Doha: The Minister of Economy and Finance H E Yousuf Hussein Kamal said the initiatives launched by the government to encourage Small and Medium Enterprises (SME) have boosted economic growth by accelerating recruitment, better using of local resources and more equitable distribution of wealth.
In an interview with the Oxford Business Group he indicated that the Qatar economy was one of the fastest growing economy of the world. The gross domestic product grew by 9 percent in 2009 amidst the world financial crises.
Qatar enacted a new Tax Law reducing tax rate to 10 percent instead of 0-35 percent to encourage foreign investment and ensure sustainable economic growth.
The Qatar Investment Authority plans to acquire 20 percent of local banks shares, and may acquire $1.8 bn of their investment portfolios and real estate portfolios to support financial sector.
The prudent financial and monetary policies adopted recently by the government and the leadership rational directions allowed Qatar to overcome the negative repercussions of the world financial crisis.
© The Peninsula 2010
