Qatar Chamber has announced that Industrial and Commercial Bank of China (ICBC) is supporting the ‘Made in China 2016’ exhibition as strategic sponsor. The event will run from today (November 15) until November 18 at the Doha Exhibition and Convention Centre (DECC).
On this occasion, ICBC will present a symposium on the Qatar Renminbi Centre (QRC), the first clearing centre in the Mena region to offer RMB clearing and settlement services. It also aims to shed light on all the benefits of the QRC to banks and businesses established in the Mena region.
The QRC was launched last year under the patronage of HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani. The QRC opens the door to China’s onshore RMB and foreign exchange markets to local financial institutions, fostering cross-border use of the currency in Qatar and the Arab world. The QRC has already established itself as the third largest currency clearing facility operated by ICBC, handling more than RMB 303bn ($47bn) worth of transactions.
“We are proud to participate in the second edition of ‘Made in China’ and hope to build a long-lasting relationship with Qatar Chamber. Qatar and China enjoy strategic economic ties and their trade volume is growing rapidly. The QRC has a key role to play to support this growth and we are looking forward to meeting with local business owners and Chinese suppliers travelling to Qatar on this occasion,” said QRC head Robin Wei.
The ‘Made in China’ exhibition is co-organised by Qatar Chamber and China International Centre for Economic and Technical Exchanges of the Ministry of Commerce, under the patronage of HE the Prime Minister.
The China-GCC Forum for Investment and Trade will be held on the sidelines of the exhibition to provide an ideal platform for businessmen to discuss investment opportunities and challenges facing expanding investments on both sides.