(MENAFN- The Peninsula) By Satish Kanady | The Peninsula
H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani, Minister of Economy and Commerce said yesterday Qatar has emerged as one of the best investment-friendly destinations after it introduced a series of key incentives to foreign investors. The incentives include exemption foreign capital from income tax for ten years from the date of the project's commercial operation; not imposing taxes on importing large machinery, spare parts and raw materials; and allowing the transfer of profits abroad and transfer of company ownership for free.
Sheikh Ahmed was addressing the Qatari-Sri Lankan Business Forum here yesterday, in the presence of the visiting Sri Lankan President Maithripala Sirisena.
The minister said the laws and legislative frameworks that are introduced to regulate the business environment in the country have allowed foreign investors the opportunity to execute investment projects in different sectors with 100 percent ownership, indicating that the economic policies adopted by the state to enhance the partnership between the public and private sectors have been an important catalyst for diversifying the economy and developing the contribution of non-oil sectors, which stood nearly at 70 percent of GDP in 2016.
With regards to the joint cooperation between Qatar and Sri Lanka, the minister said these friendly relations that began in the mid 70's reflect both countries' keenness to consolidate the economic, trade and investment cooperation. with a capital of about QR45.5m. The agreements and memoranda of understanding (MoUs) signed between both countries and covers many vital fields have played an important role in strengthening the economic relations between both sides. He called on the need to exert more efforts to activate all agreements and MoUs and to expand bilateral cooperation at all levels.
The minister expressed hope for the Qatari-Sri Lankan Business Forum to bridge the communication between the private sectors of both sides, which, in turn, increases the investments of Sri Lankan companies in Qatar and enables them to benefit from the promising investment opportunities the Qatari economy offers. In addition, it will encourage more Qatari companies to enter the Sri Lankan market and invest in fields of high strategic priority to the State, especially in the agricultural and financial sectors.
He said the second edition of the Qatari-Sri Lankan joint committee for economic and technical cooperation will be held in Colombo soon. The outcome of this meeting is expected to add more investment partnerships in the private sector of both sides; and both parties will hopefully work to develop new investment fields that would benefit the two countries.
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