QFC Targets Russian Businesses at the 2021 St. Petersburg International Economic Forum
The Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, is set to participate in the 24th edition of the St. Petersburg International Economic Forum, which will be held from June 2 to 5 under the patronage of the President of the Russian Federation.
The QFC joins over 50 leading Qatari public and private sectors entities as part of the State of Qatar delegation as a Guest Country.
Earlier this year, the QFC held a live webinar, as part of its #AccessQatar global webinar series, with more than 80 industry channel partners and stakeholders in collaboration with the Qatari-Russian Center for Cooperation to introduce prospects from the sports and the digital sectors to its platform, and a suite of licensing and post-licensing benefits for businesses that are looking to expand their operations to one of the world’s most dynamic economies.
Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “The QFC continues to make robust contributions to Qatar’s economic diversification. We currently have over 1,100 licensed firms from around the world on our platform contributing to the country's FDI efforts. We aim to continue on this trajectory during our presence in SPIEF this June where we look forward to holding fruitful meetings and discussions with some of Russia’s most prominent business entities.”
Al-Jaida continued: “We invite the most innovative Russian firms to join Qatar’s burgeoning business landscape, particularly in our core focus sectors including digital, sports, media, and financial services, and actively contribute to the expansion of our national economy. Our firms enjoy a unique, unmatched set of benefits from the onset, and we empower each one of them to not only launch to the local market, but also facilitate their future growth to the wider region.”
Several Russian firms, including CloudRPO, Accord Pitch, Pipereye, and Eksim Globa, use the QFC platform as their launchpad to Qatar’s market. These firms offer a range of solutions across multiple fields including human resources and artificial intelligence; transportation, logistics, and hospitality; financial services; and events management.
“The QFC platform’s key role is its intelligibility and transparency for entrepreneurs and opportunities to scale up business in Qatar, one of the most attractive countries for investors in the world,” said Chief Executive Officer of Qatari-Russian Center for Cooperation (QRCC) Diana Charmadova. – “A key task of QRCC is the development and enhancement of business activity between our countries. Close partnerships with the Qatar Financial Centre build the basis for stimulating the investment activity of Qatar and Russia.”
As the country continues to cement its position as a fast growing hub for international commerce and foreign investment, QFC remains committed to providing businesses with world-class infrastructure, backed by an international legal system based on English common law, a compelling tax regime with over 80 DTA agreements, 100% foreign ownership and a host of post-licensing support services to ensure ease of business to all of its licensed firms.
The Qatari-Russian bilateral relations has seen significant growth in recent years, with Qatari investment in Russia estimated at $13 billion in various sectors including infrastructure, energy, and banking.
Trade exchange between the two countries recorded a 47% growth from $ 202 million in 2019 to $ 297 million in 2020. More than 50 jointly-owned Qatari-Russian companies, and one fully-owned Russian company operate in Qatar.
The QFC recorded a significant increase of 63.7% in the number of new firms licensed on its platform in 2020, maintaining its business growth for the 8th consecutive year, despite the unprecedented global economic slowdown as a result of the COVID-19 pandemic. The expansion of the QFC-registered firms, which represents a variety of industries, both financial and non-financial services, included a record increase of 139.5% in the digital sector. Given the tremendous opportunities that emerged in the technology and digital sectors amidst the COVID-19 outbreak, and backed by the QFC’s fintech services provider license, the platform welcomed 91 new digital firms, hailing from diverse countries including Russia, India, USA, Pakistan, France, and the UK.
