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Posted On: 2 June 2020 09:48 am

QFC stresses importance of investing in infrastructure to guarantee economic recovery

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Member of the World Alliance of International Financial Centers (WAIFC) Board of Directors and CEO of Qatar Financial Centre (QFC) Yousuf Mohamed Al Jaida stressed that preparing for the aftermath of the COVID-19 pandemic was equally important to the strict containment measures.

Al Jaida stressed that trade was an integral component of global economic recovery, and governments, working with organizations such as WAIFC, must start building economic infrastructure that supports steady and inclusive recovery.

WAIFC encouraged countries to scale up investments and continue to develop digital infrastructures.

"During the phases of lockdowns, we have experienced the importance of digital services in finance and beyond. The alliance also urged governments and regulators to coordinate their response to the pandemic. Firms will need space and regulatory assistance to focus on meeting the challenges ahead. Countries must avoid the self-defeating lure of protectionism and work together to open trade and investment constructively and sustainably for our economies," the statement said.

In the long run, the alliance saw that it was essential to reconsider economic models and give a new priority to long-term perspectives, innovative business models, sustainable economies, and environmental and social considerations.

For his part, Chairman of the WAIFC Board of Directors and CEO of Paris Europlace Arnaud de Bresson said that "this crisis will change the business model for the coming years. New priorities are to accelerate solidarity, as well as the development of innovation. The financial industry is part of the solution to accompany the financing of corporates, as well as to develop sustainable finance and the development of new technologies. With WAIFC, International financial centers are accelerating their cooperation to fix new objectives and share their best practices."

For his part, Member of the WAIFC Board of Directors and Executive President of the Capital Market Authority Oman Abdullah Al Salmi said "there is no doubt that COVID-19 has had its toll on financial markets around the world. But, also, there should not be any doubt that this crisis institutes an opportunity for financial centers to work more closely than ever before to help a rapid and comprehensive recovery."

The World Alliance of International Financial Centers (WAIFC) is a non-profit association registered in Belgium, representing 17 leading international financial centers of four continents. WAIFC members are city governments, associations, and similar institutions developing and promoting their financial centers. The objective of the WAIFC is to create a transparent network that facilitates cooperation and sharing of best practices to further the understanding of the importance of international financial centers for national and global economies as well as social development.

Source: Qatar News Agency