Baratta Center for Global Business Hosts the Minister of Finance of Qatar for Roundtable Discussion
On April 17, 2024, the Baratta Center for Global Business and The Embassy of Qatar hosted a discussion on Qatar and Its Impact on the Regional and Global Economy, featuring His Excellency Ali bin Ahmed Al Kuwari, the Minister of Finance of Qatar. The event focused on Qatar’s approach to economic diversification, regional cooperation, and its strategic position in global markets. Topics discussed during the session include Qatar’s national development, current investment incentives, and emphasis on technology and innovation.
Al Kuwari spoke at length about Qatar’s diversification strategy, with key priorities including expanding the private sector, tourism, logistics, and energy sectors. There was an emphasis on increasing energy resources by 80%, with a commitment to being a responsible energy supplier while also pursuing diversification. This year’s economic growth is projected at a 2% rate by the International Monetary Fund (IMF), which does not include potential gains from energy expansion.
Al Kuwari also highlighted partnerships and opportunities in the energy sector, particularly with the potential for using Qatar as a hub to access Asian markets. Technological progress has been identified as one of the primary areas driving growth, as well as infrastructure development and innovations in the oil sector. Qatar is developing computing facilities and data centers with participation from major firms like Microsoft and Amazon Web Services. There are also plans to expand oil production and transport systems, which are not bound by geopolitical restrictions.
The conversation also touched upon Qatar’s current business environment and investment incentives, specifically regarding their focus on enabling Foreign Direct Investment (FDI), providing tax incentives, and fostering a digital economy. However, Al Kuwari discussed several major global issues such as inflation, heterogeneous growth, and geopolitical challenges that need to be addressed, as they do hinder an increase in FDI.
Qatar’s fiscal strategy and sovereign wealth strategy were also highlighted, specifically the reallocation of sovereign wealth fund surpluses and the creation of a fiscal buffering framework. There have been efforts to reduce debt to 90% of GDP from 70% and maintain a high sovereign credit rating.
According to Al Kuwari, workforce development has been a priority for Qatar, championing education to lead increases in both human capital and financial capital. There is an emphasis on implementing strategies and policies for attracting talent, including the introduction of a new talent visa, a focus on diversifying the role of startups, and providing an allotted fund for the sector. There was also discussion on developing centers of prosperity outside of Doha and promoting organic growth, particularly in the northern regions. According to Al Kuwari, there are significant opportunities for regional cooperation within the Gulf Cooperation Council (GCC) as most countries are similar economically and culturally in ways that are complementary rather than competitive. As regional cooperation is a key aspect of economic integration, intra-GCC opportunities were spoken about as well. For example, a GCC Union could advocate for a single economic market across member countries.
To conclude, Al Kuwari spoke about expansion plans and partnerships with Georgetown University in Qatar, including opportunities to expand the Doha campus with more specializations and to promote the Executive Master’s in Leadership program in partnership with local leadership centers.