Doha: Qatar Free Zones Authority (QFZ) has signed a strategic multilateral cooperation memorandum of understanding (MoU) with China's Jiangsu Luyi Investment Co., Ltd. and Zhejiang Zhenshen Insulation Technology Co., Ltd. to support the establishment of an advanced insulation materials manufacturing facility at the Sino-Qatar Luyi Industrial Park in Umm Alhoul Free Zone. According to Qatar News Agency, the MoU, signed during QFZ's China Roadshow, sets a framework for long-term collaboration among the three entities. Zhejiang Zhenshen will explore establishing the facility within the industrial park, which will be managed by Jiangsu Luyi Investment Co., Ltd. QFZ will assist Zhejiang Zhenshen's integration into Qatar's free zones ecosystem and facilitate the setup of operations. The collaboration will also cover market research, resource allocation, project planning, factory development, and operational readiness to ensure the project's success. Zhejiang Zhenshen plans to set up an operating entity within Qa tar's free zones as part of its regional growth strategy. This will involve phased investments in thermal insulation materials production, marking Zhejiang Zhenshen's first overseas presence and positioning Qatar as their international hub. The expansion aims to tap into key regional markets, including the Middle East and Africa. HE Sheikh Mohammed bin Hamad bin Faisal Al-Thani, CEO of QFZ, highlighted the significance of the MoU, stating it showcases a commitment to high-value manufacturing, innovation, and industrial growth. By leveraging Zhejiang Zhenshen's technological expertise and the integrated ecosystem of QFZ and the industrial park, the partnership aims to attract investment, enhance knowledge transfer, and bolster industrial capabilities globally. Yin Haijie, Chairman of Jiangsu Luyi Investment Co. Ltd., emphasized the partnership's importance for the Sino-Qatar Luyi Industrial Park and the growing interest of Chinese manufacturers in Qatar and the Middle East. The collaboration aims to facilita te industrial companies' transition from market exploration to operational deployment, supporting Qatar's industrial development goals under Qatar National Vision 2030. Zhang Chunhua, Chairman of Zhejiang Zhenshen Insulation Technology Co. Ltd., expressed enthusiasm for Qatar's conducive environment for industrial investment, supported by advanced infrastructure and connectivity. The MoU provides a foundation for their Middle East expansion strategy, with plans to establish their first overseas presence in Qatar's Free Zone in Umm Alhoul. The agreement builds on the strategic partnership between QFZ and Jiangsu Luyi Investment Co., Ltd., aimed at developing the Sino-Qatar Luyi Industrial Park. Spanning 282,000 square meters, the park enhances economic and industrial ties between Qatar and China, with Zhejiang Zhenshen's involvement further supporting Belt and Road collaboration and regional industrial development.
