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Satyendra Pathak
Doha
In a major boost to Qatar’s economy, Qatar Free Zones Authority (QFZA) on Sunday held a ceremony to licence seven of the world’s leading companies from Germany, France, China, USA and Malaysia for joining free zones in Doha.
The signing of licences will see seven global companies namely China Harbor Engineering Company (CHEC), Gaussin, Inventus Power, Thales Group, Unistrong, Volkswagen and Wasco Coatings establish their operations in Qatar Free Zones (QFZ) with a collective investment of more than QR1 billion.
Witnessed by QFZA Chairman and Minister of State HE Ahmad al Sayed, the special ceremony was organised on the sidelines of the Doha Forum.
The seven companies will join a diversified group of more than 50 companies establishing operations in Qatar Free Zones.
The projects of the first group of companies represent a total investment of more than QR1.5 billion in Qatar Free Zones. All the companies will commence their operations in the free zones in the New Year.
Speaking on the occasion, Sayed said, “We are very proud to welcome seven leading global companies to Qatar Free Zones. They are joining a diversified list of over 50 approved and registered projects and companies.
“We have been working closely with companies around the world to attract them to Qatar. This announcement marks the end of a very successful year for us.”
He added, “Each of these companies is leaders in their space and comes from diverse markets around the world.
“Our partnership with them is testament to the strength of our bilateral economic and trade relations between Qatar and many countries around the world, and to the attractiveness of Qatar as an investment destination and Qatar Free Zones as a competitive regional business platform.
“I look forward to seeing their diverse projects come to life in the free zones and compete in various global markets.”
All seven firms will contribute significantly to the strength of the free zones and in turn to the growth and development of Qatar’s economy, he said.
The seven companies operate at the cutting edge of their space and represent a wide range of both sectors and markets.
Talking to Qatar Tribune on the sidelines of the signing ceremony, Volkswagen Middle East CEO and Managing Director Deesch Papke said that the company will set up a global research and development center at the QFZ.
“The research and development will be mainly related to developing the required physical and digital infrastructure to seamlessly integrate a fleet of self-driving vehicles in Doha and other parts of the world. Researchers from across the world will visit the center as per the requirement,” Papke said.
The Thales Group from France that mainly deals in digital and electronic systems will target to market its products in Qatar and countries in the Middle East region.
Another French company Gaussin, which specialises in assembly of electric and autonomous vehicles, will target the Middle East and Qatar from its facilities at the QFZ.
Inventus Power from USA, which deals in batteries and electric wiring technology, will target export markers in Middle East and Qatar.
Wasco Coatings Middle East, a Malaysia firm, will have pipe coatings facilities for energy and gas sector. It will target MENA region and Europe as its targeted export market.
Transportation and industrial products from China Harbor Engineering Company will Qatar and MENA region to market its product.
Another Chinese company Unistrong , which specialises in navigation and mobility solutions, will also target Qatar and MENA region to market its products.
QFZA also organised a panel at the event to discuss the role of free trade zones in fostering international trade and development. The panel was attended by several senior executives from the investment and international trade sector.
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16/12/2019
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