(MENAFN- The Peninsula)
Deepak John
|
The Peninsula
Doha, Qatar: The industrial sector of Qatar is moving forward driven by the efforts of the government to diversify the Economy and boost small and medium enterprises (SMEs).
Qatar's industrial sector has been witnessing growth in the current year with the establishment of more than 1,400 industrial firms and the total value of production for registered and licensed firms in the country reaching QR2.634 trillion compared to QR2.557 trillion in 2023 showing a rise of 3 percent.
The industrial portal of the Ministry of Commerce and Industry (MoCI) has revealed that the industrial registration stood at 990 and the industrial licenses issued for firms at 471 showing a sum of 1,461. The total investments in the companies reached QR235.072bn in the current year whereas the investments stood at QR232.072bn in 2023.
The portal shows the top five sectors by number of firms which include manufacturing of fabricated metal products, except machinery and equipment (219); other non-metallic mineral products (216); rubber and plastics products (201); food products (177); and chemicals and chemical products (124).
While the top five sectors by investment in this year include manufacturing of coke and refined petroleum products (QR77.525bn); chemicals and chemical products (QR85.497bn); basic metals (QR31.518bn); other transport equipment, other non-metallic mineral products (QR8.323bn); and fabricated metal products, except machinery and equipment (QR8.286bn).
The industrial capacity and production consists of live animals, meat and edible meat offal, fish and crustaceans, molluscs and other aquatic invertebrates, dairy produce, birds' eggs, natural honey, edible products of animal origin, edible vegetables and certain roots and tubers, edible fruit and nuts, peel of citrus fruits or melons.
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 sector to the gross domestic product.
The MoCI's Industrial Services platform is a smart interface designed to support investors in the industrial sector. The platform allows completing transactions pertaining to an industrial project in establishment, construction and operation stages.
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.
In a recent post, the MoCI said, “Now, you can file a complaint about harmful trade and industrial practices electronically through the official website of the Ministry. This initiative aims to protect Qatari industries from dumping, import surges, and/or specific subsidies.”
The Industrial Strategy and Vision 2024-2030 includes 60 major projects within the framework of results-based strategic planning with key performance indicators to ensure specific and measurable objectives are achieved.
The strategy has 15 initiatives which are a specific set of interconnected projects aimed at achieving measurable goals.
It includes nine programmes that consist of industrial clusters, the fourth industrial revolution, international trade, workforce development, research, development and innovation, development of government operations, investment and financing, environmental sustainability, and localisation programmes.
The MoCI is leading the implementation process with support from other government entities, based on their competencies.
The strategy is being executed in three phases, starting with the quick wins phase (until end of 2024), followed by the major impact projects phase (from 2025-2028), and concludes with the complementary phase (from 2029-2030) to enhance achievements and address challenges.
Qatar's Third National Development Strategy (NDS-3) outlines a targeted approach to industrial development between 2024 and 2030. It underscores the value of specialised, high-productivity clusters where Qatar either excels or could develop considerable advantages.
In order to capitalise on the current environment, the government continues to refine regulatory frameworks to attract foreign and domestic investment for its industrial diversification agenda.
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