PARIS--(BUSINESS WIRE)--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 corporations and private firms in Paris.
The event came as part of the QFC’s efforts to highlight the strong historical relationship between France and Qatar, and to help companies looking to grow their businesses in the Middle East.
Bilateral trade between Qatar and France is estimated around €1.6 billion and Qatari investments in France have reached €16.1 billion. 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.
Despite the imposition of a blockade on Qatar in June 2017, the Gulf country’s economy has continued to blossom, and its economic diversification strategy has been accelerated as a result of the regional situation.
Highlights at the roadshow included presentations from senior QFC representatives who highlighted market sectors to potential investors, including:
€16.1 billion Investment in Qatar’s Sports & Events Market till 2023
€10.3 billion Transportation Market
€4.6 billion Healthcare Market
€4.4 billion Tourism & Culture Market
Speeches and panel discussions included representatives from SNCF, Business France, Al Sulaiti Law Firm, GRUAU Group, Alstom, Olmix, Qadran and Total S.A. 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.
Commenting following the successful completion of the roadshow, H.E. Dr. Khalid Bin Rashid Salem Al-Mansouri, Ambassador of the State of Qatar to the French Republic, co-host of the event 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.”
Yousuf Mohamed Al-Jaida, QFC Authority Chief Executive Officer, 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% 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.”
He concluded: “Our roadshow in Paris provided the ideal opportunity for French 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 and France.”
The QFC platform has licenced a range of French firms including Airbus, DuPont, AXA, Nasco, Anotech and Sia Partners.
Once a company submits its application, a dedicated QFC relationship manager is appointed to provide guidance on the registration process, obtaining a license and setting up operations. 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% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries. In addition, the Employment Standards Office of the QFC is the first Administrative Employment Dispute Resolution Centre in the MENA region operating under International Labour Organization (ILO) standards.
Applications to set up under the QFC in Qatar can be initiated by visiting its website www.qfc.qa.
ABOUT THE QATAR FINANCIAL CENTRE
The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits.
The QFC welcomes a broad range of financial and non-financial services firms.
For more information about the permitted activities and the benefits of setting up in the QFC, please visit qfc.qa
@QFCAuthority | #QFCMeansBusiness
* Source: AETOSWire