Doha, – The Qatar Financial Centre has signed a MoU with the Mumbai Metropolitan Region Development Authority (MMRDA), the authority responsible for long term planning, promotion of new growth centers, implementation of strategic projects and financing infrastructure development in Mumbai.

The agreement supports transfer of knowledge between the two entities as the MMRDA looks to explore the process of setting up an International Financial Services Centre (Mumbai-IFSC) in the city of Mumbai.

The agreement will provide a host of benefits to the QFC including: Support QFC efforts in promoting Fintech in Qatar as this is a growing area in Mumbai; Support QFC BD efforts in a more cost effective manner; Support QFC in attracting substantive companies with a track record of FDI investment and employment creation in the Middle East; and Support QFC in its strategic target of establishing Msheireb as Qatar’s pre-eminent Financial & Commercial destination.

Commenting on the signing of the MoU, QFC Authority CEO Yousuf Mohamed Al-Jaida stated: “This agreement helps bring together two regional powerhouses to ensure the continued development of the MENASA region, and further clarifies the importance of ties between Qatar and India.

“The QFC’s support in helping transform Mumbai into a financial hub is clear and evident proof of our success as a platform and shows just how far we have come to be viewed as a case study for transforming a city to a financial global hub.” On his part UPS Madan, Metropolitan Commissioner, Mumbai Metropolitan Region Development Authority stated: “The MoU signed today with QFC strengthens the cooperation between India and Qatar and will facilitate mutually beneficial developments of the financial services industry in both countries. We look forward to working with QFC and their team to advance the financial developments in both countries through joint initiatives.” He continued: “We look forward to working more closely with the QFC to share expertise in international financial services activities, and facilitate contacts for market operators, university institutions, and financial delegations.” Qatar and India cooperate in a diverse number of sectors, over the past few years the two countries have signed seven MoU’s/Agreements.

The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms. (QNA)

Source: Qatar News Agency