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Qatar Economic Forum Discusses Maximizing GCC Countries’ Global Competitiveness

A discussion session, held today within the framework of the Third Qatar Economic Forum, focused on how can GCC countries maximize their global competitiveness in a dynamically shifting economic order.

The discussion session was attended by HE Minister of Finance Ali bin Ahmed Al Kuwari, HE Minister of Finance of the Kingdom of Saudi Arabia Mohammed bin Abdullah Al-Jadaan, in addition to HE Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva.

At the beginning of the session, HE Ali bin Ahmed Al Kuwari welcomed his Saudi counterpart, saying that he was pleased to see many Saudi ministers present here, adding that this indicates the strong relations and partnership between the Kingdom of Saudi Arabia and the State of Qatar as well as the unity of the GCC countries.

HE the Minister of Finance added that there were many reasons to say that this region of the world is promising, highlighting the State of Qatar’s role in this regard.

His Excellency noted the successful organization of a major sporting event such as the FIFA World Cup Qatar 2022, saying that Qatar organized a mega event in the world of football. It was a message addressed to the whole world as the eyes of the whole world turned towards us during November and December last year, he said, adding that Qatar promised and fulfilled its promise as it presented the best edition of the World Cup, the most successful version and it was the first environmentally friendly World Cup. Everyone in Qatar and media appreciated the efforts made to organize the event, he noted. This indicates the prestige of this region of the world and that it is capable of hosting a major sporting event, and this is a great indication of the ability of this region to play its role .. and there are indeed many advantages in this region, His Excellency said.

He added that Qatar builds on the principle of sustainability. Qatar has its National Vision 2030 and it also has a vision and endless ambition which is to “secure the future through the sustainability of systems and the sustainability of the Qatari economy. This is a continuous work and it is always a challenge for us.” Regarding the Qatari financial system, he noted that Qatar have developed a long-term monetary policy framework including how to deal with the surplus, which part of it goes to Qatar Investment Authority and others go to the debt and to reserve and at the same time includes details of financing the deficit which will mitigate any emergency problems. Here, we remember the year 2020 with the challenges it brought to the world alike, he said.

On whether the United States of America’s default on its financial obligations is a cause for concern in the region, he said: “I do not think that default will happen. This discussion we are used to.. As long as the American economy is growing at a good pace, and commodity prices are denominated in dollars, I do not see a major change in the near future.” (MORE)

Source: Qatar News Agency