Islamic finance firms set sights on France |
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DOHA: France is creating a suitable environment for Islamic financing institutions to operate in the country, the French Minister of Economy, Industry and Employment said here yesterday.
"We have modified the tax environment and are currently in the process of modifying the legal environment to allow for Islamic finance to set up shop in France," Christine Lagarde told reporters.
She said two major Qatari Islamic financial institutions have already requested for approval to operate in France.
"We are encouraging foreign direct investment in France, and we are also encouraging Islamic finance. I have worked hard with my team in trying to eliminate the tax obstacles and improving the legal framework that can be used for Islamic finance purposes," Lagarde said. The French Minister of Economy, Industry and Employment is in Doha leading a business delegation to the 14th edition of Futurallia, a French initiative which is taking place for the first time in the Middle East.
Futurallia Qatar 2009, being organised by World Trade Centre Qatar and Futurallia Association, the main organiser of the event in France and associate in Futurallia events abroad and sponsored by the Qatar Chamber of Commerce and Industry (QCCI), was opened by the Minister of Municipality and Urban Planning, H E Sheikh Abdelrahman bin Khalifa Al Thani. Lagarde said her visit to Qatar is a show of support for French companies which are participating in Futurallia.
Over 150 French enterprises are taking part in the event and will meet small and medium size enterprises (SMEs) from Qatar and from neighbouring countries. All together there will be more than 500 SMEs networking on a business-to-business basis over the next two days.
Numerous meetings will be held and each company will be having an average of nine meetings over the course of two days with prospects for generating business between the enterprises involved.
"This is part of very strong cooperation and deep friendship between France and Qatar and it has been so for many years," said Lagarde. "This solid relationship is rooted both in trade, economy and also in culture, research and development, as well as professional training. All these are areas of great importance for cooperation between the two countries."
She also said that many French SMEs are keen on developing their relationship beyond the borders of France to the Gulf countries, specially Qatar.
By Nasser Al Harthy
© The Peninsula 2009
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