New MoCI strategy targets 3.4% growth in non-hydrocarbon GDP and $100bn FDI by 2030

Posted by author January 9, 2025 World

New MoCI strategy targets 3.4%
growth in non-hydrocarbon
GDP and 0bn FDI by 2030

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Two key strategies launched on Thursday aim to enhance Qatar National Vision 2030 by promoting sustainable economic growth, diversifying important economic sectors, and increasing the private sector’s contribution to GDP.

HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani officially inaugurated the Ministry of Commerce and Industry Strategy and the Qatar National Manufacturing Strategy 2024–2030, which carry the theme ‘Achieving Sustainable Economic Growth’.

Speaking at the event, HE the Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal al-Thani emphasised that the Ministry of Commerce and Industry Strategy aims to diversify economic sectors and achieve a compound annual growth rate (CAGR) of 3.4% for non-hydrocarbon GDP, with a target of attracting $100bn in foreign direct investments by 2030.

These goals support the strategy’s objectives of fostering innovation and entrepreneurship while improving the business environment to attract more international investments, he pointed out.

He noted that the strategy underscores the importance of supporting the role of small and medium-sized enterprises (SMEs) as key drivers of economic diversification. It also prioritises strategic partnerships and collaboration to expand Qatar’s global trade relations, accelerate digital transformation and smart technologies in industries, and ensure the integration of sustainable development practices across various sectors.

The new strategy comprises four main pillars: institutional excellence, improving the business and investment environment, developing local industries and trade exchange, and consumer protection and competition promotion.

It also focuses on enhancing direct economic contributions, improving the competitiveness and productivity of priority sectors, empowering public-private partnerships, supporting SMEs, strengthening intellectual property protection, and contributing to national self-sufficiency.

Sheikh Faisal noted that the ministry has outlined ambitious development plans comprising 216 projects and initiatives, backed by key performance indicators (KPIs), to ensure successful implementation and continuous evaluation.

Similarly, the minister explained that the Qatar National Manufacturing Strategy 2024–2030 aims to strengthen the manufacturing sector’s capabilities, increase its gross output as a driver of development and innovation, and raise the sector’s value-added contribution to QR70.5bn. Additionally, it seeks to boost non-hydrocarbon exports to QR49bn and attract annual industrial investments of QR2.75bn by 2030.

The strategy encompasses 15 initiatives and 60 projects, focusing on diversifying industries by 50%, increasing the private sector’s value-added contribution to QR36bn, and positioning Qatar among the top 40 countries in the Industrial Competitiveness Index. It also prioritises a transition toward smart and green industries and aims to foster research and development to boost productivity, align education outcomes with labour market needs, and increase the participation of Qatar’s workforce in this vital sector.

Sheikh Faisal stressed that the ministry’s new strategy builds on the achievements of its previous 2018–2022 strategy, which laid the groundwork for economic growth, local industry development, self-sufficiency, and non-hydrocarbon sector expansion. He noted that “significant progress had been made” and expressed confidence in overcoming any challenges that may arise to achieve Qatar’s ambitious goals.

The minister reiterated that both strategies focus on enhancing the manufacturing sector and strengthening Qatar’s regional and global economic competitiveness. He also emphasised that the ministry’s strategy aligns with the Third National Development Strategy, which seeks to achieve sustainable economic growth within the framework of Qatar National Vision 2030.