QFC Authority Chief Executive Officer Yousuf Mohamed Al Jaida
DOHA: Yousuf Mohamed Al-Jaida (pictured), Chief Executive Officer, QFC Authority, one of the world’s leading and fastest growing onshore business and financial centres, spoke at the fourth Asia FDI Forum, which was held in Hong Kong from 22-23 March.
The forum, which was attended by participants from academic, government and private sector institutions, focused on special economic zones, designated areas that have economic regulations different from those of the countries that surround them. Discussions at the forum centred on the opportunities and challenges these zones present to their host nations.
Speaking at the event, Yousuf Mohamed Al Jaida (pictured), Chief Executive Officer, QFC Authority stated: “The relationship between Qatar and our partners in Asia continues to grow year on year. As a matter of fact, over 22 percent of the firms registered under the Qatar Financial Centre in 2016 were from the Asia Pacific region. These 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.” QFC’s participation 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.
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 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 USD$196 million in 2016, and the One Belt, One Road initiative is further helping to strengthen the relations between both regions.
