(MENAFN- The Peninsula) The Peninsula
Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani has revealed the vast opportunites available for non-Qatari investors in Qatar. Foreign investors can invest up to 100 percent in several sectors in Qatar. He said foreign capital invested is exempted from income tax for a period not exceeding ten eyars from the date of inestment in start-up and in certain other projects.
The Minister said, over the years, Qatar has emerged as one of the best investment-friendly destinations in the world.
Speaking at the Qatari-Singaporean Business Forum organised yesterday by the Ministry of Economy and Commerce, in coordination with Singapore Ministry of Trade and Industry and in line with the visit of H H the Emir Sheikh Tamim bin Hamad Al Thani to the Republic of Singapore,the Minister said the logistics and industrial zones provided by the Qatar is the latest in the series of the country's efforts to develop Qatar conducive to attract investments. The Minister revealed the incentives provided by Qatar Financial Centre, Qatar Science & Technology Park, Logistic Parks and Industrial Zones on this matter confirm Qatar's commitment to provide investment-friendly environment. The works to develop a Sport Business Park is fast progressing and will be dedicated to sports companies that will contribute to organizing the 2022 FIFA World Cup, he said.
Qatar holds an important competitive ranking in the energy sector, thanks to its rich gas and petroleum resources, being the world's first exporter of liquefied natural gas (LNG), the biggest exporter of helium and the fourth biggest producer of urea in the world.
Elaborating further on the business-friendly laws and legislations in Qatar, the minister underpinned the efforts exerted by Qatar to establish the concept of the rule of law which is one of the most important features of the Qatari legislative environment at a global level. Qatar ranked 10th in the strength index of institutions and recently enacted several laws that stimulate business with the new Qatari arbitration law, the commercial companies law and the labor law being the most important. The country is currently preparing to issue a law on partnership between the private and public sectors which aims to contribute to facilitating setting up new projects in the health, education and other sectors, he said.
The Minister highlighted the high ranks Qatar occupied in different global reports, including in the index of low inflation, providing safe business environment, tax impact on investments, and the government efficiency index.
Sheikh Ahmed called on international business community to take advantage of the investment opportunities offered by the State of Qatar, especially as it provides important incentives in a number of priority sectors, including industry, agriculture, health, education, information technology, tourism and sports.
He stressed the State's keenness not to impose taxes on the import of large machinery and spare parts and raw materials, and not to impose restrictions on capital and transfer of profits abroad, in addition to allowing the transfer of ownership of the company free of charge.
On Qatar-Singapore relations, the Minister said that there are promising opportunities and a bright future for economic and trade relations between the two countries. Currently, Singapore is the seventh trading partner of the State of Qatar with a total trade exchange of about $3.5bn. Qatar's exports to Singapore amounted to about $3bn in 2016, while Singapore's exports to Qatar reached more than $350m in 2016, he said.
Addressing the event, Singapore's Minister of Trade and Industry S. Eswaran lauded the distinguished relations between the two countries. He said his country regards Qatar as a strategic trading partner, with Singapore importing the bulk of its natural gas needs from Qatar. He also praised the role of the economic forum, stressing that there are promising opportunities for cooperation between the two sides to enter into fruitful partnerships.
The Forum brought together more than 450 business leaders, investors and government officials from both countries, heads of companies, economic authorities and investment experts.
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