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Qatar showcases its advanced business environment in Sofia

Qatar showcases its advanced business environment in Sofia


Tribune News Network
Doha
Minister of Economy and Commerce HE Sheikh Ahmed bin Jassim bin Mohammed al Thani shone the spotlight on Qatar's investor-friendly attributes and advanced business environment in Bulgarian capital Sofia on Thursday as he sought stronger trade ties with the country.
Sheikh Ahmed was addressing the Qatar-Bulgaria Economic Forum he inaugurated along with his Bulgarian counterpart Emil Karanikolov. The event was held on the sidelines of the official visit of the Emir HH Sheikh Tamim bin Hamad al Thani to Bulgaria.
Organised by the ministry in cooperation with the Bulgarian Agency for the Promotion of Small and Medium Enterprises, the forum aims to enhance Qatari-Bulgarian economic, trade and investment cooperation, and develop private sector alliances between the two countries.
In his opening speech, Shiekh Ahmed said Qatar looked forward to working with Bulgaria to bolster their partnerships in trade and investment.
"Qatar is today one of the most investment-friendly countries in the region thanks to its balanced policies, economic decisions and strategic position, which allows the country to become a trade hub for countries across the region and worldwide," the minister said.
Foreign companies looking to expand their business in Qatar can benefit from an advanced business environment, he added.
In this context, Sheikh Ahmed said, the government has allowed foreign investors up to 100 percent ownership in many sectors and is exempting invested foreign capital from income tax for up to 10 years for specific investment projects.
In addition, Qatar is offering exemptions from customs taxes and duties when importing equipment and raw materials, the minister said, noting that investors are free to repatriate their profits and transfer the ownership of companies.
Sheikh Ahmed said investors can choose between operating their investment projects in free zones or in the local markets. Qatar is currently developing two free zones spanning 35 million square metres. This will position Qatar as an ideal destination for foreign direct investment, the minister said, adding that the country established four new logistics areas that have contributed to reducing the cost of warehousing and bolstering the supply chain.
Touching on Qatar's legislative environment, he said that the government is currently working on issuing a new public private partnership law that will coincide with the launch of a number of investment projects. The minister added that a law regulating the investment of non-Qatari capital in economic activity was recently issued, which significantly eases the registration of companies and opens the door for investments across all sectors.
He also noted that investing in Qatar is now much easier compared to other regional countries through the Invest in Qatar Center, which aims to help investors establish their projects and streamlines business procedures.
Sheikh Ahmed also highlighted the state-of-the-art infrastructure provided to investors in Qatar.
Qatar Chamber Chairman Sheikh Khalifa bin Jassim bin Mohammed al Thani, Bulgarian Chamber of Commerce and Industry President Tsvetan Simeonov, Bulgarian Agency for the Promotion of Small and Medium Enterprises Executive Director Gabriela Kozareva and Bulgarian Investment Agency Executive Director Stamen Yanevattended the forum.

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