Asia Pacific accounts for 22% of QFC firms registered in ’16

More than 22% of the newly registered firms in the Qatar Financial Center (QFC) in 2016 were from the Asia Pacific region, indicating the robustness of its geographical diversification strategy as part of global outreach.“This further highlights the close ties between Qatar and its partners in Asia which we hope to continue to strengthen in the years to come,” QFC Authority chief executive Yousuf Mohamed al-Jaida told Asian ambassadors to Qatar.Addressing “Asian Ambassadors Group Dinner,” held by Japanese envoy Seiichi Otsuka, al-Jaida said those registered from the Asia Pacific region include the Sumitomo Mitsui Banking Corporation, the Industrial and Commercial Bank of China, the Japanese Society in Doha and Hanwha Techwin.“There is no better time for companies to expand to Qatar; foreign companies and firms have an abundance of opportunities to service a market that has proven its resilience and resolve. Qatar will continue to grow and develop and I am sure Asian companies will play an important role in that growth,” he said.Otsuka said over the past few decades, Qatar has become one of Japan’s most important Middle Eastern partners.Driven by Japan’s demand for steady access to hydrocarbon resources from a reliable and stable partner and Qatar’s large-scale projects in preparation for the World Cup in 2022, the energy and construction sectors continue to dominate bilateral trade, he said.Stressing that in recent years, Tokyo-Doha relations have expanded in financial, security, educational, and diplomatic spheres, Otsuka said the continued close ties between the two nations provide further opportunities for joint business ventures.The QFC continues in its efforts to diversify the economy and position Doha as the region’s leading financial and commercial capital. Throughout the year, the centre has made valiant efforts to attract global firms to its platform. This includes a roadshow that visited a host of major cities across Europe and Asia.Al-Jaida had earlier said there were credible evidences to show that the QFC was an ideal platform, not only for international companies who want to expand their business activities to Qatar, the Middle East, Africa and South Asia; but also for local businesses looking to expand regionally and internationally.The QFC has already embarked on a five-year strategy through which the centre is planning to triple foreign direct investments flows from its registered firms to more than QR200bn and account for at least 5% of the market capitalisation of the Qatar Stock Exchange through the listing of its entities on the local bourse.