21 June 2022

/Qatar Economic Forum/ Minister of Commerce: Qatar Adopts "Free Trade", Enhances Trade Openness

Local
  • Qatar
  • Qatar

Doha, June 21 (QNA) - HE Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al-Thani stressed that Qatar has adopted the free trade policy and made many reforms to enhance the concept of trade openness.
His Excellency said, during a panel discussion entitled Rethinking Globalization - within the activities of Qatar Economic Forum, Powered by Bloomberg - that during the COVID-19 pandemic Qatar worked with the international community to ensure the continuation of the huge supply of medical services and products, and to provide food flexibility during the pandemic, especially as it is one of the best countries in the world in this field, calling on the countries of the region to cooperate and adopt strong flexibility and strengthen joint work with international organizations to ensure their future.
His Excellency said that international trade currently constitutes about 55 percent of the gross domestic product GDP of world countries, while it constituted about 5 percent 70 years ago. In this context, he said that Qatar depends a lot on global trade, as around 90 percent of Qatar's GDP comes from international trade, so the State is definitely ready to make fundamental reforms and attract more trade, noting that the world is witnessing a reshaping of the economy, especially in investment.
He added that the investments across the world reached USD 1.8 trillion in 2021, a 60 percent increase from 2020. He pointed out that Qatar attracted USD 1.8 billion of investments while it has managed, since the beginning of the year, to attract more than USD 3 billion in the financial market alone.
He considered that the ongoing conflicts changed Qatar's perspective of the world and the destination of its foreign investments, saying that investment in the energy field and other fields in the Middle East are likely to increase.
For his part, the Chairman and CEO of Dogus Group Ferit Sahenk said that the global economy will face a rescission and there may be an economic decline. He stressed the importance of inclusiveness and the presence of cooperation and a collective action plan to solve the economic problems and challenges facing the world and the necessity of flexibility in the global system, the International Monetary Fund, and the United Nations.
He explained that global problems cannot be faced with local or regional solutions, but rather work should be collective to reach solutions that bring holistic and general results for societies. In the same context, he said that they established a partnership with Qatar Investment Authority where Turkey owns 70 percent and Qatar Investment Authority owns 20 percent.
For his part, Global Chairman of PwC Bob Moritz said that today the world is going through a supply chain reconfiguration, in comparison to what things used to be five years ago in terms of how to reduce dependence on the concentration of different risks and the multiplicity of options available. He added that the supply chain is not just about products, but about services, human capital, and reshaping those concepts. He pointed out that there is a link between energy security and food security as this link created a challenge for the world countries to face. (QNA)

Keywords

Economy, Qatar
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