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He stated that “Global economic recovery is happening however key risks are yet to be addressed. Discussions are held at various Global forums such as G8 and G20 to revamp the global architecture. We need to adapt to the new world economy and “education” is one of fundamental keys for progress. Today thanks to Qatar Foundation, Qatar has become a world hub in education, having the most prestigious universities of the world”.
Mr. Seetharaman gave his economic outlook on Qatar economy Mr. Seetharaman said “the State of Qatar has been significantly resilient to the global crisis and has effectively followed the true principles of globalization that is driving the world economies through progressive 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. Qatar’s National Vision 2030 builds on a society that promotes justice, benevolence and equality. The FIFA world cup 2022 in Qatar will provide immense opportunities and support the diversification strategy of Qatar”
Mr. Seetharaman gave his overview on the significant bilateral deals between Qatar and Spain He highlighted that “Bilateral trade between Spain and Qatar has increased in recent years. Total trade for Qatar with Spain increased from 0.8B QR (Exports – 0.54B, Imports – 0.23B) since 2003 to 6.5 B QR in 2008 (Exports from Qatar – 4.9 B, Imports to Qatar -1.6B).Spain and Qatar have significant opportunities to work together. The presence of Qatar in Spain is quite notable in the petrochemical side; Qatar was the biggest supplier of natural gas to Spain in the month of September 2010. Various projects and deals have been signed between Spanish and Qatari companies. Doha Bank is also studying the possibility of opening a representative office in spain
In July 2003, Endesa signed a sales and purchase agreement with RasGas for the supply of 0.8 million tones per annum of LNG over 20 years, deliveries commenced in 2005. Qatar Liquefied Gas Co Ltd and Gas Natural of Spain signed Agreement for the sale and purchase of two billion cubic meters per annum of LNG for 20 years beginning 2005.Since June 2010 Qatar airways had increase its presence in Spain. In October 2010 Repsol and Qatar gas signed a multiyear LNG agreement under which Qatar gas will supply LNG to Resold Energy Canada Ltd. In October 2010 QIA’s investment arm, Qatar Holding acquired a $2.72 billion convertible 5% stake in the Brazilian business of Spanish biggest bank Santander. In November 2010 Qatar & Spain has signed a MOU to include mobile technologies in projects extracting gas from complex or depleted gas deposits in Uzbekistan. Spanish construction companies in Qatar include OHL Group, FCC (construction), Harinsa and Iberdrola.As part of Qatar’s presence in sports, recently Qatar Foundation announced its new global partnership with FC Barcelona for 5 ½ years until 2016 and is worth $166 million. The partnership will see Qatar Foundation as the club's new shirt sponsor from next season. His H.E Sheikh Abdullah Bin Nassar Al Thani purchased of the Malaga Football Club for $48.3 million.”
In his concluding remarks.Mr. Seetharaman said “ Spain and Qatar have many areas to synergise further on account of infrastructure development in Qatar due to FIFA World cup 2022 which can promote cross- border partnerships on trade and investments and will lead to economic welfare between countries”
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