DOHA - Qatar has plans to set up three free trade zones with one of them proposed to be located close to the upcoming New Doha International Airport.
The site for the second free trade zone (FTZ) has been tentatively identified near the Industrial Area in Doha, while the third one is to exclusively cater to downstream industries and could, therefore, be located near Mesaieed Industrial City (MIC).
Plans are afoot to house clean and light industries and offices of financial services, legal, trade and engineering consultancies in the FTZ to be located near the airport. The FTZ would also be closer to the upcoming new Doha Port.
This was announced by H E Yousuf Hussein Kamal, the Minister of Finance and Acting Minister of Economy and Commerce, in an interview with the latest edition of an in-house magazine ('Al Moltaqa') of the Qatar Chamber of Commerce and Industry (QCCI).
The second FTZ is to basically cater to manufacturing industries and transport companies. Importance would be placed on high-tech industries. The zone would allow large warehousing and transport companies to set up bases.
The third FTZ to be located near MIC would house petrochemical and other key downstream industries.
An international consultancy has been assigned to conduct extensive feasibility studies on the proposed FTZ projects. The consultancy has also been asked to give details of how the zones can be developed, financed and marketed.
The study would additionally outline the economic benefits of setting up the free trade zones and how they can boost the country's gross domestic product (GDP).
The consultancy is expected to submit its report after completing its studies by the end of the year.
The minister said that a number of investors have expressed their willingness to cooperate with the government to launch the ambitious FTZ ventures and a number of Memoranda of Understanding (MoU) have already been signed with them.
"They would be our strategic partners in developing the projects as also managing them when they are ready," he commented.
Final agreements are expected to be inked with these strategic partners early next year after the consultants have submitted their feasibility reports.
Talking of the private sector, the minister said it needed to improve itself to cope with the growing competition resulting from globalisation and free trade.
The government, he said, is doing its best to encourage the private sector and help it effectively meet the challenges it faces.
The Ministry of Economy and Commerce is taking a closer look at the possibility of opening a number of centres outside (of the ministry premises) to issue commercial registrations, the Minister of Finance said.
© The Peninsula 2007
