Shenzhen companies are welcome to take advantage of the countless incentives and facilities offered by Qatar’s free zones for win-win cooperation, said Lim Meng Hui, chief executive officer of Qatar Free Zones Authority (QFZA).
The authority that regulates the free zones in Qatar signed a memorandum of understanding (MOU) with the Shenzhen Cross-border E-commerce Association in Shenzhen yesterday.
The signing of the MOU will pave the way for the association to open an office in Qatar’s free zones.
The skyline of Doha, capital of Qatar.
The two sides also seek to provide incubation facilities for member companies of the association to settle in the zones in a fast, low-cost and efficient manner.
“The reason we have picked this association to partner with is in line with Qatar’s economic growth and development, particularly the industry positioning for the free zones,” Lim told the Shenzhen Daily.
Lim said he hopes the association can invite their member companies to tap the business opportunities in Qatar and the Middle East and North Africa region.
“I understand that they have about 2,000 members who are top companies in logistics, e-commerce and technology. These are exactly the companies that we are looking to attract to the free zones,” Lim said.
According to Lim, companies operating in Qatar can benefit from 100 percent foreign ownership, renewable 20-year tax holidays, exemption from corporate tax, personal income tax and customs duties, and access to a skilled and flexible workforce.
Lim noted that there are many areas in which Shenzhen can share its experience with Qatar. “Shenzhen is one of the most vibrant cities in China and is a model for economic reform and development in China. It’s really leading the way in terms of innovation, policies, industry and so on.”
China is Qatar’s third-largest trading partner. In 2018, the trade volume between China and Qatar grew by 27 percent to US$13.5 billion.
In 2015, China inaugurated the Middle East’s first renminbi clearing center in Doha, capital of Qatar.
Qatar is China’s second-largest source of liquefied natural gas imports.