DOHA: Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani inaugurated the Ministry of Commerce and Industry Strategy and Qatar National Manufacturing Strategy 2024-2030, under the theme ‘Achieving sustainable economic growth’ at QNCC yesterday.

The two strategies aim to support the Qatar National Vision 2030 by fostering sustainable economic growth, diversifying priority economic sectors, and increasing the private sector’s contribution to GDP. They also focus on enhancing the manufacturing sector and strengthening Qatar’s regional and global economic competitiveness. The event was attended by a number of Their Excellencies the Ministers, senior officials, and representatives from the government and private sectors.

Delivering the opening speech during the event, Minister of Commerce and Industry (MoCI) H E Sheikh Faisal bin Thani bin Faisal Al Thani highlighted the Ministry’s strategies which focus on enhancing and developing the commercial, investment and industrial sectors.

Minister of Commerce and Industry said, “The launch of MoCI’s new strategy marks a significant step toward realising the objectives of Qatar’s Third National Development Strategy. This initiative aligns with Qatar National Vision 2030, focusing on achieving sustainable economic growth.”

Prime Minister and Minister of Foreign Affairs H E Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Minister of Commerce and Industry H E Sheikh Faisal bin Thani bin Faisal Al Thani with Their Excellencies the Ministers, dignitaries and senior officials during the launch of the Ministry’s Strategy 2024-2030, yesterday.

The new strategy focuses on diversifying priority economic sectors and ensuring an annual compound growth rate of 3.4% in the GDP of non-hydrocarbon sectors 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 added.

The Minister 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 strategy is built on four main pillars which consist of institutional excellence; improving the business and investment environment; developing local industries and trade exchange; and consumer protection and competition promotion. It also supports SMEs, strengthens intellectual property protection, and contributes to national self-sufficiency. The Ministry has outlined ambitious development plans comprising over 216 projects and initiatives, backed by key performance indicators (KPIs), to ensure successful implementation and continuous evaluation.

Regarding the Qatar National Manufacturing Strategy 2024–2030, Minister of Commerce and Industry said, the Qatar National Manufacturing Strategy 2024 – 2030 focuses on enhancing the capabilities of the manufacturing sector by increasing its contribution to GDP and accelerating growth, making it a driver of development and innovation.

The strategy aims to boost the value-added contribution of the manufacturing industries to reach QR70.5bn and seeks to boost non-hydrocarbon exports to QR49bn and attract annual industrial investments of QR2.75bn by 2030, he added.

It encompasses 15 initiatives and 60 projects aiming to diversify the manufacturing industries by approximately 50% and increase the private sector’s value-added contribution to around QR36bn. It also aims at increasing the classification of Qatar among the top competitive industries in the world.

The 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. Significant progress has been made, expressing confidence in overcoming any challenges that may arise to achieve Qatar’s ambitious goals.

It priortises a transition toward smart and green industries and aims to foster research and development to boost more productivity, align education outcomes with the labour market needs and increase the participation of Qatar’s workforce in this vital sector

“Despite big achievements, we still have a long way to go to achieve our ambitious goals. We are confident in our ability and look forward to continuing this journey towards the 2030 strategy with collaboration by the Ministry’s partners to build a bright future for our national economy, in line with the Third National Development Strategy and Qatar National Vision 2030,” Minister of Commerce and Industry said.