Qatar Financial Centre Strengthens Ties With Hong Kong

Tuesday, 16 July 2019, 15:45 HKT/SGT

Doha, Qatar, July 16, 2019 - (ACN Newswire) - The Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, signed a number of agreements and held high-level B2B meetings with key Hong Kong entities and attended the Rise Summit, part of Web Summit, one of the largest and fastest-growing technology conferences in the world, as part of recent engagements in Hong Kong.

Sheikha Alanoud Bint Hamad Al-Thani Managing Director, Business Development, QFC, with Consul General for the State of Qatar in Hong Kong and Mr Johnny Chan, Chairman of the Chinese General Chamber of Commerce

Sheikha Alanoud Bint Hamad Al-Thani Managing Director, Business Development, QFC, during the signing of the HKGCC MoU

Sheikha Alanoud Bint Hamad Al-Thani Managing Director, Business Development, QFC, signing the MoU with Stephen Phillips, Director-General of Investment Promotion at Invest Hong Kong

During the visit, Memorandum of Understandings (MoU) were signed with InvestHK and the Hong Kong General Chamber of Commerce (HKGCC) to promote investment between Hong Kong and Qatar; common interests and collaborative initiatives; proactively expose Hong Kong and mainland China firms to companies within the QFC; as well as facilitate meaningful dialogue and interaction especially with targeted cluster businesses that are interested in investing in Qatar and the region.

The MoU with InvestHK will also aims at co-hosting focused investment promotion events that support bilateral relations between Hong Kong and Qatar, as well as jointly supporting local companies in each country to set up or expand their business in each of these respective markets.

The QFC's engagement with the HKGCC will focus on hosting key meetings with suitable business delegations from the State of Qatar and Hong Kong, in addition to organising relevant seminars and conferences.

Sheikha Alanoud Bint Hamad Al-Thani, Managing Director, Business Development, QFC Authority said: "Hong Kong and Qatar have enjoyed strong bilateral relations for many years and these agreements are a testament to these historical ties. Through these MOUs, we are also broadening the capacity of the QFC to create even more business prospects for organisations based in Qatar and Hong Kong, while paving the way for more avenues for mutually beneficial collaboration. I am confident that we will witness significant process as a result, and look forward to the many opportunities that will result from our combined efforts."

The Consul General of the State of Qatar in Hong Kong, His Excellency Mr. Mohammed Sultan Al Kuwari commented saying: "Hong Kong remains a pivotal partner for Qatar and the signing of these MOUs further shows the commitment and support both parties have for each other, including mutual cooperation to increase Foreign Direct Investment. We look forward to working with InvestHK and HKGCC more, and are excited to see the great accomplishments that will undoubtedly result from these agreements."

InvestHK's vision is to strengthen Hong Kong's status as the leading international business location in Asia by attracting and retaining foreign direct investment which is of strategic importance to the economic development of the region.

Mr Stephen Phillips, Director-General of Investment Promotion at Invest Hong Kong (InvestHK) said: "The signing of the MOU today signifies an important milestone for Hong Kong and Qatar in terms of mutual investment promotion cooperation. The MOU offers a basis for both parties to enhance the existing ties beneficial to attracting foreign direct investment to each other's jurisdictions. Towards this end, InvestHK will continue to work closely with QFC over future investment promotion work."

The Hong Kong General Chamber of Commerce aims to promote, represent and safeguard the interests of the business community in Hong Kong, and simultaneously provide support, networks, training and business services to help the business community grow.

Shirley Yuen, CEO of HKGCC, said: "The Gulf Region has long been a key market for Hong Kong companies, and it is also at the crossroads of the very important Belt & Road Initiative. We look forward to working with QFC through this MOU to help businesses expand their trade, investment and understanding of the rapidly diversifying Qatari economy to capture more opportunities in the country."

The QFC is an onshore jurisdiction that allows registered companies to 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 81 countries.

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 up to 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 www.qfc.qa
@QFCAuthority | #QFCMeansBusiness

MEDIA CONTACTS
QFC: Hala Kassab
T. +974 3300 0216
E. h.kassab@qfc.qa

BLJ Worldwide: Shrief Fadl
T. +974 7021 8258
E. shrieff@bljworldwide.com

Topic: Press release summary Sectors: Daily Finance, Daily News
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