Skip Navigation LinksHome > Info Center > View News

QFC, Pakistan Stock Exchange sign co-operation agreement


3/11/2019
Officials of the Qatar Financial Centre (QFC) and the Pakistan Stock Exchange signed an agreement to promote “greater co-operation” in capital markets and finance sector on the sidelines of the Qatar-Pakistan Trade and Investment Conference held in Doha yesterday.
 
QFC Authority CEO Yousuf Mohamed al-Jaida and Pakistan Stock Exchange CEO Richard Morin signed the agreement at the conference, which was held in the presence of HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari and his Pakistani counterpart, Abdul Razzaq Dawood, adviser to the Prime Minister on Commerce, Textile, Industries & Production, as well as Board of Investment chairman Haroon Sharif and leading businessmen from Pakistan and Qatar.
 
In a keynote speech at the conference, QFC Authority CEO Yousuf Mohamed al-Jaida said the conference will “undoubtedly emphasise” the extensive relations that exist between Qatar and Pakistan.
 
By building on historical partnerships, both countries can continue to ensure joint economic prosperity “well into the future,” said al-Jaida, who noted that Pakistan is Qatar’s 13th largest trading partner with bilateral trade exceeding $1.6bn in 2017.
 
“Our relations, however, extend far beyond the realm of trade. Indeed, Qatar and Pakistan enjoy extensive and deep-rooted political relations too, which is exemplified by Prime Minister Imran Khan’s visit to Doha earlier this year.
 
“The Pakistani business community is also incredibly active and engaged in Qatar. In fact, the Pakistan Business Forum Doha, which is registered on the Qatar Financial Centre’s Platform, hosted a successful conference in April last year to promote investment and trade,” he said.
 
Al-Jaida also underscored the QFC’s commitment to supporting the country’s growth and development as a key part of the authority’s mandate, which is to contribute to Qatar’s increasing economic diversification.
 
He stressed that there will be many opportunities in Qatar’s economy, which is poised for continued growth “despite the ongoing geopolitical challenges.” 
 
“Qatar’s GDP grew by 2.4% in 2018, and is expected to grow by 3.1% in 2019, according to the IMF. Moody’s, S&P, and other international rating agencies have also upgraded their ratings of Qatar’s institutions to ‘AA’ – yet another reflection of the international communities confidence in Qatar’s economy.
 
“These are but a few of the many indicators that point to the continued economic resilience and growth of Qatar’s robust economy – which also points to the opportunities that exist in Qatar,” al-Jaida said.
 
To achieve these goals, al-Jaida said the QFC recently announced its new strategy, which includes a renewed focus on specific industry clusters such as sports, digital, media, and financial services, as well as targeting key markets in the New Emerging Belt Initiative (Nebi).
 
“With a combined value of over $2tn, the NEBI markets offer an unrivalled opportunity for businesses, and include Kuwait, Oman, India, Turkey, and of course, Pakistan,” he said.
 
Source: Gulf Times