Xiamen FTZ to further co-op with Qatar Free Zones

Xiamen Free Trade Zone recently inks a memorandum of understanding with Qatar Free Zones at Qatar-China Business Forum held in Beijing. [Photo/IC]

Xiamen Free Trade Zone recently inked a memorandum of understanding with Qatar Free Zones at Qatar-China Business Forum held in Beijing, according to the Xiamen FTZ management committee.

The memorandum states that the two sides will strengthen their cooperation in trade, investment, industrial development and talent training and promote the exchanges between the institutions and enterprises of the two places.

Financial institutions in Qatar, such as banks, securities firms, and insurance companies, are encouraged to set up branches in Xiamen and the Chinese city's companies are also encouraged to start businesses in the Arab country.

In addition, the Qatar Free Zones will join the Silk Road Maritime Alliance, a platform of economic, trade and cultural exchanges with countries and regions along the Maritime Silk Road in Xiamen, to enhance cooperation with the Chinese city in maritime transport.

Over the past few years, Xiamen has seen closer economic relations with Qatar. In 2018, the Chinese city's foreign trade with Qatar amounted to 1.1 billion yuan ($160 million) with the main commodities being stones, shoes and clothing.