(MENAFN- The Peninsula) Deepak John |
The Peninsula
Doha, Qatar: The Qatari market is promising with abundance of opportunities and an attractive destination for foreign investors, officials discussed at the China (Guangdong) – Qatar Economic and Trade Cooperation Forum, yesterday.
Addressing the forum, Badr Al Madhadi, investment Promotion Manager at the Qatar Free Zones Authority, shed light on the advantages of Qatar in attracting foreign investments.
He pointed out the most important thing that distinguishes the free zones in Qatar is their strategic location, as they are located 30 minutes from the center of Doha, near Hamad International Airport and Hamad Sea Port, both winning international awards and represent the investor's gateway to the world.
Abby Chan, QFC Vice President Business Development, also gave a presentation in which she spoke about the center's taking many measures aimed at making it a regional and global business platform that serves the development of the Qatari economy and supports its expansion at the regional and international levels.
Chan explained that the center aims to transform Doha into a leading global financial and commercial capital in the region. She also spoke about the legal incentives QFC offers, which allows 100 percent foreign ownership of companies and the establishment of companies in accordance with international standards and regulations, including the regulations of the IMF and other international organisations.
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She also pointed out that the tax system is distinguished and allows all necessary clarifications to be provided to investors, stressing that the center is capable of resolving any problem that may occur regarding companies' work within 24 hours, which is a record time.
Also, speaking during the event, Hua, Director of Commerce in Guangdong Province, discussed the constantly improving business environment in the province, including more than 300,000 foreign-invested companies.
Last year, Guangdong Province's total foreign trade value reached 8.31 trillion yuan ($1.2 trillion), accounting for 19.8% of China's total, with the measure ranking first for the country for 37 consecutive years. It also represents a major part of China's foreign trade and is considered an industrial center that accounts for about one-tenth of the country's GDP and is the largest among all Chinese provinces. The province's gross domestic product last year was 12.9 trillion yuan ($1.9 trillion).
He also said that last year, the number of industrial clusters in the province rose to eight trillion yuan ($147bn), with 67,000 industrial enterprises and 69,000 high-tech enterprises, ranking first in China.
For her part, Chen Jiansha Director at the Guangzhou Municipal Commerce Bureau, said that Guangzhou Industrial City formed a link between international trade and investment alike. With the establishment of more than 1,700 foreign investment institutions, the United States, Taiwan, Singapore, Hong Kong and Korea are among the top five sources of foreign investment, which constitutes about 90% of the total foreign capital. She also added during her presentation that the Global Unicorn Index 2023, which included in its list a total of 1,361 unicorn companies from all over the world, said that the Greater Bay area includes about 20% of all Chinese unicorn companies included in the classification, and that 22 unicorn companies is already located in Guangzhou.
Chen invited the Qatari Businessmen Association and the local companies to visit the Canton Fair next November, as the Fair in Guangzhou is considered one of the largest trade fairs in the world. It has been held in Guangzhou for more than 60 years, presenting many products, and most companies in China participate in it.