Experts at a panel discussion during the roadshow in France.
DOHA: Senior officials from the Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, successfully concluded panel discussions, face-to-face consultations and networking events with professionals from French and Spanish corporations and private firms this week.
The event came as part of the QFC’s efforts to highlight the strong historical relationship between France and Qatar and Spain, and to help companies looking to grow their businesses in the Middle East. In addition, The QFC discussed its regional strategy with both its French and Spanish counter parts to attract regional headquarters to operate in Qatar.
Bilateral trade between Qatar and France is estimated around QR7bn and Qatari investments in France have reached over QR72.8bn. As many as 120 French companies have established their facilities in Qatar, and a number of agreements and treaties have been signed between the two nations.
Relations between Qatar and Spain continue to grow stronger. In 2017, bilateral trade between Qatar and Spain increased by 37 percent to more than QR4.5bncompared with the previous year.
In February 2018, Qatar and Spain signed an agreement to avoid double taxation and prevent income tax evasion (DTA).
Highlights at the roadshow included presentations from senior QFC representatives who highlighted market sectors to potential investors, includingQR72.8bn investment in Qatar’s sports & events market,QR46.6bn transportation market,QR21.12bn healthcare market andQR20bn tourism & culture market.
Speeches and panel discussions included representatives from Le Medef International, Business France, CDC International, Future French Champions, Total S.A., Alstom, Al Sulaiti Law Firm, GRUAU Group, Olmix, Qadran, both the Madrid and Spain Chambers of Commerce, the Ministry of Economy and Competitiveness, IBERDROLA, and Qatar Airways. Participants also engaged in one-on-one consultation sessions with QFC’s leading experts, enabling them to gain a better understanding of the business landscape and advantages of operating businesses in Qatar.
Dr Khalid bin Rashid Salem Al Mansouri, Ambassador for the State of Qatar to the French Republic, co-host of the QFC Paris roadshow said: “Over 120 French companies came to meet and hear from the QFC Authority at their roadshow in Paris, thus confirming and celebrating forty seven years of excellent Franco-Qatari relations. At this key moment in the history of Qatar, we hope more French companies set up their business in Qatar. Most sounded particularly keen and enthusiastic.”
Mohammed bin Jaham Al Kuwari, Ambassador for the State of Qatar to Spain who was Guest of Honour at the QFC Madrid roadshow, added: “A number of prominent Spanish businesses came to the QFC Authority’s Madrid roadshow to learn about the vast array of opportunities in Qatar. Spain and Qatar have had a very close relationship for many years now, Spain is one of the main importers of Qatari natural gas and Spanish food exports in Qatar have increased since the start of the blockade. Another clear sign of the prevailing harmony between both nations are the more than one hundred Spanish companies present in Qatar. I am convinced that these relationships will continue to grow stronger in the future.”
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: “Despite the regional blockade, Qatar and the QFC are finding challenges have indeed become opportunities. 2017 was the fastest growth period for the QFC, with new firms joining the platform increasing by 66 percent compared to the previous year. In addition, Qatar is opening up its economy even more, allowing more access and ownership to foreign investors.”
He continued: “Why are we experiencing so much success you ask? It is simple. Qatar is an unsaturated market, full of opportunities and investors are attracted to this.”
“Our roadshows in Paris and Spain provided the ideal opportunity for French and Spanish investors and businesses to discuss these opportunities and learn how the QFC can support them in setting up in Qatar. Our discussions have been very fruitful and we are confident that they will positively contribute in further enhancing the relations between Qatar, France and Spain,” he added.
