Pakistan Stock Exchange (PSX) and Qatar Financial Centre (QFC) signed a Memorandum of Understanding on the sidelines of the inaugural Pakistan-Qatar Trade & Investment Conference. QFC is one of the world’s leading and fastest growing onshore business and financial centers.
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 & Production, and Investment, Government of Pakistan, Abdul Razzaq Dawood; his Qatari counterpart, HE Ali Bin Ahmed Al-Kuwari, Minister of Commerce & Industry; Chairman, Board of Investment, Govt. 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% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 70+ countries.