Qatar’s Minister of Commerce and Industry, Sheikh Faisal bin Thani bin Faisal Al-Thani, has unveiled an ambitious strategy focusing on economic diversification and fostering annual non-oil growth of 3.4%. Speaking at the launch of the Ministry of Commerce and Industry Strategy and the Qatar National Manufacturing Strategy 2024–2030, the Minister announced plans to attract $100 billion in foreign direct investment (FDI) by 2030. The initiative aligns with Qatar’s drive to promote innovation, entrepreneurship, and a robust business ecosystem.
Goals for FDI and Economic Growth
The two strategies aim to support Qatar’s National Vision 2030 by:
- Promoting sustainable economic growth.
- Diversifying key economic sectors.
- Enhancing the private sector’s GDP contribution.
- Strengthening regional and global competitiveness.
The Minister emphasized the critical role of small and medium-sized enterprises (SMEs) as engines of diversification, highlighting efforts to foster strategic partnerships, expand global trade relations, integrate digital technologies, and embed sustainability across industries.
Strategic Focus Areas
The new strategy is structured around four key pillars:
- Institutional Excellence
- Enhancing the Business and Investment Environment
- Developing Local Industries and Trade Exchange
- Consumer Protection and Promoting Competition
It also aims to:
- Increase direct economic contributions from priority sectors.
- Boost public-private partnerships.
- Advance intellectual property protection.
- Achieve greater self-sufficiency for Qatar.
More than 216 projects and initiatives will be implemented, supported by performance indicators to ensure progress and accountability.
Qatar National Manufacturing Strategy 2024–2030
The manufacturing strategy aims to elevate the industrial sector’s GDP contribution, foster innovation, and drive economic growth. Key targets include:
- Raising added value in manufacturing to QR70.5 billion ($19.3 billion).
- Boosting non-hydrocarbon exports to QR49 billion ($13.4 billion).
- Increasing annual industrial investments to QR2.75 billion ($755 million).
- Expanding private sector contributions to QR36 billion ($9.6 billion).
- Diversifying industries by 50% and improving Qatar’s global industrial competitiveness ranking.
The strategy also focuses on transitioning to smart and green industries, enhancing research and development, aligning education with labor market needs, and increasing Qatari workforce participation.
Building on Previous Successes
The Minister acknowledged the successes of earlier strategies, which laid the groundwork for economic growth and strengthened non-oil sectors. Despite challenges, the new strategies aim to overcome obstacles through continued innovation and resilience.
Qatar’s vision for 2030 reflects its commitment to creating a sustainable and competitive economy, driven by diversified industries, enhanced private-sector engagement, and global partnerships.
