Qatar Chamber Chairman calls for facilitating private sector investment in petrochemicals

29-11-2023

Qatar Chamber Chairman, HE Sheikh Khalifa bin Jassim Al Thani, called on competent bodies in the state to hold a seminar presenting investment opportunities in the petrochemical sector, including projects that have undergone visible studies. The aim is to streamline the engagement and investment of the private sector in these opportunities.

This came during a panel titled ‘The Future of Qatar Industry,’ held on the sidelines of the Made in Qatar exhibition that kicked off on Wednesday. Moderated by Dr. Salem Al Halbadi, Professor in the College of Business and Economics at Qatar University, the panel included the participation of many concerned bodies and institutions in the state.

Yosef Ahmed Al Emadi, Industrial Development Director at the Ministry of Commerce and Industry, focused on the Third Industrial Strategy 2023-2030 in his remarks. He noted that the manufacturing industries sector grew by 3.7 percent, and its contribution to the GDP reached 8 percent.

Al Emadi indicated that the strategy took into account the achievements of the previous strategies, objectives, and performance indicators. It targets various industries, including mining, medicine, food industries, plastic, and petrochemical.

Regarding the strategy’s objectives, he stated that it aims to maximize the added value of manufacturing industries and increase the contribution of hydrocarbon industries in the GDP from QR 37 billion in 2021 to QR 64 billion in 2030.

In his remarks, Abdulrahman Al Ansari, QC board member and Chairman of the Industry Committee, stated that the committee has been reformed to encompass all industries in the state. He emphasized that the Chamber actively participates in industrial strategies and works to evaluate them.

Al Ansari underscored the importance of the private sector’s involvement in the petrochemical industries, particularly given the high quality and efficiency demonstrated by Qatari products.

In turn, Hamad Abdulaziz Al Mohannadi, Business Development Manager at the Qatar Free Zone Authority, reviewed the importance of investment in free zones and the opportunities they provide for the private sector.

Mubarak Al-Hetmi, Head of Business Localization at Qatar Development Bank, emphasized that developing the private sector requires understanding the challenges it faces to find solutions for companies.

Al-Hetmi noted that the bank offers solutions for digitalization and technology to companies looking to develop their businesses. Additionally, the bank provides green finance solutions to reduce the costs of energy used in production.

Eng. Meshal Mohamed Al Shaikh, Director of Quality Management at the Qatar General Organization for Standards and Metrology, outlined the organization’s support for the national industry through three key areas: standards, laboratories, and conformity to standards.

Al-Sheikh noted that the organization has provided 21 thousand standard specifications, of which 3000 have been adopted, along with 1600 national regulations that serve as mandatory requirements for manufacturers.

He emphasized that adherence to Qatari standards equates to adherence to international standards.

Al-Sheikh highlighted that there are 36 accredited laboratories in various fields capable of directly serving national factories. In the past year, 372 conformity certificates were issued, 25 products received the quality mark, and five factories were awarded the national quality mark. He encouraged manufacturers to obtain the national quality mark, which is optional and labeled on the product but indicates its conformity with Qatari specifications.

Furthermore, Al-Sheikh pointed out that an ongoing study to visit national factories, assessing their infrastructure, difficulties, and requirements. This study is expected to be completed during the exhibition days, as most factories are participating in it.

Back to top button