Doha, September 18 (QNA) – Qatar’s National Development Strategy (NDS) highlights the critical importance of building efficient and safe capital markets, the chief of General Secretariat for Development Planning (GSDP) told a finance conference organised by Qatar Central Bank (QCB) in collaboration with the GSDP and the International Monetary Fund (IMF) which opened here Tuesday.
Key policy-makers, regulators and top executives from banking, finance, capital and equity markets are discussing the way forward for developing markets in the GCC at the two-day Capital Markets Conference organised under the patronage of the Prime Minister and Minister of Foreign Affairs HE Sheikh Hamad bin Jassim bin Jabor Al Thani at the Ritz Carlton Hotel here.
GSDP Secretary General, HE Dr. Saleh Al Nabit, in his address to gathering, said, “The vision and the NDS underline the critical importance of building efficient and safe capital markets.”
The NDS is currently being implemented in Qatar. “I am confident that in the years ahead we will be able to see substantive progress in social, human, environmental as well as economic dimensions of our development,” he said.
Dr. Al Nabit mentioned three key areas where the development and deepening of capital markets is linked to the goals of the NDS. The three areas are development of the private sector and diversification of Qatar’s economy; infrastructure investments and developing institutions.
To spur the private sector and diversify the economy, he said, “Qatar must be able to mobilse and efficiently deploy financial resources. As our small businesses grow they will require access to a more diverse set of financing options, covering both debt and equity.”
He mentioned the proactive roles played by the Qatar Development Bank and Enterprise Qatar that are already “helping to ensure worthy businesses can more easily obtain access to bank credit at a reasonable cost”.
Regarding support for infrastructure development, Dr. Al Nabit said, “Meeting long-term financing needs instruments with better matching maturity should help improve benefit/cost ratios of our investments and allow better management of risks.
“Financial deepening can also help to create opportunities for private sector participation in infrastructure projects, with the efficiency and other benefits that this might bring.”
On establishing institutions, the Secretary General of GSDP said, “The NDS lays emphasis on expanding institutional capabilities. Addressing the institutional and planning challenges of capital market development will require Qatar to tap relevant expertise.”
In his concluding remarks, Dr. Al Nabit thanked conference sponsors and said, “Our goal in this event over the next two days is to accelerated the process of capital market development by learning from international experience. At the end of the conference QCB, IMF and GSDP will attempt to distill and share these perspectives.” (QNA)