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Doha Bank in continuation to its efforts in organizing various knowledge sharing sessions, organized an knowledge sharing session titled “ Qatar and International Trade ” at Diplomatic Club, Doha, Qatar on 12th December 2010.This knowledge session was attended by Ambassadors, Charge de affairs representing respective foreign embassies operating in the State of Qatar, customers of Doha Bank, renowned bankers, industrialists, analysts, economists, regulators, legislators etc., from across the State of Qatar.
The Welcome address was given by Mr. Chriss Fellner - Head of International Banking, Doha Bank. Mr. Mohammed Bin Ahmed Twar Al-Kuwari, Vice Chairman, Vice President Business Council, Qatar Chamber of Commerce spoke on International Trade - the structure, the way forward and initiatives of the State of Qatar. Mr. Anton Bray, Vice President Commercial & Shipping, Tasweeq spoke on International Trade from a companies perspective. He highlighted the petroleum industry in Qatar andTasweeq’s experience of conducting business in Qatar, the challenges and opportunities therein. Mr. Sezai Arli, Secretary General of the Turkish Business Association, Qatar spoke on International Trade from the perspective of foreign companies active in Qatar. He highlighted the real time experiences and the challenges and opportunities prevailing in Qatar.
Speaking on the occasion Mr. Seetharaman explained in detail the current Global economic scenario and Global trade developments, emphasising the challenges and opportunities therein. He stated that “World has still not fully recovered from economic crisis and global growth is expected to be around 4.8% in 2010. The risk of double-dip recession in U.S still prevails. The Ireland -bailout and European Crisis are still threats to Global economic recovery and Global trade. The Global trade had shrinked the most in 2009 on account of the economic crisis by 12.2%. We can witness protection measures between China and United States on account of currency-war which could affect Global trade. The Global trade is expected to expand by 13.5% in 2010.”
Mr. Seetharaman further elaborated what this crisis meant for commodity driven real economies such State of Qatar and the impact on Middle East trade. Mr. Seetharaman while explaining Middle East trade said “Qatar is insulated from internal developments but not isolated from Global developments. Middle east trade had shrunk in 2009 by 4.9% due to the crisis, however expected to recover in 2010 on account of demand from emerging economies. The increasing energy demand in last of couple of year’s world over had enabled Qatar to generate considerable fiscal surplus thereby substantially improving its balance of payments position. The future demand for oil is predominately going to come from India and China. The economic activity in Qatar is also expected to surge in coming years due to hosting of Qatar FIFA World Cup in 2022. The infrastructure demands in Qatar is going to be immense on account of Qatar FIFA World Cup 2022.”
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Mr. Seetharaman while highlighting on the bilateral trade between Qatar and various countries said “Major trading partners of Qatar include United states, United Kingdom, Japan, South Korea, China and India. In Sept 2010 Golden Pass LNG terminal in the US has commissioned. Qatar and NYSE have alliance. Major US oil major companies participate in strategic development of Qatar Qatar-gas 2 supply up to 20 percent of the UK’s natural gas needs through south hook terminal. Shell is a major player in Qatar’s hydrocarbon industry. Japan is a long time buyer of Qatari crude oil and mostly over 50% of Qatar’s crude oil is exported to Japan. Qatar supplies 30% of South Korea’s natural gas needs and it is the state’s second largest export market. Korean companies also actively participate in Qatari economic projects In June 2010 Qatar Investment Authority (QIA) invested $2.8bn - IPO of the Agricultural Bank of China. Many Chinese companies operate in Qatar. India annually imports over 8 mn tonnes of liquefied natural gas (LNG) from Qatar. Trade with India has shown increasing trend in last 4 years.”
In his concluding remarks, Mr. Seetharaman said “ Qatar’s international trade is going to expand towards emerging economies in the near future which would enable it build its fiscal surplus and infrastructure necessary for FIFA World Cup 2022”
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