Shura Council Reviews Foreign Investment Initiatives in Qatar

Looking into the future to represent FDI

The Shura Council held its weekly session on Monday, chaired by Speaker HE Hassan bin Abdullah al-Ghanim, to discuss a request for public discussion on supporting national and foreign investment in Qatar. This request, submitted by several council members, highlights the importance of investment in advancing Qatar’s economy.

HE al-Ghanim emphasised that investment is a fundamental pillar for national economic advancement, reflecting the country’s commitment as outlined in Article 28 of the constitution. This article ensures the freedom of economic activity based on social justice and balanced cooperation between the public and private sectors, aiming to achieve economic and social development while boosting production.

The Qatar National Vision 2030, particularly in its third pillar, aims to develop a diversified and competitive national economy capable of meeting both current and future needs of citizens, ensuring a high standard of living. HE al-Ghanim pointed out several impediments within the investment sector that need addressing to implement the directives of the wise leadership, represented by His Highness the Amir Sheikh Tamim bin Hamad al-Thani. He mentioned the council’s dedication to strengthening economic development and attracting investment, in line with its role as the state’s legislative authority.

Council members highlighted the leadership’s commitment to fostering investment to achieve economic development. This includes enacting laws that encourage investment, establishing supportive institutions for economic diversification, upgrading small and medium-sized enterprises (SMEs), and providing facilities to attract and motivate investors.

Members identified several impediments facing the investment sector, including unclear procedures, complex licencing processes, a lack of unified standards, difficulties with electronic services, overlapping requirements for licencing, challenges related to investment sites and attracting professional manpower, issues with labour market legislation, and rising government fees.

The council emphasised the need to optimise labour market and investment-related laws to ensure a stable and rewarding environment, support startups, and streamline administrative and financial procedures.

Following the discussions, the council decided to refer the public discussion request to the Financial and Economic Affairs Committee for further review and to submit a comprehensive report.

Additionally, the council approved an extension for the Financial and Economic Affairs Committee to continue its work on the draft law regarding job localization in the private sector.

The session also covered the council’s participation in the 14th plenary session of the Asian Parliamentary Association (APA) in Azerbaijan and the Fourth Counter-Terrorism Coordination Meeting in Vienna. HE al-Ghanim concluded the session by briefing the council on the delegation’s participation in the 36th conference of the Arab Inter-Parliamentary Union (AIPU) in Algeria, highlighting key topics and issues discussed at the conference.

By addressing these challenges and optimising the investment environment, Qatar aims to reinforce its position as a leading destination for both national and foreign investments, contributing to sustained economic growth and development.