QFC Discusses Economic Cooperation with over 120 German Companies

Doha, February 23 (QNA) - The Qatar Financial Centre (QFC) has successfully engaged with 120 key German businesses during panel discussions that were held in Berlin on the side-lines of the 6th session of the Joint Qatari-German Commission on Economic, Commercial and Technical Cooperation. A statement released by QFC today said that the Ministry of Commerce and Industry, in cooperation with the Federal Ministry for Economic Affairs and Energy, Germany, organized the event. Discussions were held under the theme "From Berlin to Doha", and included two panels focusing on driving economic diversification and the future of artificial intelligence and Smart Cities and what it means for Business: Chief Executive Officer at QFC Yousuf Mohamed Al-Jaida affirmed that QFC is proud to have participated in these panel discussions, which brought together key stakeholders from both countries to discuss areas of further economic cooperation, adding that Germany has been and will remain an important partner and market for Qatar and the QFC, with bilateral trade reaching 1.9 billion, which accounts for 1.8% of Qatar's foreign trade. He said that QFC will continue to engage with the German business community to further strengthen our valued partnerships. Qatar and Germany have well-established economic relations. The number of German companies operating in Qatar has reached over 300 with a combined capital of 340 million. The QFC is also home to four German firms including Deutsche Bank, Rodl & Partner Middle East, MedGulf Takaful and Karcher LLC. The QFC seeks to strengthen Qatar's position as an attractive and rewarding destination for companies looking to expand their operations in the Middle East and benefit from business opportunities in the country. Once a company applies for a license, the QFC appoints a specialized director to provide guidance services on the process of registering, obtaining a license and starting business in Qatar. 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% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 70+ countries. (QNA)