The new draft law on economic zones could help advance Qatar’s position as an economic destination in the Gulf Co-operation Council (GCC) region, an official of the Philippine Business Council-Qatar (PBC-Q) has told Gulf Times.
Describing the draft law as “an important and timely development,” PBC-Q chairman Greg Loayon said economic zones could encourage foreign businesses, including those from the Philippines to establish their companies in Qatar.
“For Philippine businesses, this becomes an attractive proposition to set up operations in the economic zone in support of the opportunities brought about by the hosting of the 2022 FIFA World Cup, as well as the wider Qatar National Vision 2030.
“This could involve operations in support of construction and constructions supplies, furniture, logistics, food, and food products, among others,” Loayon stressed.
Earlier, Loayon noted that there was an increase in the number of Filipino trade missions that visited Qatar over the last few months, particularly in the last quarter of 2015.
The trade missions, he added, were mostly composed of investors in the food and beverage, and cosmetics sector, including a large contingent of business executives from the Philippine Qatar Trade Initiative (PHLQAT), who met with Qatar Chamber officials.
Indian ambassador Sanjiv Arora said the embassy “welcomes” the new draft law on economic zones, which was approved by the cabinet recently.
“The establishment of economic zones with a package of incentives would further enhance Qatar’s attractiveness for foreign companies,” Arora emphasised.
The ambassador said a number of world-class Indian companies “are already actively engaged” in projects in infrastructure, Information Technology, and other areas in Qatar. “The proposed new economic zones would offer fresh opportunities to existing companies to expand operations and new companies to develop business and investment partnerships with local companies,” Arora said. He noted that the government in India has already launched major initiatives to make India a preferred business and investment partner, such as “Make in India,” “Startups Campaign,” and “Smart Cities,” and “Digital India Missions.”
“These, coupled with new initiatives such as the setting-up of special economic zones in Qatar, an important economic partner for India, would catalyse the expansion of two-way trade and investments to the mutual benefit of both sides,” Arora explained.
In a report published by Gulf Times earlier, provisions of the bill, including a proposal from the board of Economic Zones Company specified that “it regulates the establishment of an economic zone, specifying its area and borders, the establishment of one or more ports attached to it whether sea, air or land port.”
It added that “all types of companies, sharing contracts or other legal entities can be created or established at the economic zone. These can be owned by a normal or legal person or more than one person - either citizens or others without adhering to regulating laws in this regard.”