Investment Laws Empowered Private Sector

  HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani stressed that the State of Qatar has issued a number of laws and legislations that promoted the contribution of the private sector to economy and provided an investment-attractive environment for the different economic and commercial projects.

Speaking during the opening of the Qatari-Sri Lankan Business Forum, HE the minister said the laws and legislative frameworks that were established to regulate the business environment in the country have allowed foreign investors the opportunity to execute investment projects in different sectors with 100 percent ownership, indicating that the economic policies adopted by the state to enhance the partnership between the public and private sectors have been an important catalyst for diversifying the economy and developing the contribution of non-oil sectors, which stood nearly at 70 percent of GDP in 2016.

In this regard, HE the minister noted that the state has established an important set of investment incentives such as exempting foreign capital from income tax for ten years from the date of the project’s commercial operation; not imposing taxes on importing large machinery, spare parts and raw materials; and allowing the transfer of profits abroad and transfer of company ownership for free.

He added that these economic policies acted as a safety valve for the national economy in the face of different foreign challenges, especially under the siege imposed by neighboring countries on Qatar, stressing that the state, through the siege, was able to enhance its independence and economic strength by relying on its self-capacities. The minister said that the State of Qatar managed through Hamad Port to develop direct commercial lines with a number of strategic ports and benefited from cargo services provided by the national carrier to more than 150 destinations around the world, thus enhancing its openness to several global markets.

HE Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said that the State of Qatar’s advanced infrastructure has helped in establishing it as an economic starting point to many countries around the world, thus enhancing its attractiveness to lure foreign investments.

HE the minister of economy and commerce added that the country has developed economic, logistic and industrial zones that serve the needs of investors and provided a highway network to link the main regions of the country. Additionally, he noted that the state has launched the single window system for investor services, developed e-services to establish companies, and provided significant investment incentives through Qatar Financial Center and Qatar Science and Technology Park.

HE the minister of economy and commerce said the construction of Sports Business Park is underway, which is a project that will contribute to encouraging private sector investments in this field. He added that due to these efforts, the Qatari economy was able to rank highly in different global reports, which continues to value the trust in the economy on a global level, where it remains a safe haven for foreign investments thanks to the advantages of the physical, legislative and regulatory infrastructure that reflects realistic factors as a starting point to building strong economic relations with partners around the world.

With regards to the joint cooperation between Qatar and Sri Lanka, HE the minister said these friendly relations that began in the mid 70’s reflect both countries’ keenness to consolidate the economic, trade and investment cooperation.

HE the minister of economy and commerce added that the trade volume between both sides amounted to nearly QR 223 million in 2016, pointing out that the Republic of Sri Lanka is an important strategic partner as about 210 Sri Lankan companies were established in partnership with Qatari parties with a capital of about QR 45.5 million.

HE Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said the agreements and memoranda of understanding (MoUs) signed between both countries and covers many vital fields have played an important role in strengthening the economic relations between both sides, calling on the need to exert more efforts to activate all agreements and MoUs and to expand bilateral cooperation at all levels.

HE the minister expressed hope for the Qatari-Sri Lankan Business Forum to bridge the communication between the private sectors of both sides, which, in turn, increases the investments of Sri Lankan companies in the State of Qatar and enables them to benefit from the promising investment opportunities the Qatari economy offers. In addition, it will encourage more Qatari companies to enter the Sri Lankan market and invest in fields of high strategic priority to the State, especially in the agricultural and financial sectors, HE the minister added.

HE the minister of economy and commerce referred to the second session of the Qatari-Sri Lankan joint committee for economic and technical cooperation, which will soon be held in Colombo, hoping the session results in adding more investment partnerships in the private sector of both sides and for both parties to work on innovating new investment fields that benefit the two friendly countries

Source: Fana News