Doha: Doha Bank recently conducted a conference on "Qatar economy and growth opportunities" at New York on the sidelines of the annual IMF meeting held in Washington, DC.
Doha Bank CEO R Seetharaman explained Qatar's emergence as a role model for transformation on economic and social fronts.
He said: "The state of Qatar has effectively followed the true principles of globalisation that is driving the world economies through progressive liberalisation and modernisation 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 increasing energy demand in last of couple of years world over had enabled the GCC states to generate considerable fiscal surplus thereby substantially improving its balance of payments position which has further enabled this visionary state to invest wisely on various industrial and infrastructural projects. Qatar aims to increase the role of its non-hydrocarbon sector to 80 percent of the economy by 2015. The combined value of developments projects in GCC countries exceeds USD 1.30 trillion. The major projects in Qatar include New Doha International airport, Pearl Island and Mesaieed Industrial city's port. "
Seetharaman highlighted the economic developments in Qatar saying: "Qatar Exchange alliance with NYSE Euronext will enable Qatari investors to access global markets and also provide liquidity. Qatar exchange product diversification initiatives can evoke interest from Global players. Qatar is estimated to have the highest per capita income of $90,149 for 2010.On the hydrocarbon sector Qatar is also set to achieve milestone of 77M tonnes of annual LNG production capacity and take position as the world's largest LNG producer and transhipper. Qatar ranks 17th globally in Global Competitiveness Report 2010-2011 by World Economic Forum. Qatar will soon also have a full-fledged Boeing facility. The corporate tax for Non-Qatari companies has been brought down to 10 percent. Qatar has also made a pitch for FIFA 2022 world cup. The above developments create a favourable climate for foreign participation in Qatar."
Seetharaman gave his economic outlook on US economy emphasising on high unemployment, low private demand, large debt to GDP and potential risk of double-dip recession in the US economy. He highlighted on the bilateral trade between US and GCC in recent years and said: "In 2009 though the bilateral trade with GCC countries had contracted due to the global financial crisis, trade between Qatar and US had been quite consistent in the past three years which reflects the resilience of Qatar economy. The bilateral trade with Qatar and GCC will pickup in the coming years."
Seetharaman gave his overview on the significant bilateral deals between Qatar and US and said: US and Qatar have Trade and Investment Framework Agreement since 2004. Major US giants namely ExxonMobil, Occidental petroleum, Conoco Philips and Chevron Corporation have participated in various strategic developments in Qatar's hydrocarbon industry. In September 2010 Golden Pass LNG's terminal in the US is set for commissioning which will have capacity to deliver the equivalent of 2bn cubic feet per day of natural gas which represents enough natural gas to meet the average daily needs of about 10 million US households. Chevron Corporation is also involved in development of sustainable energy centre in Qatar. In 2009 GE and Qatar foundation signed agreement covering health care and research initiatives."
© The Peninsula 2010
