Qatar and Pakistan are jointly exploring feasibility of establishing an international financial centre either in Karachi or another major city in that Asian country.
This formed one of the rivets of the recently signed memorandum of understanding (MoU) between the Qatar Financial Center (QFC) and Pakistan Stock Exchange (PSX).
The agreement will see the QFC and the PSX collaborate on a variety of 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.
"Pakistan is one of the key markets targeted by the 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,” QFC Authority chief executive Yousuf Mohamed al-Jaida said.
He said PSX is among 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.
"This MoU provides 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," according to Richard Morin, chief executive, PSX.
Collaboration between the two organisations will not only mutually benefit the countries’ respective financial sectors but it will also help facilitate and support bi-lateral investments in other sectors, he added.
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.
