Qatar has recorded the successful establishment of 2,911 overseas companies in the second quarter of this year. This total represents a 640% increase year-on-year, demonstrating how the State is transforming its economy in line with the Third National Development Strategy.
Ministry of Commerce Industry Data Reveals Positive Results
The Ministry of Commerce and Industry (MoCI) recently released detailed data for the industrial, trade and consumer sectors. Accordingly, in Q2, 5,777 main commercial registrations and 851 branch registrations were issued, reflecting an increase of 103% compared to the previous year. It also witnessed a rise in the number of active commercial registrations and licenses by 15.7% and 2% respectively. Notably, the timeframe for completing commercial services (issuing commercial registrations, reserving trade names and granting licenses for investors) was reduced to one to two days. Furthermore, 98% of transactions were completed electronically and 88% of customers expressed satisfaction with electronically provided services.
The Commercial Registration and Licences Department is responsible for managing the Commercial Registry and Trade Agents Register. In addition, it implements policies including commercial registrations, trade agents and commercial entities. It also reviews commercial license applications, keeps records of economic, professional and commercial craftsmanship activities and issues commercial licenses.
Industrial FDI Grows Substantially And New National Products Increase
In further buoyant news, industrial investments reached QAR 50 million (USD 13.74 million) showing a growth rate of 172%. The second quarter also saw an increase of 70 new national products boosting their growth by 7.17%. This is equivalent to 160 products qualifying for the local value certificate. In the consumer sector, the Ministry continued efforts to reduce violations using inspection and awareness campaigns as 41,148 stores were examined. It focused on enhancing awareness, monitoring and ensuring the abundance of food commodities and strategic stock.
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