Govts, businesspeople need to unite to restore investor confidence: Al Kuwari

(MENAFN - The Peninsula) Doha: Governments and businesspeople need to unite and provide solutions that will contribute to restoring investor confidence, as well as to open prospects for building a better future for all peoples as economies recover from the COVID-19 pandemic, H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry and Acting Minister of Finance has said in his speech during the opening ceremony of the 24th edition of the St. Petersburg International Economic Forum (SPIEF) 2021.  Minister Al Kuwari participated in the opening ceremony of the SPIEF 2021, in the presence and with the participation of a group of international dignitaries, including H E Andrey Belousov, First Deputy Prime Minister of the Russian Federation, H E Edouard Ngirente, Prime Minister of the Republic of Rwanda, as well as the President of the World Bank Group, David Malpass, and Chairman of the Vietnamese Party Central Committee’s Economic Commission, Tran Tuan Anh. Speaking on the prospects for the global economy in the future during the event, Al Kuwari explained that the pandemic had shown the fragility of development systems prevalent around the world. He called in this regard for devising a comprehensive approach based on international cooperation and solidarity. He said the next stage will not be easy economically and financially for any of the countries involved in the global economy, especially since the desired financial recovery can only be achieved by opening broader horizons for cooperation between nations and peoples at all levels. He went on to call on governments and businesspeople to unite and provide solutions that contribute to restoring investor confidence, as well as to open prospects for building a better future for all peoples. During the session, Al Kuwari also spoke about Qatar’s achievements during the global economic recovery, pointing to the success of the proactive and rapid measures taken by the State to reduce the repercussions of the COVID-19 pandemic. The Minister highlighted the progress of the vaccination campaigns, as Qatar has surpassed the 2.6 million dose mark, and it is expected to have vaccinated 75 percent of its population by the end of next month. Al Kuwari also spoke of the quality of Qatar’s healthcare system, which has contributed to making the death rate caused by COVID-19 in the State of Qatar among the lowest in the world.  Qatar has sought to back the private sector by providing financial incentives amounting to QR75bn, Al Kuwari said, referring to the new support plans approved by the Council of Ministers in April 2021, which constituted an important addition to the private sector funding package. In this context, the Minister referred to the initiative to extend the Qatar Development Bank’s National Guarantee Program until the end of September 2021. The opening ceremony of the St. Petersburg International Economic Forum 2021 featured showing speeches by several State leaders and official figures, including H E Alexander Beglov, Governor of St. Petersburg. On the sidelines of SPIEF, Minister Al Kuwari, held separate meetings with H E Maxim Reshetnikov, Minister of Economic Development in the Russian Federation, Ivan Glasenberg, CEO of Glencore and Andrey Kostin, President and Chairman of VTB Bank Management Board. During the meeting, there was an exchange of views on several economic and investment issues and developments of common interest, in addition to looking into means to enhance cooperation and coordination with the Russian Federation in facing the repercussions of the pandemic. Qatar is participating in the 24th edition of the prestigious St. Petersburg International Economic Forum 2021 with a pavilion that includes several government agencies, as well as national bodies and institutions, which is aimed at shining a spotlight at Qatar and its leading economic position regionally and internationally. Qatar’s participation also seeks to introduce the attractive investment environment that the State provides to businesspeople and investors from all over the world.    MENAFN05062021000063011010ID1102214770