PSX signs MoU with Qatar Financial Centre

KARACHI: The Pakistan Stock Exchange (PSX) and the Qatar Financial Centre (QFC) have signed a memorandum of understanding (MoU) on the sidelines of inaugural Pakistan-Qatar Trade and Investment Conference in Doha for increasing collaboration. QFC is one of the world’s leading and fastest growing onshore business and financial centres.

A PSX press release here on Monday said the agreement would increase the two organizations' collaboration in various initiatives, including promoting bilateral business development opportunities, facilitating the mutual cross-selling of financial products, facilitating trade and investment between companies in Pakistan and Qatar, as well as exploring the possibility to establish an international financial centre in Karachi or another major city in Pakistan.

The signing ceremony was held in the presence of Advisor to the Prime Minister Imran Khan on Commerce, Textile, Industry and Production, and Investment, Abdul Razzaq Dawood and his Qatari counterpart Ali Bin Ahmed Al-Kuwari, Minister for Commerce and Industry, Chairman, Federal Board of Investment, Haroon Sharif; and leading businessmen from Pakistan and Qatar. Also present were PSX Managing Director, Richard Morin, Pakistan Stock Exchange, and Yousuf Mohamed Al-Jaida, Chief Executive Officer, Qatar Financial Centre Authority.

PSX Managing Director Richard Morin said the MoU would provide the framework to continue and formalise the very constructive discussions QFC and PSX have had in the past few months and lead to concrete collaboration initiatives.

"Collaboration between our two organisations will not only benefit our two countries’ respective financial sectors but will help facilitate and support bi-lateral investments in other sectors," he said.

Chief Executive Officer, QFC Authority Yousuf Mohamed Al-Jaida showed confidence that this important MoU will facilitate an even greater level of cooperation between the two countries. Pakistan is one of the key markets targeted by QFC’s recently announced strategy, and an integral part of our new emerging belt initiative, and this agreement will further bolster our commitment to this vital market.

Pakistan Stock Exchange is an esteemed institution and is amongst one of the world’s greatest performing stock markets, which is an indicator of course of the incredible growth and opportunities that are abundant in Pakistan's markets.

QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 70+ countries.

PSX is a publicly listed company that -- with its affiliates, the National Clearing Company of Pakistan and the Central Depository Company- operates and develops Pakistan’s capital market. It lists and trades the securities of 546 companies, single stock and index futures as well as fixed income securities. PSX contributes to the economic development of Pakistan by providing a fair, transparent, and efficient marketplace to facilitate capital formation for the benefit of investors, issuers and all stakeholders.