Qatar, Malaysia chambers form joint business council

17/10/2017

Officials of the Qatar Chamber, the Malay Chamber of Commerce Malaysia (MCCM), and the National Chamber of Commerce and Industry of Malaysia (NCCIM) signed agreements on the sidelines of the ‘Malaysia-Qatar Economic Forum’ in Kuala Lumpur yesterday.

The signing ceremonies were held in the presence of HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani and Malaysia’s Minister of International Trade and Industry Dato’ Sri Mustapa bin Mohamed.

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani and MCCM president Rizal Faris bin Mohideen Abdul Kader, who is also vice-president of the NCCIM, signed a memorandum of agreement for the establishment of a joint business council and the diversification of commercial exchanges and economic cooperation.

The agreement for the joint business council aims at fostering friendship and understanding between the business communities of the two nations, and promoting co-operation in the trade, investment, technology transfer, services, and industrial sectors.

The joint business council will collate the necessary information on the economies of both the countries, which will enhance bilateral investments. The council will also submit recommendations on how to develop economic and trade cooperation between the Qatari and Malaysia governments and encourage businessmen from both the countries to participate in exhibitions organised in Qatar or Malaysia.

Qatar Chamber and the NCCIM also signed a memorandum of understanding (MoU) to promote and facilitate measures to foster the diversification of commercial exchange and economic cooperation.

Each party will also provide businessmen and investors with information on the economies of both the countries, including the volume of bilateral trade, exports and imports, and will be responsible for highlighting opportunities to enhance trade and investment cooperation between Qatari and Malaysian companies, and organizing exhibitions in both countries.

Under the MoU, both parties will exchange information on legislation regulating the commercial and investment sectors in both countries, as well as expertise relating to commercial arbitration and best practices in dispute resolution, in addition to other aspects of mutual interest.

The Memorandum of Agreement and MoU will contribute to the development of trade and economic relations between Qatar and Malaysia and enhance communication and cooperation between both nations’ private sectors. The MoU will also contribute to the development of mechanisms and measures for the establishment of joint investment projects, the MEC said.

HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani and Malaysia’s Minister of International Trade and Industry Dato’ Sri Mustafa bin Mohamed witness the signing of agreements between Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani and MCCM president Rizal Faris bin Mohideen Abdul Kader on the sidelines of the ‘Malaysia-Qatar Economic Forum’ in Kuala Lumpur yesterday.

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