Qatar & Spain sign MoUs to enhance cooperation in economic, bilateral trade

By Arya M Nair, Official Reporter
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Qatar Chamber (QC) has signed two Memoranda of Understanding (MoUs) with the Spanish Chamber of Commerce and the Madrid Chamber of Commerce, Industry and Services.

The agreements were signed by QC Chairman Sheikh Khalifa bin Jassim al-Thani in the presence of HE the Minister of Commerce and Industry, Sheikh Mohammed bin Hamad bin Qassim al- Abdullah al-Thani and Mr. Reyes Maroto, Minister of Trade, Industry and Tourism of Spain.

The agreements aim to enhance economic and commercial cooperation between both countries and promote bilateral trade exchange. According to reports, the bilateral trade exchange hit $1.2 billion in 2021 compared with $820 million in 2020, an increase of 46 percent.

Sheikh Khalifa stressed the chamber’s support for forging business partnerships, which lead to establishing more joint investments in Qatar and Spain. About 50 Spanish companies are operating in Qatar in various sectors like trade, contracting, services, and furnishing, and consultancy.

Sheikh Khalifa bin Jassim al-Thani
Sheikh Khalifa bin Jassim al-Thani
Chairman – QC

“Spain is one of the most important destinations for Qatari investments. Qatar invests heavily in Spain and has many successful investments in many sectors such as real estate, financial services, and energy. The Qatari market is promising and attractive. There are a host of sectors in which Spanish companies can invest and benefit from incentives offered by Law No 1 of 2019, regulating the investment of non-Qatari capital in economic activity.”

Highlighting the incentives of investment granted by the law to the non-Qatari investor, the Chamber noted that Qatar allows 100 percent ownership for foreign investors in most sectors and streamlines the allocation of land to a non-Qatari investor to establish investment project.

The country also allows the non-Qatari investor to import necessary equipment to establish, operate and expand investment projects and offers exemption from income tax and customs duties on imports of these machineries.

Related: Qatar Chamber seeks to boost economic & commercial ties with Brazil