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Friday, April 26, 2024 13:48 GMT
The blockade imposed on Qatar worked as a catalyst for the country's progress, which positively motivated the private businesses and accelerated the pace of economic diversification. The economic blockade against Qatar enhanced and reaffirmed the country’s commitment to become a sustainable economy, said the Chairman of Qatari Businessmen Association, Sheikh Faisal bin Qassim Al Thani.Sheikh Faisal, a prominent businessman with business interests in a wide range of sectors such as construction, real estate, transport, hospitality, manufacturing, and supplier of several goods and services, noted that the illegal economic siege had created a challenging situation, but it further motivated the government and private sector in the journey to achieve a sustainable and well-development society, which is expected to be achieved much earlier than the initially planned target.The Saudi Arabia-led siege in early June 2017, which severed Qatar’s all diplomatic and economic ties with Arab quartet, imposed abrupt embargo on all kinds of supplies, including essentials, from the neighboring countries. This led Qatar to find alternative destinations to source food, construction materials and other goods, but at the same time it also ramped up domestic production to become self-sufficient for many goods and services.“Although some figures and economic data may be showing little decrease in growth (compared to pre-blockade period) for some sectors, but this is a temporary phenomenon. In the longer-run, it’s going to be more beneficial. It will help accelerate the pace of economic growth which will be more robust and sustainable. On ground, we can see there is a big increase and expansion in the infrastructure the government has developed, or the needful facilities it has been putting in place, for the private businesses to grow and establish a vibrant private sector,” Sheikh Faisal told The Peninsula on the sidelines of an event on Sunday.He added: “The government has taken a lot of initiatives and measures to support the private sector to overcome the kind of limitations and impact they faced after the siege. I think Qatar has actually moved with a much faster pace to achieve its goals and long term vision after the blockade.''Sheikh Faisal, who is also the Chairman of the Aamal Group of companies, reiterated that the blockade was hard but it also motivated every stakeholder in the society positively and in a big way, which is visible all over the country, whether in the public or private sector.The Chairman of QBA, which signed a memorandum of understanding (MoU) with Qatar Free Zones Authority to boost cooperation and investment, said: “I am confident that the Qatari businessmen, be inside the association (QBA) or outside of it, have great experience and connections with the outside world, which will help attract more foreign investments into Qatar. The world-class infrastructure that Qatar has today is enabling the private sector to further enhance and expand their investments and also attracting foreign investors and businesses to establish partnerships with Qatari businesses.”Sheikh Faisal also noted that the massive budgetary allocation for the mega projects and huge spending in social sectors such as health and education, under the national budget for 2020, coupled with the Qatar Petroleum’s investments within the country, will have percolating effects and stimulate economic growth.