Doha: HE CEO of Qatar Free Zones Authority (QFZ) Sheikh Mohammed bin Hamad bin Faisal Al-Thani affirmed the strong relations between the State of Qatar and the Italian Republic, as is evidenced by the high-level mutual visits, and the joint aspirations to upgrade the bilateral ties across various fields. Speaking to Qatar News Agency , His Excellency said that QFZ seeks to create platforms for communication and cooperation, link Italian companies with local companies and government institutions, and boost cooperation and joint work through fruitful partnerships and investments, thus making Qatar a preferred investment destination for Italian companies. On plans to promote bilateral trade, His Excellency pointed to carefully thought-out plans to enhance excellence and increase the number of companies and investors - from Italy and other world countries - in Qatar's free zones. In this context, he noted that bilateral trade between Qatar and Italy climbed by 80% to reach nearly QR 20 billion in 2023, compared to QR 11.1 billion in 2018, in the sectors of energy, healthcare, information and communications technology, infrastructure and real estate. His Excellency added that QFZ has great aspirations to explore more investment opportunities, in line with Italy's efforts to become a hub for business and investment; noting that the focus is currently on the sectors of technology, sustainable practices and agriculture, as was evident in Expo 2023. He noted that both countries share common visions on enhancing innovation and expanding their economic participation, along with the tireless work of QFZ to expand the base of its strategic partners in the sectors of technology, energy and infrastructure. Since its founding, QFZ has developed a set of plans and strategies that include exceptional investment advantages and incentives to attract the largest companies in the region and around the world, including Italian companies, to invest and expand globally from the State of Qatar which offers many incentives to foreign i nvestors, including 100% foreign ownership, tax exemptions for up to 20 years, and zero custom duties on imports, which helps companies reduce operating costs and increase profitability rates, eventually enhancing the status of the State of Qatar as an ideal destination for Italian companies looking to establish or expand their operations, His Excellency said. QFZ provide investors and companies located in free zones with dedicated and integrated support services that simplify the procedures for establishing and conducting business, including facilitating the process of obtaining visas, preparing facilities and work permits, paving the way for starting operations without obstacles. In addition, QFZ focuses on specific sectors that are compatible with the Italian areas of expertise such as emerging technology, logistics, healthcare and renewable energy, making Qatar an attractive destination for investment, His Excellency continued. His Excellency noted that many global companies continue to grow and expand regionally and globally from Qatar's free zones, as part of the Authority's community of licensed companies which exceeds 600 companies, with major investments in sectors such as emerging technology, logistics services, trade, industry, consumer products, marine research, space, defense, food security, agricultural technology, and biomedical sciences. Qatar's free zones are home to a number of Italian companies, including "Glare" for industrial products and services, "IHF Aerospace" for aerospace and defence activities, and "Apex of East Trading". These companies leverage strategic location, advanced infrastructure, and ideal regulatory environment for business growth, as well as unlimited sea and air freight capabilities through Hamad Port, Hamad International Airport and the Qatar Airways fleet. The free zones present a centre of attraction in priority economic sectors and an ideal hub for Italian companies wishing to expand regionally, HE Sheikh Mohammed bin Hamad bin Faisal Al-Thani stressed. Source: Q atar News Agency