Sustainable development of the Qatari economy highlighted at Euromoney Qatar Conference
Senior Qatari leaders spoke today at The Euromoney Qatar Conference 2013, to discuss a new stage of sustainable development for the Qatari economy, and outline what the rise of Qatar means for the global economy.
His Excellency Abdullah Bin Nasser Bin Khalifa Al Thani, Prime Minister of Qatar, said that the event was taking place during a key period of transition for Qatar and the wider world economy. Qatar has seen the smooth and effective transfer of power during 2013, while the international economy has taken tentative steps towards recovery.
“Qatar took effective action during the global economic crisis to ensure stability and sustainable development, and we are now embarking on a new phase of sustainable development,” said His Excellency the Prime Minister.
“The focus of this new phase requires government support to diversify the national economy, and support the expansion of non-oil and gas sectors. It also requires the active participation of the private sector, to encourage positive competition and to support the employment, training and development of young people.”
The Prime Minister’s presentation was reinforced by His Excellency Ali Shareef Al Emadi the Minister of Finance, who spoke on the role of the financial sector in supporting stability and ensuring the achievement of the Qatar National Vision 2030. In particular, he focused upon the role of both local and international financial institutions in reducing risk, without reducing opportunities for economic development.
“Financial stability requires sound fiscal policies and the development of a financial system that can cope with risks and boost the capacity of the national economic system to absorb risks. The next phase of development in Qatar will be driven by large-scale infrastructure projects, which will require the input and support of the private sector, and which will deliver a major contribution to the welfare of the citizens of Qatar,” said Al Emadi.
His Excellency Sheikh Abdullah bin Saud Al Thani, Governor of the Qatar Central Bank, highlighted the measures taken by the bank to date, and also indicated the strong plans in place to ensure long-term sustainable development.
“Qatar Central Bank has launched initiatives to promote the effectiveness of the finance sector in reducing risk, developing capital markets, and increasing the stability of financial processes. Just recently, we have launched a strategy for the development of capital markets with other ministries, based on the Qatar National Vision 2030,” said His Excellency Sheikh Abdullah bin Saud Al Thani.
Qatar Central Bank (QCB), the Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Financial Markets Authority (QFMA) have jointly launched a strategic plan for the future of financial sector regulation in the country just this week. The plan establishes a framework for regulating the financial sector across the state, setting out a road map of strategic priorities for the next three years (2014-2016).
While the strong focus on Qatar’s vision for economic development dominated the morning session of the event, other speakers addressed the wider issues affecting the global economy in later sessions during the day. In particular, there was significant discussion of the role of financial reform in the post-crisis environment.