The Qatar Financial Centre (QFC) Authority and Paris Europlace have signed an agreement setting out areas of co-operation between both organizations to help develop the growth of financial services between Qatar and France.

Stuart Pearce, CEO and director general of the QFC Authority and Arnaud de Bresson, managing director, Paris Europlace signed the pact in the presence of the French minister of Economy, Industry and Employment, Christine Lagarde, who is leading a French business delegation to Qatar.

The MoU covers several areas such as co-operation in mutual marketing and promotional activity, the establishment of strong working relationships between the two organizations, and the encouragement of co-operation between financial firms in Qatar and France, and promotion of their economic development.

Yousef Hussain Kamal, minister of Economy and Finance, and chairman of the QFC Authority, said, 'The government of Qatar established the QFC to attract leading international financial institutions, and the firms that support them, to help us grow our financial sector.'

'We feel confident that this agreement with Paris Europlace will encourage  French firms to enter the Qatari market and to participate in our dynamic economic growth.'

Lagarde said, 'This partnership between the QFC Authority and  Paris Europlace testifies the quality of the relationships between France and Qatar, as well as the importance of measures set up by the French government to improve the attractivness of the Paris financial marletplace and welcome the international long term investors  and the  Islamic finance professionals.'

Pearce said the MoU represents a welcome and important framework within which Qatar and France can work to generate new business for their respective financial sectors.

'We have already licensed a number of French firms to operate from the QFC, but we see scope for more and this agreement will help us both to stimulate interest in what the QFC has to offer, and to identify the firms with the greatest interest in developing new business in Qatar and the region,' he pointed out.

According to Arnaud de Bresson, the Paris financial center has been more resilient in the financial crisis than many other financial centers.

'This agreement underlines our common willingness between Paris and Qatar to work closely together, strengthen ties and develop cooperation in promising sectors offering opportunities in the short and long term such asset management, environmental finance, insurance, real estate and stock markets.'

'The Paris marketplace welcomes the setting up of Islamic finance players and businesses in France,' he added.-TradeArabia News Service