DOHA: Qatar has concluded its participation in the Hannover Fair 2019, which took place in Germany, from April1 to 5, under the theme of “Integrated Industry - Industrial Intelligence.” Qatar’s participation in the Fair comes in line with ongoing efforts to highlight investment opportunities in the country particularly in the industrial sector, which will contribute to attracting foreign direct investment, strengthening Qatar’s competitive position in the region and beyond, and the promotion of friendly bilateral relations with Germany.
Qatar, an official sponsor of the opening ceremony, participated in the Fair through a 1000 square-metre pavilion that brought together representatives of 14 public and private entities including Qatar Chamber, Qatar Financial Center, Manateq, Qatar Free Zones Authority, the Supreme Committee for Delivery & Legacy, Qatar Railways Company (Qatar Rail), Qatar Development Bank and Qatar Science and Technology Park. Participating private companies also included Qatar Industrial Manufacturing Company (QIMC), Ebn Sina Medical, Qatar Aluminium (Qatalum), Doha Cables, Bin Aman Plastic Industries and Qatar Steel.
H E Ali bin Ahmed Al-Kuwari, Minister of Commerce and Industry, held a series of bilateral meetings with Ministers and senior officials on the sidelines of Qatar’s participation in the Hannover Fair 2019. Discussions touched on the promotion of joint cooperation, particularly in the economic, trade and investment fields. The meetings also focused on the developments that the Qatari economy has witnessed in recent years and the investment incentives that Qatar is offering across various sectors. These include a law regulating the investment of non-Qatari capital in economic activity, and initiatives to support the private sector, attract foreign direct investment and encourage more companies to invest in the Qatari market.
The Minister held separate meetings with Eduardo Infante, Mexico’s Undersecretary of the Economic Development Ministry, Agnès Pannier-Runacher, France’s Minister of State, attached to the Minister of Economy and Finance, and Stefan Schostok, Mayor and CEO of the City of Hanover.
During the fair, the Ministry familiarized participants with the laws and legislation adopted by the state to stimulate domestic and foreign investments as well as the incentives offered to foreign investors. These include the exemption of foreign capital from income tax for up to ten years when it comes to specific investment projects across numerous sectors, in addition to exemptions from customs taxes and duties when importing equipment and raw materials. The Ministry also shed light on the investment environment in Qatar and the services it provides to investors to streamline investment applications and company incorporation procedures.
Qatar’s pavilion shed light on the most important initiatives launched by the state to attract and encourage entrepreneurs to invest in innovative industrial sectors and contribute to the self-sufficiency of Qatar. These include the “Own your factory in 72 hours” initiative, which enables the issuance of all approvals as well as the initiative to extract a warehouse construction license within three days.
