(MENAFN- The Peninsula) By Mohammad Shoeb / The Peninsula
As Qatar accelerates the pace of its economic diversification, more foreign companies and investors are exploring opportunities in the country. Many of them are looking for opportunities in the food, manufacturing and downstream industries.
Economic reforms, business-friendly environment, and attractive taxation policy have made Qatar one of the most favourites destinations for investors, said a top official of Qatar Chamber (QC).
Ali bin Abdulateef Al Misnad (pictured), Honorary Treasurer at QC, said: ' The opening of the mammoth world-class Hamad Port, rapidly expanding Qatar Airways, massive public investments in infrastructure development, industrial parks, warehousing complexes and scores of other mega projects have put Qatar on the spotlight of global investors.
It is not only the hydrocarbons industries that are attracting investments. A lot of investors are exploring opportunities in the booming downstream industries, such as chemicals, petrochemicals, aluminium and other manufacturing sector. And a lot of them have already registered in Qatar, he said.
In August alone, some 1,766 new companies were registered in the country. Out of that 1,409 were main commercial records and 357 branch commercial records, according to official data released recently.
Al Misnad, who is also the chairman of Al Baida Group, one of Qatar's leading conglomerate with diversified business interests which include Technical Services, Cargo & Customs Clearance, Real Estate, Logistics, Freight forwarding, and Engineering & Consultancy, noted that ongoing 'unfair embargo against Qatar, which has entered its 5th months, has embolden the spirit of Qatari businessmen.
'The unfair embargo has significantly changed the way we conducted business in the past. The country, including the private sector, have explored new sources of import destinations, which are supplying goods in a cost efficient and consistent manner complying all specifications and standards, said Al Misnad.
He noted that Qatar, as part of the GCC council, complemented each other in terms of trade, commerce, and cooperation in other fields. Qatar traditionally imported a lot of goods from its sisterly countries, instead of producing everything of its own, and focused on producing goods that the country enjoyed comparative cost advantage and specialisation.
'Qatar was forced (by the blockading countries) to look for alternatives not only within the GCC but beyond. The unjust blockade has changed the way Qatar conducted its economic activities. Now the Qatari private sector, along with government and people, are determined to look for different opportunities, said Al Misnad.
Qatar is not only empowering local businesses and producers to achieve self-sufficiency, especially in terms of food and other essentials, but also facilitating to establish long-term partnerships with companies in Oman, Kuwait, Turkey, Pakistan, India, and with host of other countries.
'The government of the Sultanate of Oman has created separate authority dedicated to serve companies establishing partnerships with Qatari businesses, to cut short the lengthy procedures. We highly appreciate the cooperation extended by all concerned entities in the Sultanate, he added.
'We at Qatar Chamber are working in close cooperation with all government and private entities to achieve self-sufficiency and economic independence in all aspects. For this we are organising events, meetings, including exhibitions, B2B meetings for match making to engage directly. The idea is to establish new line of shipments, freight forwarding and other enabling services to ensure consistent supply.
Qatar, the largest exporter of LNG in the world, is imports goods, including fruits, vegetables, meat, poultry and dairy products, and other food & beverages, from far off countries across all continents.
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