Beijing, November 14 (QNA) - The Qatar Free Zones Authority (QFZ) has forged a landmark partnership agreement with Chinese investment leader Luyi Holding Group to develop a world-class industrial park in Qatar.

The project aims to catalyze foreign investment, strengthen local industry, and advance Qatar's economic diversification goals in alignment with Qatar National Vision 2030.

The agreement was signed by HE CEO of QFZ Sheikh Mohammed bin Hamad bin Faisal Al-Thani, and Chairman of Luyi Holding Group Yin Haijie, on the sidelines of the prestigious China International Import Expo (CIIE) in Shanghai. This collaboration represents a significant step within China's Belt and Road Initiative, designed to enhance regional cooperation and economic development.

Marking the occasion, HE Sheikh Mohammed bin Hamad bin Faisal Al-Thani said: "This agreement marks a crucial milestone in Qatar's strategic drive to diversify its economy, attract foreign investment, and strengthen the localization of key industries. The planned industrial park will introduce a broad spectrum of industries that directly support Qatar's targeted cluster development." CEO of QFZ highlighted Qatar's competitive advantages, noting that "Our advanced infrastructure, progressive business regulations, and comprehensive free zones incentives have created a compelling environment that attracts global businesses. This partnership with Luyi Holding Group reinforces Qatar's position as an internationally competitive investment destination."

"The new industrial park is expected to generate substantial opportunities for local companies across logistics, construction, and technology services sectors, while creating new employment opportunities, enhancing local expertise, and facilitating knowledge transfer within Qatar's industrial landscape," His Excellency added.

For his part, Chairman of Luyi Holding Group Yin Haijie emphasized how the park aligns with the Belt and Road Initiative's goals of strengthening trade and development ties across the Middle East and beyond.

"Qatar's strategic location, modern infrastructure, and favorable investment climate made it the clear choice for our Middle Eastern expansion. This project will strengthen Sino-Qatari economic relations and establish Qatar as our regional operational hub," he said.

Located in Qatar's Umm Alhoul Free Zone, Phase 1 is 282,000-square-meter industrial park and will feature state-of-the-art industrial units ranging from 5,000 to 30,000 square meters, designed for immediate manufacturing and operational use.

The facility aims to attract leading international companies across multiple sectors, including plastic and metal products, performance materials and solar panels. This strategic development will strengthen Qatar's industrial foundation by localizing critical industries while serving both local and regional market demands, advancing the nation's economic diversification objectives.

The Belt and Road Initiative seeks to strengthen connections across Asia, Africa, and Europe through the development of new industrial communities and cities. For Qatar, this partnership represents a strategic opportunity to forge vital economic alliances and cement its position as an influential hub in global trade.

(QNA)