Posted on October 15, 2019

The Qatar Financial Centre, one of the world’s leading and fastest growing onshore business and financial centres, recently addressed an audience comprising high-level Korean officials including ministers and business leaders during the Qatar-Korea Business Forum.

The forum was inaugurated by H.E. Mr. Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry, and included networking sessions and panel discussions that explored investment opportunities in Qatar, as well as the impact of Artificial Intelligence (AI) and smart cities on business. Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, joined a number of stakeholders to discuss investment pathways to Qatar. The CEO was joined by Sheikh Ali Alwaleed Al Thani, Chief Executive Officer, Investment Promotion Agency; Khalid Abdulla Al-Mana, Executive Director of Business Finance, Qatar Development Bank; and Hamad Al Mohannadi, Business development Manager, Qatar Free Zones Authority.

Other participants included H.E. Sheikh Faisal bin Qassim Al Thani, Chairman, Qatari Business Association; H.E. Sheikh Khalifa bin Jassim Al Thani, Chairman, Qatar Chamber; andH.E. Sung Yun-mo, South Korean Minister of Trade, Industry & Energy; as well asH.E. Yongmaan Park, Chairman, Korea Chamber of Commerce & Industry.

Yousuf Mohamed Al-Jaida (pictured), Chief Executive Officer, QFC said: “Qatar and Korea share extensive bilateral economic relations that continue to grow year-on-year. Qatar is currently not only the top LNG supplier to South Korea, but trade volume between our two nations increased by an impressive 44% to reach USD $16.8 billion in 2018.The forum works to highlight the many ways in which cooperation can be further enhanced between Qatar and Korea, and I am confident that we will witness many mutually beneficial engagements as a result. These will build on the extensive agreements and partnerships that were inked between Qatar and South Korea earlier this year in a variety of industries including technology, communications, and agriculture.”

Al-Jaida added: “The Qatar Financial Centre is committed to continuing to develop and strengthen these relations, and is already home to several key Korean businesses such as Hanwha Techwin and HAEAHN Architecture Inc. We look forward to welcoming even more businesses from South Korea to the QFC in the future.” 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 81 countries.

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