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DOHA BANK ADDRESSES ON THE U.S. BUSINESS OPPORTUNITIES IN THE GULF, AT HOUSTON, TEXAS, USA
Doha Bank organized a knowledge sharing session at Houston, Texas State – USA on the 14th October 2008 in the sidelines of 2008 IMF-World Bank Annual meet. The knowledge session was attended by Chairmen, Managing Directors, Chief Executives and media experts from across the Texas State comprising leading organizations representing oil & gas, financial institutions, manufacturers, leading research institutions, educational institutions etc. Mr. Jeff Moseley, President and CEO, Greater Houston Partnership in his opening remarks elaborated on his vision to strengthen the bilateral synergies between the State of Qatar with Texas State and USA; and also welcomed the eminent gathering for the evening to get a better insight on the synergies existing between the State of Qatar with Texas State and USA. Ms. Elizabeth Ames Jones, Raliroad Commissioner, Railroad Commission of Texas appreciated the efforts of Doha Bank and Mr. Seetharaman and said 'Business opportunities in Qatar are tremendous considering the Qatar Government’s initiatives in opening financial center for trade and State of Qatar’s ability to continuously come out with big size infrastructural and industrial projects focusing towards investment opportunities'.
Mr. R. Seetharaman, Chief Executive Officer, Doha Bank addressed the gathering as the key note speaker, highlighted the current global crisis, its impact on the functioning of the global economy, the financial stability of the world economies, outlook on the world economies in consideration to the current financial crisis and the policy changes that are required at a macro-economic level and financial/monetary level to come out of the current financial crisis. Mr. Seetharaman further elaborated as how GCC has emerged as a role model for transformation on economic and social fronts. 'The increasing energy demand world over has enabled the GCC states to generate considerable fiscal surplus enabling the GCC states to grow as the fastest trade bloc in terms of GDP with estimated growth forecasted between 10%-15% for 2009 even though rest of the world’s growth are shadowed by the ongoing financial crisis. Further, the GDP per capita income of GCC states are amongst the highest today with estimated per capita forecasted at USD 32,000 for the fiscal 2009. It is the long-term vision to diversify and infuse significant thrust on non-oil sectors. This has resulted in massive infrastructural creation and industrial expansion. The current estimates suggest that oil Vs non-oil sector constituting a healthy proportion of 50-50 on the GDP. On the social front all the important indicators such as healthcare system, literacy rate and women participation in governance indicate steady improvement resulting in significant transformation. Regular coordination through multiple forums, working towards common issues among the GCC states is making this bloc stronger day by day.' Mr. Seetharaman said. 'State of Qatar has also effectively followed the true principles of globalization that is driving the world economies by liberalization and modernization under the astute leadership of His Highness Sheikh Hamad Bin Khalifa Al-Thani, the Emir of the State of Qatar and His Highness Sheikh Tamim Bin Hamad Al-Thani, Heir Apparent of the State of Qatar' he said. Mr. Seetharaman further highlighted the development projects that have been currently undergoing, progress and maturity shown in the banking & financial sector, establishment of Qatar Financial Center, educational institutions being set-up and operational all making State of Qatar a global destination owing to the competitive infrastructure, low cost, and low tax environment and huge project finance opportunities. Elaborating on USA-Qatar-GCC relationship, Mr. Seetharaman detailed various fields where the joint relationships are playing an important role. 'In education field United States is playing a unique role in shaping the future of students in the State of Qatar. Today we have five world class universities from United States, having strong presence in Qatar. In oil, gas and other energy related sectors also US companies are very actively contributing. Further potential areas of co-operation are Health care, Biotechnology, Electronics & Technology and Engineering & Chemicals. In fact expatriates from the US rate Qatar as one of the best places to live and work because of various factors such as economic activities, friendly investments climate, professional environment with world class amenities', Mr. Seetharaman said. In his concluding remarks, Mr. Seetharaman said, 'State of Qatar and United States of America being strong allies and logical partners, we should always explore new avenues for mutual synergy and benefits. State of Qatar, in addition to its own intrinsic attractiveness is also very strategically located right in the middle of Asia and Africa – proximity to two huge markets, bringing forth immense opportunities for global companies'.
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