More than 22% of QFC-registered firms are from Asia Pacific, says al-Jaida

More than 22% of the firms registered under the Qatar Financial Centre (QFC) were from the Asia Pacific and China’s ‘One Belt, One Road’ initiative is further helping to strengthen the relations between both the regions.This was announced by QFC Authority chief executive Yousuf Mohamed al-Jaida at the fourth Asia FDI Forum, which was held in Hong Kong last week.Highlighting that regional powerhouses as the Sumitomo Mitsui Banking Corporation and the Industrial and Commercial Bank of China, among many others are present in the QFC, he said this further demonstrates the close ties between Qatar and its Asian partners, which “we hope to continue to strengthen in the years to come.”Qatar is experiencing a flourishing relationship with Hong Kong and China as trade relations continue to grow, and Chinese companies look to expand their businesses to the Middle East. The bilateral trade between Qatar and Hong Kong stood at $196mn in 2016, and the One Belt, One Road initiative is further helping to strengthen the relations between both the regions, QFC said.The FDI (foreign direct investment) forum, which was attended by participants from academic, government and private sector institutions, focused on special economic zones — designated areas that have economic regulations different from those of the countries that surround them. Discussions at the forum centred on the opportunities and challenges these zones present to their host nations.QFC’s participation comes as part of its continued efforts to promote Qatar as a lucrative destination for companies looking to expand their operations to the Middle East and tap into Qatar’s multibillion dollar infrastructure programme.Similar to firms in special economic zones, QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty pact with more than 60 countries.