Asian Firms in Discussion with QFC on Business Opportunities in Qatar
Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, organised the 'QFC Ambassador Roundtable', an inaugural event held in line with the QFC's commitment to bolster ties with key countries through commercial exchange and in the process to attract additional foreign firms to the Qatari market by offering privileged access through the QFC's unique platform.
An enhanced interactive dialogue on key issues saw the participation of several esteemed Ambassadors, Commercial and trade attachés, and senior officials from various business councils. These discussions revolved around recent developments pertaining to expanded bilateral relations, novel strategic MoUs, and the increased use of and interest in the QFC's platform from the various countries represented at the roundtable. Concurrently, the QFC spoke to its own increased focus on strategic sectors as part of its 2022 strategy, including FinTech, Sports and digital. The resulting conversation addressed issues of importance to QFC business councils and foreign enterprises, including the recently approved process that allows non-regulated firms to participate in public tenders.
The 'QFC Ambassador Roundtable' put into spotlight Qatar's increasingly competitive business environment. The QFC spoke to its role that contributed to Qatar being rated as a top 20 global business environment performer in the World Bank/IFC's Doing Business 2020 Report. Coupled with projected strong growth across diverse industries, lucrative opportunities are fuelling growth of foreign direct investment into Qatar. QFC plays a key role in attracting such investment through its hosting of regular business delegations and the provision of efficient structures for successful business journeys into Qatar.
In his keynote speech, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority, said
Qatar's economy is recognised as one of the fastest growing economies in the world, and while this offers an abundance of investment opportunities, the QFC provides a competitive business framework to facilitate market access to businesses wishing to expand to the region. We are proud to say that today the QFC is home to over 760 businesses from around the globe. Over 70 of these firms are Asian companies and Asia remains an important market to Qatar and home to the country's top five trading partners. We are eager to see the new alliances with Taiwan and Japan arising from these roadshows and look forward to welcoming them to our platform.
Al-Jaida added: "With Qatar's fast-paced economy, there is undoubtedly great potential for future partnerships, especially since our country is poised for even more growth in the years leading up to the 2022 FIFA World Cup, as well as beyond."
Sheikha Alanoud Bint Hamad Al-Thani, Managing Director of Business Development, QFC Authority, said
"Since the QFC's inception, we have worked closely with embassies, trade attachés and business councils to host international business delegations and build efficient structures for successful business journeys in Qatar."
Al-Thani added: "QFC's efforts complement the sincere keenness of the State of Qatar to join efforts with esteemed countries and create profound ties, which contribute in bolstering promising opportunities across borders and realizing common strategies that lead to more flourishing economies."