Qatar continues to advance its efforts toward sustainable economic growth by implementing forward-looking strategies to diversify its economy, reduce dependency on hydrocarbon resources, and empower the private sector. Key government ministries have already launched their five-year strategies, and others are preparing for imminent rollouts. Speaking at the inauguration of the new strategy yesterday, the Minister of Commerce and Industry, H E Sheikh Faisal bin Thani bin Faisal Al Thani, outlined ambitious goals as part of the Ministry’s newly unveiled strategy. The plan targets a 3.4% annual growth in non-oil sectors and envisions attracting $100 billion in foreign direct investment (FDI) by 2030. These objectives are closely aligned with Qatar’s focus on fostering innovation, entrepreneurship, and an enhanced business ecosystem. The launch ceremony, held at the Qatar National Convention Center unveiled the Ministry of Commerce and Industry Strategy alongside the Qatar National Manufacturing Strategy 2024–2030 under the theme Achieving Sustainable Economic Growth. Both strategies are designed to support the Qatar National Vision 2030 by advancing economic diversification, promoting sustainable development, and boosting the private sector’s contribution to the national GDP. A particular focus is placed on small and medium-sized enterprises (SMEs) as key drivers of economic diversification. The strategy also prioritises strengthening strategic partnerships, expanding global trade relations, accelerating digital transformation, and incorporating sustainable practices across various sectors. A cornerstone of the strategies is the development of manufacturing industries to increase Qatar’s economic competitiveness on regional and global levels. The plans emphasise fostering a knowledge-based economy fueled by innovation, technology, and entrepreneurship—core tenets of Qatar National Vision 2030. Qatar has already made significant investments in critical sectors such as education, healthcare, tourism, financial services, logistics, and manufacturing. These initiatives aim to reduce reliance on oil and gas revenues while creating sustainable economic opportunities. Additionally, substantial infrastructure development has improved connectivity and supported growth in trade, logistics, and tourism. These strategies and initiatives have resulted in steady progress toward a diversified and sustainable economy. With these strategies, Qatar is positioning itself as a global leader in sustainable development and innovation while ensuring a resilient and diversified economy for future generations.
