qatar's Ministry of Municipality significantly reduced rental rates for lands in the industrial zone designated for commercial and industrial activities.

The ministerial decision will boost the business activities and support the national economy.

The decision reduces the rental value of the industrial zone lands affiliated with the ministry compared to the rental value stipulated in the previous ministerial decision.

It aims to support supportive activities on the lands of the industrial zone affiliated with the Ministry of Municipality, whether they are commercial, industrial, logistical activities or for workers' housing purposes. It stipulates reducing the rental value of lands allocated for commercial activities from QR100 to QR10 per square metre annually.

The decision to reduce the rental value of the ministry's industrial zone lands comes within the framework of the strategy recently launched by the ministry, and in implementation of the objectives of the Third National Development Strategy 2024-2030.

The initiative aims to achieve sustainable economic growth, improve market mechanisms, and competitiveness of local product, as part of country's ongoing efforts to achieve the Qatar National Vision 2030.

MENAFN22072024000063011010ID1108465810