Posted on September 20, 2014

Qatar's ambassador to the United States Mohammed Jaham Al Kuwari has stressed that Qatar is seeking to diversify its national economy by attracting foreign investments and bolstering its cooperation with the private sector, The Peninsula said.

Addressing the Business Council for International Understanding in New York, attended by senior executives in US companies Tuesday night, the ambassador said that Qatar is seeking to build a knowledge-based economy rather than relying on the exports of liquefied natural gas, QNA reported. Qatar is in its efforts to develop a sustainable national economy and playing a leading role in regional development and economic integration in the region. The country is strengthening its economic position internationally and building strong partnerships with the private sector around the world.

On the local economy, Al Kuwari stressed that the Qatari government is making unremitting efforts to improve the business climate in order to encourage local and foreign entrepreneurs to invest in the Qatari market, pointing out that the new law which regulates the partnerships between the private and public sectors will help in achieving this goal. The ambassador added that Qatari authorities have expressed their willingness to provide incentives for investing companies such as customs duty exemption on exports and taxes for a specific period of time.

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He also expressed Qatar's desire to expand its investments in the region. Qatar plays an active role in the field of investment in order to strengthen its global economic role. The country is seeking to expand its investments to include the United States, as it is looking for new investments in the sectors of infrastructure and energy. He also said Qatar is ready to launch projects in collaboration with private sector companies in the emerging countries and expressed Qatar's desire to have foreign investments in its markets.

The ambassador stated Qatar has already allocated $205bn to develop the infrastructure, particularly transport, electricity and water in the run up to FIFA 2022 World Cup match.