Small business exports from Qatar to receive boost
Qatar Development Bank and ITC sign Letter of Intent for small business trade development
Qatar Development Bank (QDB), with the support of the International Trade Centre (ITC), backs the diversification of Qatar’s national production and export base while lowering the country’s dependence on hydrocarbon industries. It is intending to do so by improving the competitiveness and visibility of the non-oil and non-gas sectors.
To reach this goal, QDB and ITC signed a Letter of Intent to specify their cooperation areas, defining the following:
- Joint organization of the World Trade Promotion Organizations Conference and Awards, to be held in Doha in 2024.
- Improvement of international trade competitiveness for Qatari micro, small and medium-sized enterprises (MSMEs) through an export accelerator programme (manufacturing and services sectors).
- Enhancing the capacity of QDB to design and deliver effective support services to small businesses.
- Improvement of the services sector ecosystem in Qatar.
The cooperation agreement was signed by Abdulrahman Hesham Al Sowaidi, Acting CEO of QDB and ITC Executive Director Pamela Coke-Hamilton at ITC headquarters in Geneva on 7 September 2022.
This strategic dialogue aligns with the Qatar National Vision 2030, defining the diversification of the economy as a priority. ITC is committed to supporting Qatar in realizing this priority through the Letter of Intent as well as other future opportunities for collaborations in Qatar and the region.
Speaking on the occasion, ITC’s Executive Director Pamela Coke-Hamilton said: ‘I am thrilled to see how the QDB/ITC partnership has evolved through the years and is now expanding its scope to include the services sector and sports as a tool to empower youth in Qatar and beyond. ITC is pleased to provide solutions that will serve at the sector and enterprise levels by strengthening the competitiveness of Qatari MSMEs to access regional and global markets. ITC and QDB will be jointly organizing our flagship World Trade Promotion Organizations Conference and Awards in two years’ time. By finding a natural anchorage within QDB, this partnership will support the organization to champion the internationalization of small businesses and boost Qatari exports.’
Abdulrahman Al Sowaidi, QDB Acting CEO, said: ‘Together with our partners at ITC, we have made a significant step that aligns with our goals and builds upon our achievements in recent years. It allows us to better support Qatar's entrepreneurship ecosystem from the ground up and contribute to Qatar's economic diversification. It will be exciting to observe the outcomes of this day and how Qatari MSMEs will be strengthened regionally, and internationally.’
ITC recognizes that ‘Partnerships4Purpose’ can contribute to impactful projects and sustainable outcomes. To celebrate the teamwork behind these efforts, ITC is proud to highlight game-changing initiatives that are made possible through strong and meaningful collaboration.