The Qatar-Malaysian Business Council held its recent meeting on Tuesday, September 21 via video conference technology.
Qatar Chamber board member Dr. Mohamed Jawhar Al Mohamed headed the Qatari side in the council, while the Malaysian side was led by Datuk Mohamed Razeek Hussain.
Speaking to participants, Dr. Al Mohamed lauded commended the relations between Qatar and Malaysia, noting that they witnessed substantial development during the past few years thanks to the mutual visits made between leaders of both countries, government officials, and private sector representatives.
He also said that visits between leaders have contributed to developing the relations between both countries and taking them to higher levels in all fields, especially in economic and trading fields, as well as in investments and human and social development in a way that better serves the two countries’ common interests.
Both countries have signed many agreements and MOUs in many fields which added further impetus to their growing relations, he noted.
Regarding the economic cooperation, Al Mohamed pointed out that Malaysia is one of Qatar’s important trade partners, pointing out that their trade exchange reached about QR 1.75 bn last year and the number of Malaysian companies operating in Qatar reached 40 companies, of which 5 companies with full Malaysian capital which are active in various economic sectors.
QC Board Member also indicated that Malaysia is a distinguished destination for Qatari investments which are distributed in many fields including tourism, hospitality, finance, real estate, and industry.
Elaborating Qatar’s economic growth, Al Mohamed said that while Malaysia succeeded to build a strong economy based on the optimal use of high technology, Qatar has managed to build an economy that is among the fastest-growing economies worldwide and established a sophisticated infrastructure, in addition to issuing several legislation and laws that helped in attracting a host of leading foreign and international investments and companies.
Qatari market is promising and welcomes all investments, he confirmed, calling Malaysian companies to increase their investments in Qatar and benefit from the incentives offered by the state for foreign investors such as the Investment of Non-Capital in the Economic Activity Law which allows full ownership in most economic sectors, in addition to the incentives offered by the free, industrial, and logistic zones.
He called Qatari and Malaysian businessmen to take advantage of the huge potential available in both countries and investment incentives to establish joint businesses and projects, especially with the approach of FIFA World Cup 2022 in QATAR which offer a myriad of opportunities for more cooperation between the Qatari private sector and its Malaysian counterpart.
On his part, the head of the Malaysian side Datuk Mohamed Razeek Hussain thanked Qatar Chamber for hosting the meeting, indicating that the meeting offers a good opportunity for both countries’ businessmen to explore areas of bilateral cooperation for the advantage of both economies.
Hussain also hoped that efforts made by both parties would lead to more partnerships in both countries in many sectors like industry, agriculture, hospitality, real estate, oil, and gas, and others, expressing the readiness to help Qatari investors enter the Malaysian market and markets of East Asian countries too.
During the meeting, Qatar Chamber delivered a presentation about doing business in Qatar, highlighting features of Qatar’s economy and incentives offered by the state to attract foreign investments.
On the other hand, the Malaysian side gave a presentation on the most important sectors for investment and policies of business and investment, as well as the incentives provided by the country to enhance the investment climate.