(MENAFN- The Peninsula) The Minister of Economy and Trade H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani yesterday briefed presidents and directors of major American companies in Harvard Club of New York areas of cooperation and investment opportunities in Qatar.
The Minister was speaking at a roundtable organised at the invitation of the Business Council for International Understanding, in the presence of the Chief Executive Officer of Qatar Investment Authority Ahmed Mohamed Al Sayed.
The Minister of Economy and Commerce spoke about the encouraging investment environment in Qatar, pointing out that such an environment is characterised by transparency and streamlined procedures for local and foreign investors.
He explained regulations of the practice of economic activity in Qatar by foreign capital as well as the laws of the company foundation are integrated to make Qatar an attractive economy to foreign capital, referring in this respect to the openness and the flexible and quick procedures.
Qatar, while applying Qatar Vision 2030, seeks to liberate the Qatari from relying on just oil and gas as two major income sources, and is working to diversify its economic base through the use of creative economic mechanisms, the Minister said.
He pointed to the huge investment in the infrastructure development, in addition to the opening of the door wide for those interested in investing in the fields of industry, agriculture, education, health, services, consulting, information technology, hospitality, tourism and recreation, petroleum derivatives, (petrochemicals), construction sector and real estate.
He told the roundtable that foreign investors could be able to participate in all economic activities in Qatar by owning 49 per cent of the invested capital, and this percentage could rise to reach 100 percent in certain areas such as agriculture, industry, health, education, tourism , development and extraction of minerals and energy, consulting, culture, sports, technical services and technology, according to the provisions of Law No. 13 of 2000, adding that foreigners can own real estate in some specific locations.
Sheikh Ahmed bin Jassim said investment can be made at Qatar Financial Centre and the Educational City since they are viewed as a free-trade zone, stressing that national laws governing economic activity are flexible and are updated on a continuous basis to keep pace with international standards.
He said that the rates of taxes and fees for founding companies in Qatar are encouraging factors for investors because they are low.
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