Doha: The 2023 budget of Qatar has created a conducive environment in the country for existing and new businesses to grow making good use of the enormous opportunities in the country according to an entrepreneur in Qatar.
Rusandi Creations Chairman Assaje Nilagedara said the 2023 budget encourages and incentivises all entrepreneurs especially the new ones to leverage on the vast resources and expand their local and global footprint.
“As a company dealing with many sectors we commend the initiatives undertaken by the authorities to steer the country and the economy in the right direction during the current year and the years ahead with sound policies and commitments to accelerate economic development,” Nilagedara said.
The 2023 budget presented by the Finance Minister H E Ali bin Ahmed Al Kuwari aims at achieving an estimated revenue for the current fiscal year of QR228bn which is a 16.3 percent increase compared to the last year’s budget estimates with an expenditure of QR199bn and a budget surplus of QR29bn.
“The company has many plans in the pipeline for 2023 which we have already embarked upon to expand businesses and contribute to the GDP of the state.
We will be happy to see more players in Qatar’s business arena this year which will create a healthy competition,” Nilagedara said adding that the 2023 fiscal plan is a gate way for more foreign direct investments to the country which has been placed high in the global map following the successful completion of a stunning sporting event last year.
The company which is into handmaid recycled paper products with hands on designing and production of varied varieties of handmade recycled paper bags, hand bags, stationery, batiks and T-shirts is committed towards eco-friendliness while making every effort to minimize hazards to nature. According to a recent report by invest Qatar a circular economy is expected to bring enormous financial, social and environmental benefits to Qatar enabling the State to generate an additional $17bn by 2030.
With a circular model, Qatar will generate the additional revenue corresponding to 10 percent of its GDP, create an estimated 9,000-19 000 jobs by 2030. The report notes that along with Qatar, the rest of the world will benefit immensely if the CE model is implemented correctly.
The budget for the current fiscal year has allocated funds of around QR9.8bn on 22 new projects while also curtailing allocations for major projects which is expected to decline by 13.6 percent compared to 2022 estimates at QR63.9bn with the completion of several infrastructure and strategic projects the latest of which is the expansion of Hamad International Airport prior to the start of the FIFA World Cup 2022.
A noteworthy feature of the budget 2023 is the measures taken to streamline expenditure on key sectors. Allocation for health and education sectors has been increased for the current year in line with the state’s continued focus on the two sectors.
