Qatari Factories Adopting Circular Economy To Reach 35% By 2030

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha, Qatar: Minister of Commerce and industry (MoCI) Strategy and Qatar National manufacturing Strategy 2024-2030 are set to achieve sustainable economic growth and enhance the business environment in Qatar by promoting sustainable manufacturing and circular Economy principles; developing and supporting national industries.

Qatar National Manufacturing Strategy 2024-2030 which was launched recently will improve Qatar's position on the Competitive Industrial Performance index (CIP) to be among the top 40 countries globally. It will also increase the percentage of highly skilled labour to 26.5 percent of the population and raise the percentage of Qatari factories adopting circular economy practices to 35 percent by 2030.

It priortises a transition toward smart and green industries and aims to foster research and development to boost more productivity, align education outcomes with the labour market needs and increase the participation of Qatar's workforce in this vital sector.

Some of the projects include conducting a study to design recycling value chains and raise awareness of the circular economy principle; creating opportunities for investment in recycling by analysing available waste-related data; and launching incentive programmes to increase adoption of circular economy principles.

In Qatar, the building blocks of a circular economy are already in place. The country's efforts to transition to a more sustainable model stem from its national vision and include climate change strategy, green cities, and national targets for resource efficiency and waste management.

The Ministry's strategy aims to accelerate the national economy and enhance the business environment in Qatar, achieving 100 percent digitalisation of all services and increasing the number of patents with an annual growth rate of 20 percent until 2030.

It will enhance consumer rights protection by increasing inspection campaigns by 5 percent annually and support the business and investment environment through the Single Window services by linking external entities, reducing time and costs, streamlining company establishment processes, streamlining company establishment processes to be completed within one day and issuing business licenses within one to three days.

It will also reduce the number of violations issued by 2-5 percent per year (as a result of regulating the commercial sectors through initiatives and awareness programmes)

The strategy supports small and medium enterprises (SMEs) increasing their share in government procurement to exceed 10 percent. It elevates the private sector's contribution to GDP to QR35.6bn with a CAGR of 6.4 percent by 2030.

• Qatar National Manufacturing Strategy 2024-2030 aims to enhance resilient industrial future
• Ministry of Commerce and Industry's Strategy and Qatar National Manufacturing Strategy 2024-2030 launched

The manufacturing strategy 2024-2030 which includes 15 key initiatives encompassing 60 projects aims to support strategic industries, including aluminium, plastics, advanced food and beverage industries, specialty medical products and oil and gas support industries.

It will increase the added value of the manufacturing sector to QR70.5bn and boost non-hydrocarbon exports to approximately QR49.1bn with an annual growth rate of 2.5 percent. Also, increase the annual investments in the manufacturing sector to QR2.75bn with a CAGR of 3.1 percent by 2030.

The Ministry's strategy focuses on enhancing and developing the commercial, investment and industrial sectors, which will embolden Qatar'¬s global competitiveness, encourage innovation and sustainability, and improve the quality and delivery of services.

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