Ministry private sector hail Qatar''s top ranking in WEF index

10/5/2015 8:33:04 AM

(MENAFN- The Peninsula)Sheikh Faisal bin Qassim Al Thani chairman QBA (third right) with other QBA members and officials after the press meet yesterday. Baher Amin

DOHA: The Ministry of Economy and Commerce has hailed Qatar’s emergence as a topper in the Mena region in latest global competitiveness index of World Economic Forum (WEF).

The Ministry yesterday attributed the credit to the effective implementation of Qatar National Vision 2030. The ministry said it has taken several steps and launched several initiatives in order to boost the country’s economic and trade development in the state . They include the amendment of the companies act and the law of the shops and the law on the commercial register. The modernisation of commercial law is helping the country to achieve a sustainable development.

Qatar’s top ranking in the global competitiveness index is part of the efforts taken by the country to ease ‘doing business’ in the country. This has helped attracting foreign capital to Qatar and the entry of several international companies.

The ministry has launched several initiatives and projects in order to achieve economic diversification and encouraging private sector businesses. The opening of special economic zones and logistic zones are among other key initiative that enhanced Qatar’s competitiveness in the business sector. Another commendable effort from the government was the initiative to encourage the national investments in food security sector.

“The Ministry of Economy and Commerce announced today that it has developed a plan within the framework of Qatar National Vision 2030 in order to ensure that the State of Qatar becomes among the top countries in terms of global competitiveness in the future that in coordination with the concerned authorities in the State” QNA reported.

A statement issued by the Ministry of Economy and Commerce said the

Ministry coordinates with the World Economic Forum so that its report reflects the real economic situation of the State of Qatar.

The statement also said that the Ministry has taken several steps and launched several initiatives in order to boost economic and trade development in the state citing the amendment of the Companies Act the commercial register law and other related laws as part of the Ministry’s plan to modernise its legislation and facilitate the establishment of commercial companies of all types in order to encourage the private sector to play its role in achieving sustainable development.

The Qatari Businessmen Association (QBA)also hailed Qatar’s stellar achievement. Addressing a press meet the QBA officials yesterday explained the details how Qatar grabbed a top notch position in the global competitiveness index.

The Peninsula

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