The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, recently signed a Memorandum of Understanding (MoU) with the Pakistan Stock Exchange (PSX), on the sidelines of the inaugural Pakistan-Qatar Trade & Investment Conference.
The agreement will see the QFC and the PSX collaborate on a variety of initiatives including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, facilitating trade and investment between companies in Pakistan and Qatar, as well as exploring the possibility to establish an international financial centre in Karachi or another major city in Pakistan.
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: “We are confident that this important MoU with the Pakistan Stock Exchange will facilitate an even greater level of cooperation between the two countries. Pakistan is one of thekey markets targeted by the QFC’s recently announced strategy, and an integral part of our New Emerging Belt Initiative, and this agreement will further bolster our commitment to this vital market.”
Al Jaida added:“The Pakistan Stock Exchange is an esteemed institution, and is among one of the world’s greatest performing stock markets – which is an indicator of course of the incredible growth and opportunities that are abundant in Pakistan’s markets. We look forward to the great accomplishments that will result from this partnership.”
Richard Morin, Chief Executive Officer, Pakistan Stock Exchange said:“This MoU provides the framework to continue and formalize the very constructive discussions QFC and PSX have had in the past few months and lead to concrete collaboration initiatives. Collaboration between our two organisations will not only benefit our 2 countries’ respective financial sectors but it will also help facilitate and support bi-lateral investments in other sectors.”
The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 70+ countries.
PSX is a publicly listed company that – with its affiliates, the National Clearing Company of Pakistan and the Central Depository Company – operates and develops Pakistan’s capital market. It lists and trades the securities of 546 companies, single stock and index futures as well as fixed income securities. PSX contributes to the economic development of Pakistan by providing a fair, transparent, and efficient marketplace to facilitate capital formation for the benefit of investors, issuers and all stakeholders.
Source from: The Peninsula