PSX, QFC sign MoU for inaugural Pak-Qatar trade and investment conference

Karachi: Pakistan  Stock  Exchange  (PSX)  and  Qatar  Financial  Centre  (QFC)  signed  a  Memorandum  of Understanding on the sidelines of the inaugural Pakistan-Qatar Trade and Investment Conference. QFC is one of the world’s leading and fastest growing onshore business and financial centres.

The agreement will see QFC and PSX collaborate on a variety of initiatives including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, facilitating trade and investment between companies in Pakistan and Qatar, as well as exploring the possibility to establish an international financial centre in Karachi or another major city in Pakistan.

The signing ceremony was held in  the presence of Advisor for Commerce, Textile, Industry and Production, and Investment, Government of Pakistan, Abdul Razzaq Dawood; his Qatari counterpart, HE Ali Bin Ahmed Al-Kuwari, Minister of Commerce and Industry; Chairman, Board of Investment, Government of Pakistan, Haroon Sharif; and leading businessmen from Pakistan and Qatar.

Also present for the signing ceremony were Richard Morin, Managing Director, Pakistan Stock Exchange, and Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre Authority.

Richard  Morin,  Managing  Director,  PSX,  said,  “This  MoU  provides  the  framework  to  continue  and  formalise  the  very constructive discussions QFC & PSX have had in the past few months and lead to concrete collaboration initiatives.

Collaboration between our two organisations will not only benefit our two countries’ respective financial sectors but it will also help facilitate and support bi-lateral investments in other sectors.”

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority, said: “We are confident that this important MoU with the Pakistan Stock Exchange will facilitate an even greater level of cooperation between the two countries.

Pakistan is one of the key markets targeted by QFC’s recently announced strategy, and an integral part of our New Emerging Belt Initiative, and this agreement will further bolster our commitment to this vital market.”

Al-Jaida added: “Pakistan Stock Exchange is an esteemed institution, and is amongst one of the world’s greatest performing stock markets – which is an indicator of course of the incredible growth and opportunities that are abundant in Pakistan’s markets. We look forward to the great accomplishments that will result from this partnership.”

QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with over 70 countries.