March 15, 2019 (MLN): The Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centers, has recently signed a Memorandum of Understanding (MoU) with the Pakistan Stock Exchange (PSX), on the sidelines of the inaugural Pakistan-Qatar Trade & Investment Conference.
The 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.
According to an announcement on QFC’s official web-page, the agreement will see the QFC and the 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 center in Karachi or another major city in Pakistan.
Chief Executive Officer (CEO) QFC Authority, Mr. Yousuf Mohamed Al-Jaida stated that, “We are confident that this important MoU with the Pakistan Stock Exchange will facilitate an even greater level of cooperation between the two countries.”
Adding to this, he acknowledged Pakistan as one of the key markets targeted by the QFC's recently announced strategy, and an integral part of their New Emerging Belt Initiative. He believes that this agreement will further bolster their commitment to this vital market.
“The Pakistan Stock Exchange is an esteemed institution, and is among 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,” he concluded.
CEO of PSX, Mr. Richard Morin said that, “This MOU provides the framework to continue and formalize the very constructive discussions QFC and PSX have had in the past few months and lead to concrete collaboration initiatives. Collaboration between our two organizations will not only benefit our 2 countries' respective financial sectors but it will also help facilitate and support bi-lateral investments in other sectors.”
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