Qatar continues to focus on economic diversification
19/05/24
Qatar is successfully progressing with its economic diversification plans by targetting four key sectors, namely logistics, Information and Communications Technology (ICT), manufacturing and tourism.
The topic was discussed by leading policymakers at the recent Qatar Economic Forum in a panel discussion entitled ‘Reshaping Middle East Economies’. The session explored how Gulf Cooperation Countries (GCC) can contribute to this acceleration while also improving competitiveness by achieving inclusive and sustainable growth.
In order to achieve its goals, Qatar has laid out ambitious economic plans as part of its Third National Development Strategy (NDS3). Most importantly, NDS3 is a key part of the Qatar Vision 2030, which was originally split into three phases.
As a result, the first phase focused on creating national champions – the Qatar Investment Authority, Qatar National Bank and Ooredoo telecommunications which helped build a brand for the country. In the second phase, the government invested over QAR 300 billion (USD 82.41 billion) in state of the art infrastructure for the country in order to ensure the successful delivery of the FIFA World Cup in 2022.
Qatar is now embarking on the third and final phase and post 2022 has focussed on economic diversification. Its strategy to achieve this is to enable the private sector, most importantly the financial sector, develop human capital and introduce new policies and initiatives to increase the ease of doing business in the country.
Specifically, the States target is to grow non-hydrocarbon revenue by 4% a year until 2030. Currently, the energy sector is performing extremely well and the State has recently announced a huge Liquid Natural Gas (LNG) production expansion programme. The plans will lead to the increase of Qatar’s LNG production by 85% in a phased manner by 2030, with total output reaching 142 million tonnes per annum.
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