Qatar Free Zones Authority (QFZA) has announced the signing of three Memorandum of Understandings (MoUs) with leading entities in China to fuel further growth within the free zone developments and wider Qatar economy.
An MoU was signed with the China Council for the Promotion of International Trade (CCPIT), in the presence of the leadership of the two countries among other agreements signed between the two sides. The MOU will facilitate cooperation through information exchange mechanisms and building a business-to-business consultation platform.
Additionally, the partnership will focus on implementing exchanges to assist business communities in better understanding relevant regulations that govern operating in Qatar or China. CCPIT will help Chinese companies better understand the policies and regulations of Qatar Free Zones Authority, by sending and receiving business missions, organizing events, and releasing information, etc, to further promote bilateral trade and mutual investment.
The MoU signed with China Harbour Engineering Co (CHEC), a world-renowned company which represents the overseas arm for its parent company China Communications Construction Company Ltd CHEC, is planning to cooperate with its sister company, under CCCC, which produces new energy vehicles, on the potential investment in Qatar Free Zones.
CHEC will also assess cooperation on potential investment opportunities to establish a clean energy bus assembly factory in the Qatar Free Zones. The clean energy bus assembly factory will be up to 50,000 sq metres and will cater both local and regional markets. This will be complemented by the establishment of a machinery and spare parts processing and transfer warehouse to cater to demand in the Middle East, Africa and Europe, located adjacent to the Hamad Port.
The partnership will also include investment opportunities in marine and industrial products and services.
QFZA signed a third MoU with the Administration of Xiamen Area of China (Fujian) Pilot Free Trade Zone (Xiamen-FTZ) to collaborate in identifying investment opportunities and developing key industries to boost manufacturing while enhancing research and development in order to provide more job opportunities. As part of the partnership, both the QFZA and Xiamen-FTZ will implement trainings for staff on trade promotion, professional skills and company capacity building.
Commenting on the new partnerships, the Minister of State and Chairman of the Qatar Free Zones Authority H E Ahmad Mohamed Al Sayed, said: “Today’s agreements are built on the strength of Qatar’s relations with China, the world’s largest manufacturer and home to many large industrial hubs.
Their position has been strengthened by the implementation of the Belt and Road Initiative through developing economic and trade ties and enhancing the production capacity of countries along the Silk Road.
Qatar’s strategic location at the crossroads of Asia, Africa and Europe positions the country and the QFZA as an important partner for China. We are confident that Qatar in General and the QFZA specifically will provide the ideal platform for entities in China to expand and benefit from Qatar’s strategic geographic location, free trade policies and state-of-the-art infrastructure.”
President of China Harbour Engineering Co Tang Qiaoliang, added: “As a country along the silk road and at the crossroads of the three continents of Asia, Africa and Europe, Qatar’s unique geographical and strategic position makes it a potential trade center and a gateway to the world and plays an important role in China’s Belt and Road Initiative. CHEC wishes to have further cooperation with QFZA to explore potential investment opportunities in the Qatar Free Zones, and continuously expand cooperation fields.”
Ni Chao, Standing Committee Member of CPC Xiamen Municipal Committee, Director General of Administration of Xiamen Area of China (Fujian) Pilot Free Trade Zone, said: “Since its establishment three years ago, Xiamen FTZ has been committed to creating a world-class business environment. We are actively involved in the “Belt and Road” Initiative and give full play to the strategic advantages of being located in the Core Area of the 21st Century Maritime Silk Road.”
He added: “We have been strengthening cooperation with countries along the Ancient Silk Road in maritime shipping, trade platforms and customs clearance cooperation and Xiamen FTZ has gradually become a new highland for opening-up and cooperation. The cooperation with the Qatar Free Zones Authority will further promote bilateral exchanges in trade promotion, industrial investment, talent training and other aspects, which will facilitate the mutual development under the Belt and Road framework.”
Source from: The Peninsula