Qatar , Shanghai strengthen ties in financial services industry

The Qatar Financial Centre Authority (QFC) Authority has signed a Memorandum of Understanding (MoU) with Pudong New Area Financial Services Bureau ("PFSB") in a ceremony in Doha, Qatar. The MOU signed here earlier Tuesday , aims to foster, pursue and develop the common interests of the PFSB and the QFCA in seeking and exploring opportunities that mutually benefit the parties'' respective financial centres and the financial and business communities of the State of Qatar and Shanghai Pudong. The QFCA and PFSB will cooperate in a number of ways including the exchange of information and organising common seminars and conferences on selected issues in Qatar or in Shanghai Pudong. Acting CEO and Chief Strategic Development Officer of the Qatar Financial Centre Authority, Shashank Srivastava, commented, "We are delighted to strengthen our ties with Shanghai Pudong in whatever way we can for the mutual benefit of the financial and business communities of Qatar and Shanghai Pudong." "The QFC AuthorityQFC Authority is looking increasingly towards Asia to target the needs of the region''s asset managers, reinsurance and captive insurance firms," he added. "We have already been in talks with some Chinese asset management companies keen to set up in Qatar and I hope our deepened relationship with the Pudong authority enables us to build further ties with local enterprises in Shanghai." The Qatar Financial Centre Authority (QFCA) welcomed the Pudong delegation as part of Shanghai''s outreach to interact with leading international financial centres. The delegation included Shi Haining, Director General of Pudong New Area Financial Services Bureau; Xu Lin, member of CPC Shanghai Committee and Secretary of CPC Pudong New Area Committee; and Bian Zuyao, Deputy Director General of Shanghai Customs.(QNA) Mr. Shi Haining said, "Our visit to Doha has been productive and rewarding and we are grateful to the QFC AuthorityQFC Authority for their hospitality. They have developed a very successful financial centre here in Qatar and we look forward to building closer and mutually beneficial relations with Qatar''s financial services sector through this MOU." The QFC AuthorityQFC Authority includes the Industrial and Commercial Bank of China among its licensed firms. Since 2008, ICBC has actively served Chinese industry operating in Qatar and the wider Gulf region. -Ends- About QFC The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations in particular those operating in the reinsurance, captive insurance and asset management sectors and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No. (7) and has been open for business since 1 May 2005. QFC Authority The QFC AuthorityQFC Authority is the commercial, administrative and legislative body responsible for leading the expansion of Qatar''s financial services sector, providing a uniquely sustainable platform for regional growth in reinsurance, captive insurance and asset management. MD