The Chief Executive Officer (CEO) of Qatar Free Zones Authority (QFZA) Lim Meng Hui announced yesterday that the Authority is holding QR3.64bn ($1bn) fund to promote investment and economic growth in the country.
This came as the CEO was addressing at the Silk Road Exhibition & One Belt, One Road Conference, organised by Dar Al Sharq, highlighting the business and investment opportunities arising out of the belt and road initiative (BRI) almost across all over the world as a result of the mega ambitious project being implemented by China and its partners.
The QFZA is the regulatory authority responsible for developing and overseeing free zones in Qatar. It sets the strategic direction as well as formulates and governs policies for businesses operating in the free zones spread in nearly 40 square kilometers of well-planned Zones.
The QFZA, according to recent reports, has already approved investment applications from major international and local companies valued at more than QR1bn by the end of August this year.
The CEO, during his speech also provided insight into the economic and trade potential of Qatar, with a special focus on the role of Qatar Free Zones in the development of Qatar’s economy.
“QFZA is a regulator, zones developer, holding at the same time a $1bn (QR3.64bn) fund to promote investment and economic growth. We have nearly 40 square kilometers of well-planned Zones,” Hui noted in his speech highlighting the importance of Qatar’s investments in One Belt, One Road Initiative.
He added: “Our direct role is to attract investments and long-term partners to Qatar, especially in three major sectors: logistics, chemicals, and emerging technologies.”
He further said that these sectors are chosen to capitalize on Qatar’s vast natural gas reserves; world-class infrastructure, high internet and IT penetration to make Qatar an excellent hub for tech operations, across automotive, marine, aviation, pharma, and chemical industries.
“Our vision is to create a diversified and flourishing Qatari economy, through developing the right business partnerships for Qatar. We intend to do this by helping and facilitating you, potential investors, to be on board for this purpose,” noted the CEO.
The QFZA facilitate potential investors by offering best-in-class investment incentives and business support, with unparalleled advantages such as 20 years tax holiday; zero customs duty; prime location for bonded connectivity from airport & seaport; 100 percent foreign ownership; access to government-backed funds; world-class services and state-of-the-art facilities; joint-venture partnership opportunities; and many more benefits.