(MENAFN- Gulf Times) The Qatar-Malaysian Business Council held a virtual meeting Tuesday wherein both parties discussed partnerships and investment opportunities in various sectors, such as agriculture, hospitality, oil and gas, and real estate, among others.
The meeting reviewed the investment climate of both countries, and discussions were also held to develop ways to enhance cooperation between Qatari and Malaysian businessmen.
Qatar Chamber board member Dr Mohamed Jawhar al-Mohamed, who headed the council's Qatari side, commended Qatar-Malaysia relations, noting“substantial development” because of mutual visits made between leaders of both countries.
He said these visits contributed to taking Qatar-Malaysia ties“to higher levels in all fields,” especially in economic and trade, as well as in investments and human and social development that better serve common interests.
Al-Mohamed said both countries signed“many agreements” and MoUs in different fields,“adding further impetus to both countries' growing relations.”
He said the Qatar-Malaysian Joint Business Council was launched in 2017 following an agreement signed between Qatar Chamber and the National Chamber of Commerce and Industry of Malaysia (NCCIM).
The agreement aims to support and enhance relations of cooperation and rapprochement between businessmen from both sides, and to enhance trade exchange for the benefit of the economies of both countries.
As“one of Qatar's important partners,” al-Mohamed said Qatar-Malaysia trade stood at QR1.75bn in 2020. There are 40 Malaysian companies operating in Qatar, five of which are with full Malaysian capital and are active in various economic sectors, he said.
“Malaysia is a distinguished destination for Qatari investments, which are distributed in many fields, including tourism, hospitality, finance, real estate, and industry,” al-Mohamed said.
“While Malaysia succeeded to build a strong economy based on the optimal use of high technology, the State of Qatar has managed to build an economy that is among the fastest-growing economies worldwide and established a sophisticated infrastructure, in addition to issuing several legislation and laws that helped in attracting a host of leading foreign and international investments and companies,” al-Mohamed said.
“The Qatari market is promising and welcomes all investments,” said al-Mohamed, who encouraged Malaysian companies to boost investments in Qatar and benefit from the incentives for foreign investors, such as the Investment of Non-Capital in the Economic Activity Law, which allows full ownership in most economic sectors, in addition to the incentives offered by the free zones and industrial and logistic zones.
He asked Qatari and Malaysian businessmen to take advantage of the“huge potential” available in both countries and investment incentives to establish joint businesses and projects, especially with the upcoming 2022 FIFA World Cup 2022, which offers many opportunities for further cooperation between the Qatari private sector and its Malaysian counterpart.
Heading the Malaysian side, Mohamed Razeek Hussain said the meeting offers a good opportunity for both countries' businessmen to explore areas of bilateral cooperation for the advantage of both economies.
Hussain also hoped that efforts made by both parties would lead to more partnerships in both countries in different sectors. He also expressed readiness to help Qatari investors enter the Malaysian market and other markets in East Asian countries.
During the meeting, Qatar Chamber delivered a presentation about doing business in Qatar, highlighting features of Qatar's economy and incentives offered by the state to attract foreign investments.
On the other hand, the Malaysian side gave a presentation on the most important sectors for investment and policies of business and investment, as well as the incentives provided by the country to enhance the investment climate.
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