QFC seeks business ties with Singapore and Hong Kong-based firms

Qatar Financial Center (QFC) is exploring business opportunities with Singapore and Hong Kong-based firms as part of its efforts to strengthen its engagement with Asian region.In this regard, senior officials from QFC had face-to-face consultations and networking events with professionals from Asian corporations and private firms in Singapore and Hong Kong as part of the QFC Asia roadshow 2017.QFC officials in Hong Kong.As part of its ongoing collaboration with Qatar Tourism Authority (QTA), QFC representatives invited attendees to explore the investment opportunities in Qatar’s tourism sector, and learn about the support provided to investors by QTA’s Tourism Investment Promotion Unit, which works to facilitate access among investors, local and international talent, and government authorities.The event came as part of QFC’s efforts to address the burgeoning trend of Singaporean, Hong Kong and mainland Chinese companies looking to grow their businesses in the Middle East.Relations between Singapore/Hong Kong and Qatar have continued to strengthen over the years. Bilateral trade between Singapore and Qatar stood at 45.1bn Singapore dollars in 2015.Qatar and Hong Kong are both situated in the ‘One Belt, One Road’ region, which has helped strengthen ties between both countries, bilateral trade between both countries stood at $150mn in 2015.“Our roadshows in both Singapore and Hong Kong provided the ideal opportunity for Asian investors and businesses to discuss investment opportunities in Qatar and get acquainted with the support we provide our firms to expand globally. Our discussions have been very productive and we are confident that they will positively contribute in further enhancing the relations between Qatar and Singapore/Hong Kong,” QFC Authority chief executive Yousuf Mohamed al-Jaida said.The roadshows saw presentations from senior QFC representatives as well as case studies by Hong Kong and Singapore companies that currently have operations in Qatar. Participants also engaged in one-on-one consultation sessions with the QFC’s leading experts, enabling them to gain a better understanding of the business landscape and advantages of doing businesses in Qatar.Singapore and Qatar have an outstanding bilateral relationship, reinforced by high-level joint committee meetings and a free trade agreement with the Gulf Cooperation Council - the first country outside of the Middle East to be a signatory.This bilateral cooperation is evidenced by a number of major infrastructure projects already underway in Doha and elsewhere in Qatar, said Abdullah bin Ibrahim Abdulrahman Sultan al-Hamer, ambassador of Qatar in Singapore.“As preparations for the 2022 FIFA World Cup pick up pace, I am confident that there will be many more opportunities for Singaporean businesses in Qatar, across urban planning, architecture, engineering, information communications technology and other areas in which Singapore excels,” he said. Sultan bin Ali Yousif al-Khater, Consul General of Qatar in Hong Kong, said Qatar is home to one of the most stable and fastest growing economies in the world, offering many attractive opportunities for investors around the world. Highlighting that Hong Kong and Qatar have a historical friendly relationship, he said “we are committed to continue working with our friends and partners in Hong Kong to continue to develop the Qatari economy and to strengthen the growing ties between the two regions. With the One Road, One Belt initiative I am confident that there will be many more opportunities for Hong Kong businesses in Qatar.”