05 Jan 2018 - 11:24
Wise policy decision
Warren Buffett, the famous American investor and the CEO of Berkshire Hathaway business empire, once said: “Someone is sitting in a shade today because someone planted a tree long ago”. From an investor’s point of view, irrespective of whether an individual or state investor, the above quote is insightful. This is not only true in investing in something or some particular place, but also in terms of attracting investments into a business or a particular place, say a country, too. The most important factor of any investment is the right time and the right place.
Qatari authorities, under the wise leadership of the Emir H H Sheikh Tamim bin Hamad Al Thani, are well aware of this theory. The Cabinet’s decision on Wednesday to approve a draft law on attracting foreign capital and investments is a wise move in the right direction.
The draft law allows non-Qataris to invest in the fields of banks and insurance companies upon approval from the Cabinet while prohibiting them from investing in commercial agencies and buying real estate. The draft law also says non-Qataris can invest in any other fields in accordance to a decision from the Cabinet in this regard.
The Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani, while commenting on the draft law, said that the law regulating foreign investment came in line with the directive of the Emir to attract 100 percent foreign capital in all commercial and economic sectors.
The draft law allows several incentives on imports of capital goods, tax exemptions, repatriation of investments, to mention a few, which will definitely attract huge foreign investments into the country.
Foreign investments contribute many things such as expanding new job opportunities, introduction of advanced technologies, import of new management, communication and marketing methodologies which will lead to gaining higher skills and experience.
Allowing foreign investments in Qatar will increase research and development, which is already a very vibrant sector. It will also lead to an increase in national income.
While allowing up to 100 percent foreign investments, the draft law also gives due importance to the protection of domestic investors, protection of environment, compliance to rule of law, security and public health.
Every policy decisions by the Qatari government reflect the farsightedness and concern for the country and its people, which is what the citizens are looking forward to. Qatar’s path to development is clear and smooth, so that the country can reach its goal without any hiccups.