HE Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al-Thani has underscored Qatar's support for all initiatives that strengthen the Arab private sector position in the economic arena, stressing the importance of developing cooperation between business sectors of the Arab world, activating and upgrading the Arab private sector for the advantage of Arab economies and the efforts of achieving the Arab economic integration. This came as His Excellency delivered a speech at the 135th Session of the Council of the Union of Arab Chambers in Doha on Sunday. The meeting was attended by HE Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al-Thani, and HE Assistant Secretary-General and Head of the Economic Affairs Sector of the League of Arab States Ambassador Dr. Ali bin Ibrahim Al Malki, along with the heads of federations and chambers from Arab countries. HE the Minister of Commerce and Industry noted that the Arab region enjoys enormous potential, abundant wealth, diverse natural resources and advanced human potential, assuring that these resources qualify the Arab world to occupy a prominent position on the map of the global economy. His Excellency praised the tireless efforts made by Their Majesties, Highnesses and Excellencies the Arab leaders to capitalize on these resources to achieve Arab economic integration, achieve sustainable development and fight poverty and unemployment will bear fruit through flexible economic policies in which the private sector plays a leading role. The Arab region offers plenty of promising investment opportunities in various fields, especially in light of the existence of leading economic laws and Arab free zones, which provides greater opportunities to promote economic integration, activate intra-Arab trade, and create a sustainable and diversified Arab economy, His Excellency added. HE the Minister underscored the Arab private sectors role in the development process, especially through the development of more flexible and effective economic policies, and th rough greater coordination and cooperation between the chambers in the Arab countries. His Excellency also emphasized that the Qatari economy has experienced substantial growth in recent years, supported by the economic plans and strategies adopted by the State to create an attractive business environment for investments, pointing out that the major projects implemented ahead of the FIFA World Cup 2022 have contributed to accelerating the economic diversification plans in accordance with the Qatar National Vision 2030. HE the Minister said that Qatar's Third National Development Strategy 2024-2030 aims to focus on priority sectors such as the low-carbon minerals industry and the renewable energy sources. The key sectors identified within this strategy offer promising opportunities, including industry, logistics, information technology, digital services, finance, food, agriculture, health, education, and other key sectors. To achieve these goals, investments amounting to $100 billion have been allocated to t he local economy by 2030. In order to achieve this, Qatar has developed a world-class infrastructure, strengthened the legislative environment with many important laws, facilitated business procedures, and reduced service fees, making Qatar a global investment destination for business and investment, His Excellency said, adding that it has also enhanced the competitiveness of the Qatari private sector and its role as a true partner of the public sector in the comprehensive economic development process of the State. For his part, HE Assistant Secretary-General and Head of the Economic Affairs Sector of the League of Arab States Ambassador Dr. Ali bin Ibrahim Al Malki said that Arab countries attach significant importance to the Arab private sector, being a key pillar of economic and social development. Moreover, His Excellency highlighted the sector's role in improving economic performance amid regional and global variables, promoting joint Arab action, and having the potential of achieving economic surplus based on mutual benefit and capital recovery in the wider sense. Al Malki emphasized Arab economic integration and the Arab private sector's role in contributing to joint Arab projects and meeting the needs of Arab civil society. His Excellency stressed the importance of continuing the fruitful cooperation between the League of Arab States and the Union of Arab Chambers to support joint Arab economic and investment cooperation, in light of new initiatives to stimulate Arab economies. In turn, HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al-Thani said that this session's agenda dealt with several important procedural and strategic matters, expressing his confidence in the Council's ability to make appropriate decisions and take necessary actions on each of the issues, particularly with regards to critical regional and international changes and challenges that are weighing down heavily on the Arab economy, thus, requiring caution and joint action to implement recommendations. Furthermore, the meet ing saw Bahrain hand over the presidency of the Union of Arab Chambers to Tunisia, with the President of the Tunisian Union of Industry, Trade and Handicrafts Samir Majoul assuming the presidency of the current session and affirming his confidence that Tunisia's presidency will be supportive and fruitful for joint Arab economic action and strengthening the role of the private sector at the Arab and international levels. Majoul expressed his hope that the Union will continue to achieve desired Arab economic integration and enhance the role of the private sector and Arab chambers in the economic landscape of the Arab world. The meeting touched on several issues pertaining to joint Arab action, strengthening economic cooperation between Arab countries and increasing intra-Arab trade rates. Source: Qatar News Agency