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Tribune News Network
Doha
More than 22 percent of the firms registered under the Qatar Financial Centre (QFC) in 2016 were from the Asia Pacific region, its CEO Yousuf Mohamed al Jaida has said.
"The relationship between Qatar and our partners in Asia continues to grow year on year," Jaida said, while addressing the fourth Asia FDI Forum held in Hong Kong on March 22-23.
"The firms that got registered under QFC in 2016 include regional powerhouses such as the Sumitomo Mitsui Banking Corporation and the Industrial and Commercial Bank of China, among many others. This further highlights the close ties between Qatar and its partners in Asia, which we hope to continue to strengthen in the years to come," he noted.
QFC's participation in the forum comes as part of its continued efforts to promote Qatar as a lucrative destination for companies looking to expand their operations to the Middle East and tap into Qatar's multibillion dollar infrastructure programme.
The forum, which was attended by participants from academic, government and private sector institutions, focused on special economic zones and designated areas that have economic regulations different from those of the countries that surround them. Discussions at the forum centre on the opportunities and challenges these zones present to their host nations.
Similar to firms in special economic zones, QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits and an extensive double tax treaty agreement network with more than 60 countries.
Qatar is experiencing a flourishing relationship with Hong Kong and China as trade relations continue to grow, and Chinese companies look to expand their businesses to the Middle East. Bilateral trade between Qatar and Hong Kong stood at $196 million in 2016 and the One Belt, One Road initiative is further helping strengthen the relations between the two regions.
