Qatar's Minister of Economy: Foreign Investment Draft Law Would Open Way for Foreign Investment in All Sectors

Doha, May 25 (QNA) - HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said that the cabinet approval of taking the necessary measures to issue a draft law regulating the investment of non-Qatari capital in economic activity will open the field for foreign investment to have 100% ownership in all sectors, supports foreign investors' entry to the Qatari market through the provision of several incentives, most notably the allocation of land for non-Qatari investors to establish their investment projects, in addition to the possibility of exemption from taxes and customs duties and the free transfer of investments within and outside the country. The Council of Ministers has agreed to take the necessary measures to issue a draft law on the regulation of investment of non-Qatari capital in economic activity, after having been informed of the recommendation of the Advisory Council on the draft law, and in accordance with the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani, on the importance of completing the legislation and decrees necessary to facilitate investment. HE the Minister of Economy and Commerce added that the State of Qatar has become very attractive to foreign investment thanks to the well-studied economic policies, which contributed to creating a promising investment environment. The aim of the draft law is to accelerate economic development, attract foreign investment in all economic and commercial activities, achieve economic diversification in line with Qatar National Vision 2030, facilitate foreign investor entry and increase confidence and investment safety in the country. The most important features of the bill are that it provides many guarantees which contribute to the creation of healthy investment environment, allows investment in the fields of banks and insurance companies by a decision of the Council of Ministers, provides for an increase in the State's monetary revenues, is based on the strength of government spending in the localization of foreign investments and that it provides attractive investment incentives and protects foreign and domestic investors from the risks of side agreements. The law also provides incentives to the foreign investor, such as allocating land for the establishment of the project, the possibility of exemption from income tax, exemption from customs duties, foreign investments are not subject to expropriation, transfer of ownership of investment from one investor to another, and freedom of remittances on investment returns. (QNA)