Qatar Free Zones Authority Signs MoUs with Leading Entities in China

Tribune News NetworkDohaQatar Free Zones Authority (QFZA) signed three memorandums of understanding (MoUs) with leading entities in China to fuel further growth within the free zone developments, in Beijing on Thursday, the free zone authority said in a statement. The first MoU was signed with the China Council for the Promotion of International Trade (CCPIT). The MoU will facilitate cooperation through information exchange mechanisms and building a business-to-business consultation platform, QFZA said. Additionally, the partnership will focus on implementing exchanges to assist business communities in better understanding relevant regulations that govern operating in Qatar or China. CCPIT will help Chinese companies better understand the policies and regulations of QFZA by sending and receiving business missions, organising events, and releasing information to further promote bilateral trade and mutual investment, the statement said.The second MoU was signed with China Harbour Engineering Co (CHEC),  a world-renowned company that represents the overseas arm for its parent company China Communications Construction Company Ltd (CCCC). CHEC is planning to cooperate with its sister company, under CCCC, which produces new energy vehicles, on potential investment in Qatar's free zones. CHEC will also assess potential investment opportunities to establish a clean energy bus assembly factory in the Qatar Free Zones. The factory will come up in a area surrounding 50,000 sqm and will cater to both local and regional markets, the statement said. It will be complemented by the establishment of a machinery and spare parts processing and transfer warehouse to cater to demand in the Middle East, Africa and Europe, located adjacent to the Hamad Port. The partnership will also include investment opportunities in marine and industrial products and services. QFZA signed its third MoU with the Administration of Xiamen Area of China (Fujian) Pilot Free Trade Zone (Xiamen-FTZ) to collaborate in identifying investment opportunities and developing key industries to boost manufacturing while enhancing research and development in order to provide more job opportunities. As part of the partnership, both QFZA and Xiamen-FTZ will implement trainings for staff on trade promotion, professional skills and company capacity building.