Xiamen, September 10 (QNA) - Qatar Free Zones Authority (QFZA) signed two memoranda of understanding with two prominent entities in China, on the sidelines of its participation in the China International Fair for Investment and Trade (CIFIT) in Xiamen, which will run till 11th September.

As part of the event, QFZA signed a Memorandum of Understanding (MoU) with Capital Nuts, a China-based early stage fund specializing in consumer-focused online technology investments. It also signed an MoU with Shenzhen Cross-Border E-Commerce Association (SZCBEA), a non- government association focused on driving inter-border E-commerce in China.

The MoUs were signed by QFZA CEO Lim Meng Hui and Chairman of Capital Nuts Leon Wang and executive president of SZCBEA Wang Xin.

QFZA CEO Lim Meng Hui said, "Capital Nuts is a leading venture capital firm in China and a global player in e-commerce funding, and we are excited to partner with them as we explore deeper collaboration across the tech sector, a key focus sector for QFZA. As well as potential partnerships in import and export, e-commerce, downstream chemicals and industry, and more.

QFZA CEO Lim Meng Hui said, "Today's meetings and partnership with SZCBEA are both a great example of QFZA's overarching business strategy, which aims to facilitate global partnerships that benefit Qatar's economic diversification plans and foreign companies looking to expand their presence across the Qatari market."

"Capital Nuts wants to play an important role to bring Chinese technology and industry resources to Qatar," Leon Wang, chairman of Capital Nuts said.

Wang Xin, executive president of SZCBEA, said, "Today, we signed the MoU to further promote international cross-border E-commerce business, industrial investment, modern logistics, talents training and other sectors between our two sides, which will help Chinese enterprises enter the Middle East area, and expand to European and American markets."

Under the new partnership, QFZA and SZCBEA will establish cooperation guidelines to leverage the booming cross-border e-commerce and modern logistics sector by promoting QFZA's availability of resources and SZCBEA vast business contacts.

Through QFZA's logistical support, SZCBEA plans to set up a branch in the free zones. The two entities will look to exchange expertise in research and consulting projects, logistics and e-commerce innovation, to support bilateral ties and mutual economic development. (QNA)