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Friday, July 23, 2021

Qatar to ensure low price of goods, services to stabilise economy

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The stability and flexibility of economic policies in any country is a key part of its economic agenda, the Qatar Chamber report says.

Qatar’s authorities continue to work relentlessly to protect and stabilise the country’s economy amid the COVID-19 crisis, Qatar Chamber (QC) said in its latest report. 

“The stability and flexibility of economic policies in any country is a key part of its economic agenda due to their significant impact on the investment climate, productivity and on the economic process in general,” the report said.

To ensure that the economy is protected, QC is working on ensuring that necessary goods and services are provided to the public at reasonable prices, in addition to removing all obstacles facing producers and encouraging them to increase production.

“This means the country’s ability to deal efficiently with all economic and financial fluctuations and reduce their impact on the economy and society. The State of Qatar adopts the free economy approach which limits the country’s direct intervention in markets and thereby in fixing prices of goods and services,” the report read.

Earlier this year, Qatar Chamber’s board of directors held a meeting to discuss potential measures to help the government in managing the COVID-19 health crisis, in addition to ways to minimise its impact on the economy.

Read also: Qatar Chamber calls for reviving free trade negotiations between GCC, EU

It was decided by the board that it will be “in permanent convention until the crisis ends.” This, in addition to extra measures Qatar Chamber is taking to revive the economy, aims to enhance the private sector’s participation in managing the impact of the pandemic.

An emergency committee was also set up to follow up on all developments across the economic sector. Its mandate is to serve as a focal point between companies and government agencies.

Meanwhile, Mohamed bin Ahmed al-Obaidli, head of the Food Security and Environment Committee, last month said financial challenges, including a stark difference in selling prices between exported scrap and those set locally.

The lack of competitiveness deals a substantial blow to companies as a result, he said.

In order to maintain the low prices of goods and services in the country, Qatar is working on setting a fair price, thus safeguarding the interests of commercial and industrial sectors. 


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