Qatar called for investments from South Korea companies amid expanding economic ties between the nations, vowing diverse incentives that include 100 percent foreign ownership of listed firms and drastic tax cuts, at an investment forum hosted by the Korea Chamber of Commerce and Industry and the Embassy of Qatar to Korea in Seoul, Wednesday.
"Qatar has grown as the key pillar of the Gulf Cooperation Council economy through the means of diversifying its carbon-dependent economic structure, securing sustainability in terms of environmental aspects and developing human resources, with its Qatar National Vision 2030," said Lee Seong-woo, vice president at the KCCI, in his opening remarks.
Lee stressed that Qatar is aggressively reforming its foreign investment policies to allow 100 percent foreign ownership of listed firms in the country, touting the Gulf nation as an attractive investment destination for Korean companies. Formerly, foreign investors were allowed to own up to 49 percent of their new entities in the form of joint ventures with the Qatari government.
"Qatar and Korea's previous experiences of economic partnerships, which involved large-scale projects such as the construction of Qatar National Museum, further make Qatar an appealing choice for investments," he added.
Nasser Sulaiman Al Haidar, a member of the Registration Committee at the Qatari Chamber of Commerce and Industry, said Korea and Qatar's economic relations have noticeably strengthened over the years. According to him, trade between the two countries soared 27 percent to $14.8 billion won in 2022 from a year prior.
"We are confident that the private sectors of Qatar and South Korea can play an important role in strengthening trade exchanges between the two countries. I am convinced both countries have a strong desire to further expand levels of cooperation," he said.
Specifically, Ahmed al-Enazi, a director at Qatari startup incubator Qatar Science and Technology Park, said the country offers Qatar Free Zones that allow businesses in the designated areas to benefit from 20-year cuts on corporate taxes, customs duties and personal income taxes.
He added if foreign startups and small to medium-sized enterprises set up business in Qatar, a cost-sharing fund wherein QSTP provides up to 50 percent of the total development budget will be offered. Tech Venture Fund, a strategic venture capital fund to provide seed-stage funding to international startups looking to scale into the region, will also be offered.
"More than 187 Korean companies are operating in various sectors of the Qatari market," said Saleh Abdulla Al Mana, director of international cooperation at Qatar's Ministry of Commerce.
"Korean companies have achieved steady growth in various sectors over the past few years, and a number of Korean projects in Qatar have had a positive impact on Qatar's growth, while contributing greatly to Qatar's GDP growth," he said.
"We look forward to deepening the strategic friendship between Qatar and Korea."
