Qatar is looking to cut its economic dependence on oil and gas to zero by 2020 as it moves to diversify its economy, the country's finance minister said yesterday.
HE Yousuf Hussein Kamal said that by 2015 the country hopes to reduce its reliance on the energy sector to 25%.
He said that $130 billion had been earmarked to develop infrastructure to facilitate diversification so that its economy is not reliant on just one sector.
Qatar has the world's third-largest gas reserves after Russia and Iran, and is aiming to become the biggest liquefied natural gas (LNG) exporter.
Although energy exports are likely to continue well beyond 2020, Qatar hopes that its economy can become less and less reliant on such finite supplies.
Speaking at the Qatar Economic Forum in Doha, Kamal, who is also acting Minster of Economy and Commerce, said Qatar was looking to increase overseas investments and boost its technology sector as part of the economy's expansion.
"We want to transfer technology to Qatar. A part of this will be done by going to acquire institutions and companies who own these technologies.
Maybe in ten years time we can assume control to ensure jobs for graduates. We can also transfer these institutes to Qatar," he said.
Qatari investment funds have been particularly active internationally over recent months. In April a state-owned investment arm acquired the 13-acre Chelsea Barracks site in London for around $1.18 billion; the Three Delta fund recently purchased a $2.8 billion stake in UK supermarket giant Sainsbury.
The country is also creating numerous industrial zones, including the Qatar Science and Technology Park and Education City, in an effort to develop a knowledge economy.
Kamal also said there would be liberalisation of certain sectors by 2013.
"There is a gradual openness and we should get the private sector to accept this," he said. "Our financial systems and legal systems are not hand-in-hand with international levels. We are now unifying these and getting legislation ready for global acceptability."
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