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659965
Thu, 05/18/2023 - 20:41
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https://www.oananews.org//node/659965
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Qatar Achieves Boom in Foreign Direct Investment in 2022
Doha, May 18 (QNA) - The Investment Promotion Agency Qatar (IPA Qatar) revealed that the State of Qatar achieved a surge in foreign direct investment (FDI), as it attracted USD 29.78 billion in 2022.
The IPA annual report for 2022 said that backed by the country's strong and stable economic growth and attractive investment prospects, 135 new FDI projects were recorded, creating 13,972 new jobs in 2022. This represents almost 25 times the value of FDI projects from the year before and a doubling of jobs created compared to 2021.
The new jobs spanned across diverse sectors, including the oil and gas, software and IT, as well as business services and automotive OEM sectors. The report further reveals that over 800 new foreign commercial establishments were initiated across the business licensing platforms.
HE Minister of Commerce and Industry and Chairperson of IPA Qatar Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al-Thani said: "last year saw us forge ahead on multiple fronts and across sectors and geographies. It has demonstrated the resilience of the country’s economy, established through a long-term strategy and decades of prudent investments. This year also offered invaluable opportunities for us to spotlight Qatar's unceasing potential as an investment destination of choice and to further our engagement with partners and stakeholders worldwide."
For his part, HE CEO of IPA Qatar Sheikh Ali Alwaleed Al-Thani said: "2022 was a solid steppingstone for IPA Qatar, marked by substantial growth and deepened engagement with the international investment community, that saw us partner with numerous organizations in line with Qatar’s economic diversification efforts. We continue to improve and develop our services to make the Invest Qatar brand an embodiment of excellence and a long-term partner for investors. Building on last year's successes, I am confident that we will support prospective investors into Qatar through a growing number of opportunities in 2023 and beyond."
The annual report of the Investment Promotion Agency Qatar (IPA Qatar) for 2022 sheds light on the significant growth achieved by foreign direct investments in the State of Qatar, as well as the new projects and jobs provided by those investments in the local labor market, which places the country at the forefront of countries that attract foreign direct investment at the regional and global levels.
IPA Qatar has adopted a multi-channel marketing approach, taking advantage of the great global interest that has been given to the State of Qatar as a result of hosting the first FIFA World Cup in the region - FIFA World Cup Qatar 2022. It aimed to enhance the attractions of the country as a global business center characterized by rapid growth, which resulted in increased interaction across global markets through 85 events and meetings with investors, trade delegations and representatives of other stakeholders, through which IPA sought to enhance investment opportunities in the country.
The agency has established major partnerships and expanded other partnerships with organizations from the region and around the globe, including the Iberdrola Company, Microsoft Corporation, Invest India Agency, Business France Agency, and others. In addition to that, IPA Qatar has issued the first investment guide in multiple languages, including three guides on establishing a business, employment and life in Qatar, in addition to 12 in-depth studies in various sectors, besides issuing reports and specialized studies on supportive policies in order to enhance the investment environment in Qatar.
Within its efforts to encourage investment in the country, IPA Qatar also launched Qatar's Investment Portal, which is a digital platform that introduces foreign investors to business opportunities and facilitates business expansion in the State of Qatar.
Qatar was ranked first in the list of the best foreign direct investment destinations in the world for the year 2023 issued by the FDI Intelligence, due to the remarkable expectations regarding the economy and investment in the State of Qatar during this year.
The country's GDP has grown rapidly, jumping from USD 125.12 billion in 2010 to USD 237.79 billion in 2022. This growth is expected to continue through 2023, driven by strong non-hydrocarbon sectors such as construction, trade and transportation.
The International Monetary Fund (IMF) expects the general budget indicators in Qatar to remain strong in the coming years. According to 'Investment Monitor's FDI Report 2023: A Focus on the Middle East & Africa,' the State of Qatar continues to strengthen its position as an attractive destination for foreign investment, with a remarkable six-fold increase in foreign direct investment, now ranking fifth on the list of the largest markets that attracted foreign direct investment in the Middle East and Africa.
Despite the instability in the global economy in 2023, some regions have become conductive to witnessing positive growth in foreign direct investment. According to FDI Intelligence, the Middle East and North Africa region, and India, are expected to continue their significant economic and investment activity throughout the current year, while countries with resilient growth catalyst, such as strong digital structures and openness of their markets, are also expected to see the greatest returns on FDI.
With this growth in foreign direct investment projects - at a rate of 70 percent and a growth of more than 200 percent in capital expenditure for foreign direct investment between 2019 and 2022, the outlook for the economy and investment in Qatar continues to indicate that it is an attractive destination for foreign investors.
It is noteworthy that IPA Qatar oversees investment promotion activities under Invest Qatar brand, and acts as a national umbrella for attracting foreign direct investment. Through its close coordination with the Qatari licensing platforms, the agency helps companies enhance their ambitions and achieve kong-term success by providing support, advice and expertise.
IPA Qatar aims to highlight the State of Qatar as an exceptional investment destination, to introduce international investors to lucrative business opportunities, as well as to advance the country's economic development and achieve the goals of economic diversification. (QNA)
