Doha, October 02 (QNA) - A number of economic experts highlighted the key investment opportunities and incentives offered by the State of Qatar to attract investors and create a conducive environment for them.
They noted the state's efforts to keep pace with developments in artificial intelligence across various sectors, enhance innovation, and provide the necessary factors to encourage new business ventures.
This was discussed during a session titled Investment Opportunities and Incentives in the State of Qatar, held on the sidelines of the second Business Forum of the Asia Cooperation Dialogue (ACD).
Director of Strategic and Commercial Development at the Qatar Free Zones Authority (QFZ), Hamad bin Abdulaziz Al Mohannadi mentioned during the session that the QFZ has launched two initiatives in the field of artificial intelligence (AI). One of them involves a memorandum of understanding with the German ZE-KI Center for Applied Research, aimed at establishing an advanced center for applied AI research in Qatar’s free zones, with a focus on integrating this technology in mobility, healthcare, and cybersecurity sectors.
Al Mohannadi explained that this center will help address problems and provide solutions in various government sectors, in addition to applying AI technology to the mentioned sectors.
The second initiative, he noted, came through an agreement with Quantify, a company providing engineering solutions in AI. This initiative, in collaboration with Qatar Airways and other national companies, aims to implement AI solutions.
Head of Asian Markets at the Investment Promotion Agency, Mohammed Ibrahim Al Mulla, emphasized that part of Qatar’s Third National Development Strategy reflects the importance of enhancing foreign direct investments to accelerate growth in several sectors.
He pointed out that one of the key incentives is the availability of clean energy and the Google Cloud service in Doha, which is the first city in the region to offer this service, signaling Qatar’s development trajectory.
Al Mulla also mentioned that the Qatar Investment Promotion Agency has provided numerous incentives in AI, making it easier for foreign investors to expand their investments in Qatar, while also promoting and advocating for partners. He highlighted that Qatar supports innovation and research, with many institutions dedicated to this, including Qatar Science and Technology Park.
Vice President of Professional Services for Asia at Qatar Financial Centre (QFC), Abby Chan stated that in the Third National Development Strategy, several sectors have been updated, including innovation, information, and education. QFC is continuously enhancing solutions to attract more businesses, and one example is the improvement of wealth management solutions.
Chan added that QFC continues to offer new capabilities to encourage the digital ecosystem, and earlier this year, the digital lab was launched. She noted that Qatar has five platforms for issuing licenses, each offering unique benefits and features.
Chairman of the State Property Investment and Management Committee in Tajikistan, Sultan Rahimzadeh spoke about his country’s untapped resources in light of current challenges.
He called for private sector investments in energy, and highlighted that there is significant investment potential in agriculture, with fertile land, water resources, and a favorable climate for growing high-quality vegetables and fruits.
He also noted the importance of tourism in Tajikistan, given the country's mountainous terrain and historical tourism opportunities. Dr. Ashraf Jalal Eid, a faculty member at the College of Business and Economics at Qatar University, said that numerous studies have been conducted on the Qatari economy, most of which focus on diversifying income sources and identifying factors that encourage new businesses in Qatar.
He noted that the GCC countries, particularly Qatar, have stable inflation rates, with Qatar’s inflation rate being around 2%, the lowest in the region, along with a labor force participation rate of 88% and an unemployment rate of 0.2%, all of which are encouraging indicators for investment. In a second session titled 'Challenges in Digital Transformation,' experts discussed the main challenges faced in digital transformation and how solutions can be provided to overcome these obstacles.
They highlighted key initiatives aimed at enhancing digital transformation and keeping up with developments. The experts stressed the importance of creating opportunities that promote inclusive growth in the digital economy, given the significant need to exploit opportunities and develop fields. Studies have shown that the economy will be affected by digitization and digital transformation, which underscores the need for the necessary infrastructure for AI and addressing the digital gap.
They emphasized the importance of building capacities, helping young people in the digital field, and enhancing effective partnerships, which will positively impact the ground and contribute to the development of skills and entrepreneurship.
Participants in the second session included: Director of the Innovation Center at Hamad Bin Khalifa University, Abeer Al Hammadi; Director of the Innovation Center at Qatar Science and Technology Park, Hayfa Abdulrahman Al Abdulla; Head of Digital Economy Development at the Ministry of Communications and Information Technology, Noor Talib Al Malki; and Head of Digital Economy Foresight at the Digital Cooperation Organization, Alaa Eid Abdel-Aal. (QNA)