Qatar achieved a 9.9% growth in non-oil profits and 4.8% in the oil sector in the first quarter of 2022 alone.

International cooperation is key to addressing critical issues striking at global economies, Qatar’s Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani said in Lusail on Tuesday.

“Coordination and cooperation makes change,” Sheikh Mohammed told hundreds of participants at the Qatar Economic Forum (QEF).

Held in Lusail, the three-day event kicked off with the participation of hundreds of diplomats, business officials, and entrepreneurs from across the globe, three years  after the Covid-19 outbreak posed major challenges to global economies and amid ongoing instability in different parts of the world, namely the war in Ukraine.

“The world has witnessed or suffered a lot in the last two years starting with Covid-19 and its impact on the global economies in addition to armed conflicts which impacted multiple societies, as well as climate change which affects countries,” Sheikh Mohammed said.

However, the Qatari official noted that humans have great capabilities in overcoming challenges, especially those striking at economies.

“Human beings are made to adapt and adjust to overcome challenges and create opportunities. Human beings have been guided by stars, crossed oceans and have carved mountains. They are capable today of overcoming these challenges and reaching economic growth,” he added.

Over the course of the event, participants will engage in extensive discussions over the latest global economic challenges with the aim of marking a new “growth story.”

During his speech, Sheikh Mohammed tapped into Qatar’s economic resilience over the past decade, which he said has made it a reliable international partner. He added that Qatar achieved a 9.9% growth in non-oil profits and 4.8% in the oil sector in the first quarter of 2022 alone.

“We have a resilient economy and we managed to maintain high competitive rates despite the crisis, we have a strong health system and this is not all by chance, they are the result of the wise vision of our leadership,” Sheikh Mohammed said.

The event also comes just months after Qatar hosted the 2022 FIFA World Cup.

“We have had the best version of the World Cup for the first time from an Arabic country and we continue moving forward and moving forward with Qatar as a trusted international partner, achieving our 2030 vision based on a transition into a diversified and innovative economy,” the Qatari official said.

Further laying out Qatar’s successes, Sheikh Mohammed added that the Gulf state now hosts the best airport and best airline in the world while boasting one of the most resilient wealth funds.

He stressed that such achievements require “planning, resilience and perseverance” and the need to support medium and small enterprises.

“Understanding the big role of small and medium enterprises in achieving prosperity, we constantly work on supporting these companies in order to support entrepreneurship. The Qatar Investment Authority in this framework contributes in guaranteeing economic stability for the coming generations,” he said.

As economies continue to explore solutions to emerging issues, Sheikh Mohammed also called for the need to maintain human values in doing so.

“Supporting economic investment and innovation in addition to promoting common human values and keeping peace is the way to build necessary capacities to overcome challenges we face today,” Sheikh Mohammed said.