QFC Fosters Qatar-Indian Business Relations During Annual Networking Event
The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, in partnership with the Indian Business and Professional Council (IBPC), hosted an annual Qatar-India Networking Event, jointly organised by the QFC and IBPC, which aims to spread awareness about business reforms introduced by Qatar to make the investment climate in the country more open and investor-friendly.
The opening ceremony saw the attendance of H.E. Mr. P. Kumaran, Ambassador for India to the State of Qatar as well as H.E. Mr. Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority, and Mr. K.M Varghese, President, IBPC.
Qatar and India share an excellent bilateral trade and investment relationship which is growing steadily under an excellent framework provided by the leadership of the two countries. In 2017, India's exports to Qatar saw an impressive increase of 87% to reach USD 1.5 billion. India also remains the third largest export destination for Qatari products, while Qatar is the largest supplier of LNG to India, accounting for over 65% of India's global import and 15% of Qatar's LNG exports. Total trade between India and Qatar was over USD 10.5 billion in 2017-18.
With 24 fully owned Indian companies operating in Qatar, and an estimated 6,000 Qatar-India joint ventures operating in the infrastructure, ICT, energy sector, and other fields, the contribution of Indian businesses to the local economy is undeniable. QFC is also home to 31 Indian businesses including Tech Mahindra, and more recently FinTech firm Goals101, as well as many others.
In his address, the Indian Ambassador thanked QFC for partnering with IBPC in the initiatives to promote business and investment relations and said that, "India with a nominal GDP of over US$ 2 trillion (over $ 7 trillion on PPP basis) and growth rate of over 7.5 % has emerged as the fastest growing large economy in the world. The Indian growth story has a lot to offer to Qatar in terms of investment opportunities, a well-trained and qualified workforce, a promising market and business partnerships, to mention a few. The Embassy will continue to extend support to QFC in its efforts to promote business and commercial linkages."
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority said:
"We are proud to host the Qatar-India Networking Event in partnership with IBPC - the importance of the Indian market for the QFC and Qatar at large cannot be underestimated. Qatar and India have always enjoyed well-established bilateral ties, and the QFC will continue to support the thriving Indian business community in Qatar, which plays an active role in the continued development of these important relations."
"IBPC sees QFC as it's natural partner in Qatar to fulfil their vision of bringing as many Indian companies and investors to QATAR using the unique QFC platform" said KM Varghese President of IBPC, whole welcoming the guests to the event. "In the coming year we aim to have increased cooperation with QFC leading to more joint events like roadshows in major Indian cities to attract indian business houses to QATAR" he added.
QFC is an onshore jurisdiction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. QFC endeavours to promote Qatar as an attractive business destination. Companies that wish to establish a business in QFC are guided throughout by a dedicated QFC relationship manager who assists in the process of obtaining a licence and offers support in matters related to operating a business in Qatar. QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 60+ countries.
In addition, the independent Employment Standards Office of the QFC embodies a unique Administrative Employment Dispute Resolution Centre accredited by the International Labour Organization (ILO), providing conciliation and adjudication services free of charge to help resolve workplace conflicts. The ESO is fully aligned with the Qatar National Vision 2030 and aspires to promote international best practices in the field of human capital.