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LoginQFZ Inks Partnership with Leading Chinese Insulation Firms
Zhejiang, China, June 11 (QNA) - Qatar Free Zones Authority (QFZ) has signed a strategic multilateral cooperation memorandum of understanding (MoU) with China's Jiangsu Luyi Investment Co., Ltd. and Zhejiang Zhenshen Insulation Technology Co., Ltd. (the World's Largest Producer of Cellular Glass Insulation Materials and the leading insulation solution provider in China), to support the establishment of an advanced insulation materials manufacturing facility at the Sino-Qatar Luyi Industrial Park in Umm Alhoul Free Zone.
Signed on the sidelines of QFZ's China Roadshow, the MoU establishes a framework for long-term collaboration between the three parties. Through the partnership, Zhejiang Zhenshen will explore the establishment of the facility within the Sino-Qatar Luyi Industrial Park - which will be operated and managed by Jiangsu Luyi Investment Co., Ltd.
QFZ will support Zhejiang Zhenshen's entry into Qatar's free zones ecosystem and facilitate the setup of its operations. The three parties will also collaborate on market research, resource allocation, project planning, factory development, and operational readiness to support the successful implementation of the project.
As part of its regional growth strategy, Zhejiang Zhenshen plans to establish an operating entity within Qatar's free zones and undertake phased investments in the production of thermal insulation materials and related products. The project will be Zhejiang Zhenshen's first overseas presence, which will establish Qatar as their international hub and will support the company's expansion to key regional markets including the Middle East and Africa.
Commenting on the occasion, HE Sheikh Mohammed bin Hamad bin Faisal Al-Thani, CEO of QFZ, said: "This MoU reflects our shared commitment to advancing high-value manufacturing, innovation and industrial growth. By combining Zhejiang Zhenshen Insulation Technology Co. Ltd's technological expertise with the integrated ecosystem of QFZ and the Sino-Qatar Luyi Industrial Park, we are creating a platform that will facilitate investment, accelerate knowledge transfer, and strengthen industrial capabilities across key global markets".
Sheikh Mohammed added: "This partnership further reinforces Qatar's position as a strategic hub connecting international businesses to regional and global opportunities. We look forward to supporting the company's long-term growth through the world-class infrastructure, connectivity, and business environment offered within our free zones."
Meanwhile, Yin Haijie, Chairman of Jiangsu Luyi Investment Co. Ltd., said: "This partnership marks another important milestone for the Sino-Qatar Luyi Industrial Park and reflects the growing interest among Chinese manufacturers in establishing a presence in Qatar and the wider Middle East. Through our collaboration with QFZ and Zhejiang Zhenshen Insulation Technology Co. Ltd, we have developed a platform that helps industrial companies transition from market exploration to operational deployment while supporting Qatar's long-term industrial development ambitions under Qatar National Vision 2030. We look forward to supporting Zhejiang Zhenshen's regional expansion plans and helping unlock new opportunities for advanced manufacturing and cross-border industrial collaboration."
Zhang Chunhua, Chairman of Zhejiang Zhenshen Insulation Technology Co. Ltd., said: "Qatar offers a highly attractive environment for industrial investment, supported by advanced infrastructure, strong connectivity, and access to regional markets. This MoU with QFZ and Jiangsu Luyi Investment Co. Ltd., provides an important foundation for our Middle East expansion strategy, and we look forward to establishing our first overseas operational presence in Qatar's Free Zone in Umm Alhoul, that supports our strategic growth ambitions in the region."
The memorandum of understanding builds on the momentum of the strategic partnership between QFZ and Jiangsu Luyi Investment Co., Ltd. to develop the Sino-Qatar Luyi Industrial Park within Umm Alhoul Free Zone. With its first phase spanning 282,000 square meters, the park serves as a platform for strengthening economic and industrial ties between Qatar and China, with Zhejiang Zhenshen's planned entry further reinforcing its role in supporting Belt and Road collaboration and regional industrial development. (QNA)
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