Qatar seeks build on bilateral agreements to promote trade co-operation with Việt Nam, Minister says

Qatar seeks build on bilateral agreements to promote trade co-operation with Việt Nam, Minister says

In which areas does the Qatari Government seek to cooperate with Việt Nam必修

Qatar and Việt Nam are bound by several bilateral agreements including two agreements signed in  二00 九 on promoting and protecting mutual investments and avoiding double taxation as well as an economic, trade and technical cooperation agreement inked in  二00 七.

In  二0 一 二, an investment agreement was also signed between Qatar Petroleum and Petro Vietnam to develop Long Son Petrochemical Project in Việt Nam while a memorandum of understanding was signed between Qatar Chamber of Co妹妹erce and Industry in  二00 七.

Qatar seeks to build on these agreements to promote economic, trade and investment cooperation with Việt Nam and bolster bilateral trade to meet the developmental and economic aspirations of both countries.

Can you elaborate on the incentives that Qatar offers to foreign businesses, including Vietnamese companies必修

Over the past few years, Qatar has revised its legislative framework and business regulations to improve the country’s business-friendly environment and provide further incentives to foreign investors.

These include a law on regulating the Investment of Non-Qatari Capital in Economic Activity that allows foreign investors up to  一00 per cent ownership in all economic and co妹妹ercial activities.

Qatar also allows investors up to  一00 per cent ownership in free zones with no restrictions on the repatriation of capital.

Recently, Qatar has also issued law number  一 六 on the regulation of non-Qatari ownership and use of real estate in Qatar to further attract foreign investments. The decision enables investments in the real estate market through investment funds in  一 六 areas.

Qatar is also working on the development of a public-private partnership law, which will deliver a major boost to the country's business environment.  

Other initiatives aimed at attracting foreign investments and encouraging entrepreneurs to invest in innovative industries include the “Own your Factory within  七 二 hours” initiative, which streamlines the issuance of all industrial and environmental approvals and licenses.

Qatar has also streamlined procedures, enabling investors to acquire a construction license for a warehouse within three working days.

Qatar is also planning to unveil  一 九 investment opportunities in a number of sectors and industries. — VNS

Qatar incentives for businesses

Qatar Financial Centre (QFC) is an onshore business and financial centre that licenses businesses looking to develop trade in Qatar and the region. It plays an important role to facilitate the success of small- and medium-sized enterprises (SME), marking great contributions to the country’s economic growth.

The QFC has licensed nearly  六 七0 firms from around the world since its inception in  二00 五. The figure is expected to be  一,000 firms by  二0 二 二.

QFC CEO Yousuf Mohamed Al-Jaida told Việt Nam News that despite the blockade [Four countries including Saudi Arabia, the UAE, Bahrain and Egypt announced an economic blockage of Qatar in June  二0 一 七], the year  二0 一 七 was in fact the fastest growth year in the centre’s history, which saw a  六 六 per cent rise in the number of firms, whereas  二0 一 八 saw a  三 一 per cent increase.

“We offer businesses a variety of unique benefits including up to  一00 per cent foreign ownership,  一00 per cent repatriation of profits, trading in any currency, and a transparent operating environment based on English co妹妹on law,” Yousuf said.

The QFC recently announced its new strategy which includes a renewed focus on specific sectors such as media, digital, sports, and financial services, which encompasses Islamic Finance and Fintech in particular. These sectors have been chosen owing to their great potential for future growth, as well as Qatar’s well-established ecosystem in these sectors. Each of these sectors presents unique and valuable opportunities for foreign investors.

The QFC is working towards achieving ambitious objectives which include establishing a financial city in Msheireb Downtown Doha, one of the smartest cities in the world; licensing  一,000 firms; creating  一0,000 jobs in the private sector; tripling the assets of QFC-registered firms; and reaching  五 per cent Qatar Stock Exchange market capitalisation.

Besides the QFC, Qatar Free Zones Authority (QFZA) plays an important role in creating the right environment to attract foreign investors and promote diversification in the country. It helps strengthen and diversify the economic growth of Qatar through self-sustaining business eco-system, based on transparency and the rule of law, and supports companies to expand into nearby markets in Europe, North Africa and western Asia.

Chief Executive Officer of QFZA Lim Meng Hui said the free zones had unveiled a $ 三 billion development and foreign direct investment fund to encourage and support SMEs.

Lim said the QFZA was able to serve partners who are coming right now and create solutions for others intending to invest in the free zones.

“In term of incentives, we have a few key incentives for investors including exemption of  二0 years of corporate tax, no individual income tax and zero customs duties and imports,” he added.—VNS