HE Prime Minister Opens Global Sovereign Wealth Fund Forum

Doha, November 20 (QNA) - HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani opened the Sixth International Forum of Sovereign Wealth Funds (IFSWF) here Thursday. In his opening speech, the prime minister and interior minister praised Qatar's achievements in various economic fields, especially investment activities which are in the interest of future generations. Qatar has a strong economy, he said, pointing to the 6.3 percent growth in 2014 as a result of economic diversification and expansion in non-oil, financial and services sectors. He explained that Qatar has created a best-of-its-kind business environment through a number of measures including the development of plans to revitalize the capital market, raising the percentage of ownership by non-Qataris to shares of companies listed on Qatar Exchange, directing state-funded institutions not to compete with private sector, the establishment of the Qatar Financial Centre and opening numerous investment opportunities to the national and foreign private sector. He stressed that the wise vision of HH the Father Emir Sheikh Hamad bin Khalifa Al-Thani and HH the Emir Sheikh Tamim bin Hamad Al-Thani was a reason for Qatar's prosperity and the distinguished services provided to citizens and residents. This vision, he added, produced Qatar National Vision 2030, which aims to enable Qatar to achieve sustainable development and ensure the continuation of decent living for its people. He said that despite the challenges, Qatar is keen on securing these services for future generations, stressing the need to adhere to the approved budgets and spending plans, the disposal of extravagance behaviors and maintaining state funds. Qatar realized the need for investment and saving systems to provide the necessary funds and diversify sources of income in the long term, and, Thus, HE the premier added, came the establishment of Qatar Investment Authority (QIA) in 2005 as an independent institution mandated to investing and saving the state reserve. He stressed Qatar's keenness on making QIA's work frame in line with the principles of independence, governance, accountability and transparency. Doing that, Qatar was keen to support QIA in adherence to those principles, he said, adding that it will to continue to develop and modernize the legislative tools which regulate Qatar's reserves and QIA. HE the prime minister welcomed the signing of the Doha Agreement between IFSWF members, under which the forum has independence, legal personality, independent budget and headquarters. Concluding his speech, HE wished the meeting successful deliberations and discussions culminating in outcomes and recommendations that contribute to the welfare of international society and sovereign wealth funds. (QNA)