Law on supporting national products lauded

Qatar has recently issued a number of laws that will contribute strongly to strengthening the national economy and promoting foreign investment.

Commenting on these laws, lawyer Rashid Al Saad (pictured), member of Advisory Board of Qatar Financial Center, said that the law allowing non-Qatari investors to invest 100 percent capital in most of economic sectors will enhance investment and will attract investors to Qatar.

Speaking to The Peninsula, he also said that earlier non-Qatari investors were allowed to invest only 49 percent in any company’s shares while the new law will attract foreign investment, increase tax returns, and protect domestic and foreign investors.

Al Saad also pointed out that the law regulating foreign investment includes various types of incentives like allocating land to the investor to establish their project, allowing them to import machinery and equipment for construction, permitting them expansion of their projects, and exempting them from income tax. “There is something very important to reassure any investor that the investments are not subject to expropriation either directly or indirectly, unless it was for the public benefit and in a non-discriminatory manner,” Al Saad pointed out.

“Also the investor has the freedom to transfer his investments which includes investment returns,” he said, stressing that the law will help the flow of foreign capital, accelerate economic development, and raise the level of Qatar’s global economic indicators.

Regarding the decision to support national products and protect them against harmful practices, Al Saad said that the decision to support national products was necessary from an economic perspective. “It is important due to many benefits attached to it. It will increase profitability of national products and industry in general, and will also encourage consumers to buy local products.”

“This decision will also stimulate the owners of startups and entrepreneurs to expand their projects and increase production in line with the State’s plans to promote diversification of national economy and self-sufficiency of the country relying on its national products and capabilities,” he added.

Source: The Peninsula Qatar