Bigger role seen for private sector

Qatar's growing expertise in the hydrocarbon industry and successful partnerships with prominent international energy companies will provide growth opportunities for the country's private sector, HE the Deputy Premier Abdullah bin Harnad al-Attiyah has said.

"The hydrocarbon industry has a key role to play in our economy, but our long - term policy is to diversify income sources. We can tap more potential if we diversify our economy and income sources at the earliest," al- Attiyah said in bis opening address at the two-day Qatar Industrial Investment conference and exhibition at the Grand Hyatt yesterday.

"Enhancing the private sector role is very significant in the national development process," He said the country now offered several "carefully studied" investment opportunities which are targeted at local and world markets. 

"We have invited investors from industrialised countries who possess technology, technical know-how and management and marketing expertise to present their proposed projects to investors in Qatar. We have also re- quested them to expedite the process of setting up their projects so that they will contribute to Qatar's industrial development."

He said investors should also take note of Qatar's strategic location which is closer to markets in Europe, Asia and Africa. There are "untapped opportunities" in these markets. 

"Our products now reach 85countries worldwide. Many of these countries are not traditionally within our reach," He reminded the investors that HH the Emir Sheikh Harnad bin Khalifa al-Thani had laid out a clear vision for Qatar. . 

"HH the Emir wants Qatar to be hub of innovation and creativity and a pioneer in development process. The Emir also wants Qatar to be an attractive source for national and international expertise!'

He said the Ministry of Energy and Industry c1early recognised its role in developing industries that helped the country develop further.

"Developing our industries, mainly those relating to oil and gas, will constitute the basic foundation for economic expansion in our country. It is vital to secure the required capital, job opportunities and growth for all sectors in line with the growing economic demands." 

He said the government was open to suggestions from the private sector. In this address, Qatar Chamber of Commerce & Industry chairman Sheikh Khalifa bin Jassim al-Thani said a focus area for QCCI was the development of the small and medium scale enterprises (SMEs) in the country.

"We have set up a found for SMEs", Shekh Khalifa said.

Pratap John, Chief Business Reporter, Gulf Times