(MENAFN - The Peninsula) The Prime Minister and Interior Minister H E Abdullah bin Nasser bin Khalifa Al Thani has called for an active participation of private sector in Qatar's ongoing economic diversification process.
After taking effective action during the global economic crisis to ensure stability and sustainable development, Qatar is now embarking on a new phase of sustainable development. The focus of this new phase is the diversification of the national economy and expansion of non-oil and gas sectors. We are looking for the active participation of the private sector to encourage positive competition and to support the employment, training and development of young people, he said while opening the two-day "The Euromoney Qatar Conference" here yesterday.
The Prime Minister reiterated Qatar's commitment to continue the development process to transfer the state into a modern state and enabling it to interact positively with the requirements of the times .
The state enters a new stage of the comprehensive development process aiming at building institutions based on the latest effective methods for administering resources. The oil and gas sector has been the main driver of Qatari economy for long. The new phase requires the government to focus more on diversification of the sources of the economy supporting the development and expansion in non-oil sectors.
Sheikh Abdullah noted that the government is working to prepare citizens to participate effectively in the production and development process by providing the educational and health services in the state , which are considered the best way to achieve comprehensive and sustainable development in the country.
The Prime Minister's statement was reinforced by H E Ali Sherif Al Emadi, Minister of Finance, who spoke on the role of the financial sector in supporting stability and ensuring the achievement of the Qatar National Vision 2030.
"Financial stability requires sound fiscal policies and the development of a financial system that can cope with risks and boost the capacity of the national economic system to absorb risks. The next phase of development in Qatar will be driven by large-scale infrastructure projects, which will require the input and support of the private sector, and which will deliver a major contribution to the welfare of the citizens of Qatar," he said.
H E Sheikh Abdullah bin Saoud Al Thani, Governor of the Qatar Central Bank, highlighted the measures taken by the bank to date, and also indicated the strong plans in place to ensure long-term sustainable development.
"Qatar Central Bank has launched initiatives to promote the effectiveness of the finance sector in reducing risk, developing capital markets, and increasing the stability of financial processes. Just recently, we have launched a strategy for the development of capital markets with other ministries, based on the Qatar National Vision 2030," he said.
The Governor noted the combined assets of Qatar's commercial banks grew by 10 percent to QR898.5bn in November 2013, compared to QR817bn at the end of 2012. The deposit to the commercial banks grew 20.8 percent to QR504bn in November 2013, compared to QR417bn in December 2012. The loan book grew 10.6 percent in November 2013 reaching QR527.4bn.