Doha: Malaysia is one of Qatar’s important trade partners, with total trade volume between both countries reaching QR1.75bn last year, Qatar Chamber (QC) Board Member Dr. Mohamed Jawhar Al Mohamed (pictured) said yesterday at the virtual Qatar-Malaysian Business Council meeting hosted by the QC.
Addressing the participants during the event, Al Mohamed added that there are 40 Malaysian companies operating in Qatar, including five companies with full Malaysian capital which are active in various economic sectors.
The meeting was jointly led by Al Mohamed who headed the Qatari side in the council, while Malaysia-Qatar Business Council Chairman Mohamed Razeek Hussain led the Malaysian side.
Speaking to the participants, Al Mohamed lauded the bilateral relations between Qatar and Malaysia, noting the substantial development during the past few years amid mutual visits between leaders of both countries, government officials, and private sector representatives.
He also said that visits between leaders have contributed to developing the relations between both countries and taking them to higher levels in all fields, especially in economic and trading fields, as well as in investments and human and social development; in addition to the many agreements and MoUs signed by both countries in various fields.
Al Mohamed added that Malaysia is a leading destination for Qatari investments in many fields including tourism, hospitality, finance, real estate, and industry.He added that while Malaysia succeeded to build a strong economy based on the optimal use of high technology, Qatar has managed to build an economy that is among the fastest-growing economies worldwide and established a sophisticated infrastructure, in addition to issuing several legislation and laws that helped in attracting a host of leading foreign and international investments and companies.
He went on to reiterate that Qatar welcomes all investments and called on Malaysian companies to increase their investments in Qatar and benefit from the incentives offered by the State for foreign investors such as the Investment of Non-Capital in the Economic Activity Law which allows full ownership in most economic sectors, in addition to the incentives offered by the free, industrial, and logistic zones.
He also called on Qatari and Malaysian businessmen to take advantage of the huge potential available in both countries and investment incentives to establish joint businesses and projects, especially with the approach of the FIFA World Cup 2022 in Qatar, which offers a myriad of opportunities for more cooperation between the Qatari private sector and its Malaysian counterpart.
Also speaking during the event, Hussain thanked the QC for hosting the meeting, and added that it offers a good opportunity for both countries’ businessmen to explore areas of bilateral cooperation.
He also expressed optimism that efforts made by both parties would lead to greater partnerships in both countries in many sectors like industry, agriculture, hospitality, real estate, oil, and gas, and others. Hussain also expressed the readiness to help Qatari investors enter the Malaysian market and other East Asian markets as well.
During the meeting, the QC delivered a presentation about doing business in Qatar, and highlighted the features of Qatar’s economy as well as the incentives offered by the State to attract foreign investments. The Malaysian side also gave a presentation on the most important sectors for investment and policies of business and investment, as well as the incentives provided by the country to enhance the investment climate.
Source: The Peninsulaqatar