Doha: Qatar Development Bank (QDB) has announced the launch of "Qatar Exports," the new trademark by Tasdeer, QDBs Export Development, Finance, and Promotion Agency. The launch ceremony marked the latest milestone in QDBs journey to boost Qatari exports, enhance the competitiveness of Qatari products and streamline access to global markets in line with the objectives of the Third National Development Strategy, and in accordance with the banks revamped export strategy. The ceremony brought together diplomatic missions and commercial attaches along with representatives of local and international banks and leading Qatari exporters and contractors. The event showcased QDBs latest initiatives and solutions in terms of providing financial and logistical support to Qatari exporters, with the aim of enhancing their competitiveness in international markets, in an important step towards achieving the Qatar National Vision 2030, which seeks to diversify the economy and reduce dependence on the energy sector. Address ing attendees, QDB CEO Abdulrahman Hesham Al Sowaidi said Tasdeer has worked over the years to modernize and develop various services and programs to keep with the latest developments and changing market dynamics. "We have accompanied Qatari exporters through all stages of their journey, from securing and promoting their exports to providing financing solutions to sustain their growth. Our efforts enabled Qatari companies to access 98 international markets by the end of last year," Al Sowaidi said. "Today, we reaffirm our commitment to developing our services and improving our operations to boost the competitiveness of Qatari products and streamline access to international markets. Through this initiative, we seek to strengthen Qatar's global presence and enable Qatari SMEs to export their products to new markets in line with the Third National Development Strategy, reflecting our strong belief in the key role that exports play in enhancing Qatar's position in international trade," he also said before addin g that "Introducing Qatar Exports represents a strategic step towards achieving our aspirations in terms of empowering the private sector to contribute effectively to Qatar's sustainable development." In the context of its latest initiative, Qatar Development Bank plans to open "Qatar Exports" offices across the region and throughout the world. In line with its revamped strategy, QDB will first cement Qatar's presence in regional markets across the GCC before expanding to international ones, all while strengthening Qatar's trade partnerships with neighboring countries and other strategic markets, according to its export priorities. These offices will streamline the entry of Qatari products and services to new markets, facilitate matchmaking between Qatari exporters and international buyers, while also providing exporters with valuable insights on laws, regulations, and market opportunities. Within the framework of Qatar Exports, QDB introduced 'Going Global', a tailor-made bundle of solutions designed to sup port SMEs in expanding internationally through direct and indirect financing solutions. Under the Buyer's Credit Program, QDB provides financial support to enable international buyers to purchase goods, raw materials, machinery, equipment, and services from Qatari exporting companies leveraging Sharia-compliant, flexible and long-term payment terms. Through this program, QDB provides attractive credit solutions to international clients of Qatari exporting companies on par with major international export credit agencies. Credit solutions include loans, guarantees and insurance extending up to 20 years according to the importer's needs, which would enhance demand for Qatari products. To date, QDB has approved QR 2.7 billion in long-term buyer credits for GCC importers and provided over QR 500 million in medium-term lines of credit to MENA banks, engaging export credit agencies around the world to enable Qatari exporters to participate in international supply chains. Al Sowaidi said QDB has already concluded memoranda of understanding with export credit agencies in Italy, France, the UK, US, Saudi Arabia and Turkey among other countries, making it easier for Qatari exporters to engage contractors in these markets. In terms of financing exports, QDB will support companies seeking to kick start or expand their operations overseas through its Internationalization Financing program. Under the program, QDB provides Sharia-compliant direct financing as well as guarantees to Qatari partner banks and international financial institutions. Qatari exporters can also benefit from the Whole Turnover Insurance, which provides necessary protection against post-shipment risks in the event that approved overseas buyers fail to pay for exports. The program is based on flexible and effective mechanisms that save companies time and effort. To support Qatari contractors with their international expansion plans, QDB also introduced the Overseas Contract Financing program which provides guarantees to Qatari partner banks and interna tional financial institutions. The product covers funding for various international projects, from construction to technical consultancy. Through medium to long-term financing that can be extended based on the contractor's creditworthiness, OCF enables Qatari contractors to expand to global markets, contributing to the growth of Qatar's economy. Through this integrated support, QDB continues to serve as a strategic partner for Qatari exporters regardless of their legal structure to enable firms operating in free, economic and industrial zones, to access its products and services in line with its belief in the importance of diversifying Qatar's business landscape Qatar. Source: Qatar News Agency
Thursday, November 07, 2024