20-05-2025
QEF: Qatar, Saudi, Turkey share plans for sustainable growth
QNA
Doha
A high-level panel discussion took place on Tuesday during the fifth edition of the Qatar Economic Forum titled 'The Geoeconomics of Growth: Finance & Economy Minister Outlook,' explored how governments in the region are dealing with accelerating global economic challenges, and examined ways to enhance economic resilience and achieve sustainable growth amid geopolitical changes and technological and economic transformations.
HE Minister of Finance of the State of Qatar Ali bin Ahmed Al Kuwari, HE Minister of Economy and Planning of the Kingdom of Saudi Arabia Faisal bin Fadel Al Ibrahim, and HE Minister of Treasury and Finance Republic of Turkey Mehmet Simsek participated in the session.
During his remarks, HE Al Kuwari emphasized the importance of international cooperation and experience-sharing to develop financial policies that support growth, highlighting the critical role of strategic investments and structural reforms in building more resilient economies capable of withstanding future crises.
Speaking on recent figures concerning economic partnerships between Qatar and the United States, HE Minister Al Kuwari noted that they reflect the depth of economic relations and the scale of trade between the two countries, adding they come at a time when the United States remains Qatar's most important investment destination, due to the strong opportunities and rewarding returns it offers.
Regarding the Qatar Investment Authorityâ€s strategy, Minister Al Kuwari said that the current priorities include technology, artificial intelligence, pharmaceuticals, infrastructure, and real estate, and that this strategy is reviewed annually to align with global opportunities and mitigate risks.
For his part, HE Al Ibrahim said that the Kingdom is steadily progressing in implementing Vision 2030, which aims to restructure the national economy on a sustainable foundation, moving away from traditional reliance on oil revenues. He described the vision as a long-term strategic plan focused on building a diverse and flexible economy capable of adapting to various global challenges.
He added that the Saudi budget is no longer based on oil prices but rather on clear developmental and investment priorities, noting that the Kingdom is investing in institutional resilience to enhance its ability to adapt and evolve through building strong, effective institutions supported by medium- and long-term financial plans. He added that these plans enable adaptability across various economic scenarios, with a focus on the long term rather than short-term fluctuations.
Minister Al Ibrahim also said that the ongoing transformation is not only about reducing dependence on oil, but also about shifting from a consumption-based economy to one focused on production, innovation, and exports. This transformation has attracted significant foreign direct investment, thanks to available opportunities and a modern regulatory environment.
He pointed out that the non-oil economies of the GCC countries recorded 3.7% growth in 2024, nearly double the global average, reflecting the success of economic transformation plans across the region, particularly in Saudi Arabia under Vision 2030.
This growth, he said, signals growing recognition that the region's economies had long underutilized their potential. He affirmed that Saudi Arabia and other Gulf states have taken serious steps to restructure their economies, leading to increased opportunities in production, innovation, and exports, as well as attracting capital and talent.
He also stressed that foreign direct investment is a key pillar of the Kingdomâ€s vision, with a target for FDI to constitute 5.7% of GDP by 2030, equivalent to approximately $100 billion in investment flows.
Saudi Arabia has already seen positive indicators in this area, including the number of licenses issued, regional headquarters established, and ongoing investment deals.
He noted that the Kingdom has implemented 900 economic and regulatory reforms to improve the business environment and is continuing efforts to enhance its appeal to global investors.
During his remarks, HE Minister of Treasury and Finance Republic of Turkey said that his country is continuing to implement a comprehensive economic program aimed at reducing inflation and achieving sustainable growth, despite what he described as temporary side effects observed in some sectors, particularly manufacturing.
He noted that Turkey has rebuilt its monetary policy and established a strong fiscal foundation, highlighting that everything was now in place to reduce inflation. He acknowledged that no remedy comes without side effects, in reference to sector-specific disruptions.
The Turkish finance minister noted that earlier this year, the government provided direct support to labor-intensive export sectors to help mitigate the impact of the economic transition. He stressed that the essence of the program is to reduce inflation in order to pave the way for high and sustainable growth.
Regarding manufacturing, he acknowledged that the sector is facing challenges due to slowed growth in the eurozone, Turkeyâ€s main trading partner. However, he emphasized that manufacturing only accounts for 23% of GDP, while the services sector continues to grow and generate employment.
His Excellency also revealed that Turkey created nearly one million jobs last year and reiterated the governmentâ€s commitment to continuing the economic program despite short-term pressures.
The session brought together finance and economy ministers from three rising economic powers in the region. Its significance lies in showcasing the direction of emerging economies playing pivotal roles in reshaping the global growth map through different means, whether through sovereign investments, infrastructure development, income diversification, or the creation of new, more flexible and innovative economic models.
