Doha, February 28 (QNA) - Qatari newspaper Al-Raya on Sunday affirmed that the State of Qatar is among the fastest-growing global economies in the world, and that the emergence of new industries, factories and enterprises demonstrate the vast potential that underpins the State's comprehensive economic development.

In this regard the newspaper referred to Qatar Development Bank's (QDB) announcement of the launch of the region's first model factory concept, Factory One.

In its editorial, the paper said that Factory One plays a vital role in supporting these industries tap into their full potential by taking them to the next stage of production and supporting them to achieve operational excellence.

Factory One, the paper said, is the first-of-its-kind industrial capability center based out of Qatar, and aims to develop the capabilities of local Small and Medium Sized Enterprises (SMEs), by bringing world-class experience and modern trends in the field of manufacturing and lean operation.

A broad spectrum of capability-building and SME transformation programs will be delivered at the center offering local manufacturers the opportunity to advance their efficiency, innovation, and competitive advantage, the paper added.

The launch of the model factory coincides with positive market trends exhibiting exponential growth in local industries, the paper underlined, pointing out that this factory will be an important qualitative addition to the industry in Qatar, especially since the number of factories in various sectors in Qatar has increased by 17%, thanks to the efforts made by the concerned authorities in the country over the past three years, in order to achieve self-sufficiency and economic diversification.

Factory One is the latest in a string of initiatives under the belt of the QDB to support Qatari SMEs, start-ups, and the next generation of innovative entrepreneurs across numerous sectors, the paper said.

Carrying a rich legacy, Qatar Development Bank will remain a key player in the economic development of the country and instrumental in driving growth in diverse sectors of the economy center to the sustainable development goals under the Qatar National Vision 2030, Al-Raya concluded. (QNA)