Great strides made in strengthening Qatari economy, Khalifa Al Sowaidi tells Oxford Business Group

"There are many challenges associated to an economy growing as fast as is Qatar's, so we must always keep this in mind in looking at the current environment," he said.

'"In keeping up with the growth, there are always new challenges that arise, some of which are a direct result of the growth itself."

Within this exponential growth, and with a small native population, he said human capital and labour-related issues will always remain highly important.

"Many strides have been made over recent years to continually revise and improve labour issues and ensure enough human capital to deal with growth," he said, asserting that immigration has and will continue to be the solution to the labour shortage.

Al Sowaidi said the six GCC states are individually and collectively seeking to rapidly develop foreign trade and economic relations to aid in further diversifying their economies.

"Development of free trade areas (FTA's) is now seen as more of a necessity in order to keep up with a steady increase in industrial output," he said.

"Without the development of free trade accords, there are less options for international markets for the products that result from the rise. This is a trend being experienced in many different regions around the world and shows the true growth in international business."

He added that the GCC Tariff Agreement has opened the doors for the six GCC member states to finalize joint agreements to aid in the establishment of fee trade zones with other global economic blocs.

"Those states with gas-based industry show the strongest signs for growth and benefit from free trade, such as in urea and ammonia," he said.

"Qatar is also well-equipped for rapid expansion in gas-based industry, which will allow it to grow as demand increases. This will contribute greatly, not only to the industrial sector, but to the wider economy."

The interview with Al Sowaidi, carried in full in The Report, is one of a series of exclusive interviews with key officials and business leaders in what is considered the most extensive, independent, unbiased and authoritative review of Qatar available.

Rated as the premier guide for foreign direct investment into the country's vibrant economy, The Report is an invaluable guide to the many facets of Qatar, including its , macroeconomics, infrastructure, political landscape, banking and sectoral developments, and presents a remarkably in depth profile of the country.

The 200 page publication, with an international circulation of 71,000, is being produced by a team of six OBG analysts based in Doha for six months, who conducted some two hundred interviews with leading political and economic figures.

26% of its subscribers are in energy, 24% in financial institutions, 23% in real estate and construction, 14% in industry, and 10% in IT and telecommunications.

25% of them are in Europe, 21% in GCC and the Middle East, 20% in North America, 15% in Asia, and 13% in North Africa.

Available in print form and online, The Report: Qatar 2008 is part of the range of OBG's publications, which are renowned as leading sources of information on developing and emerging economies around the world.