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Doha Bank holds meeting with Sri Lankan delegation

Doha Bank holds meeting with Sri Lankan delegation

Tribune news network
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Doha Bank recently held a meeting with Sri Lankan delegation headed by Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka, N W G R D Nanayakkara, Deputy Governor, Central Bank of Sri Lanka, M Z M Aazim, Superintendent of Public Debt, C Amarasekara, Director of Economic Research, T N C Gamage, Senior Assistant Director/Protocol and HE M Mafaz Mohideen, Ambassador of Sri Lanka to the State of Qatar.
R Seetharaman, CEO of Doha Bank highlighted key developments in global economy. He said “According to IMF Oct 2021 report, global growth rose at 5.9% in 2021. Advanced economies is expected to grow by 5.2% in 2021. Emerging markets and developing economies is expected to grow by 6.4% in 2021.”
He also gave insight on key developments in Qatar. “According to IMF, Qatar economy is expected to grow by 1.95% in 2021. Qatar’s fiscal 2021 had earmarked QR194.7 billion for spending. This year Qatar has come out with ambitious expansion plans on the LNG segment. In Dec 2020, Qatar Central Bank launched new currency notes. The easing of the 3.5-year-old regional dispute since Jan 2021 will improve trade, tourism and logistics.
“The normalization of relations between Qatar and its neighbors would help Qatar’s non-oil economy, with a resumption of travel links eventually lifting tourism inflows and greater interest of regional buyers in Qatar’s real estate market.”
Seetharaman said, “In April 2021, Qatar cabinet had announced support to private sector which was closed to COVID-19 precautionary measures. The promising investment sectors in Qatar include Fintech, Advanced Manufacturing Sector, Healthcare, Logistics and Education. The PPP law and Investment law will provide opportunities.
“The 2-tier residency programme has encouraged participation in Qatar property market. A draft law has come into effect in April 2021, allowing 100% foreign ownership in Qatari listed companies and provides opportunity for global investors. Many Qatari banks had come up with bond issuances in 2021. Qatar stock exchange has recovered to pre- COVID-19 levels.”
He added, “The Qatar’s reforms can enable post–COVID economic recovery.”
Ajith gave insight on the transformation in Sri Lankan economy. He said, “The relationship between Qatar and Sri Lanka will be growing. We would be seeing new ways in co-operating in future. There is G2G and central bank to central bank contact between both the countries. Sri Lanka has given additional incentive to overseas Sri Lankans to bring investments into the country.”
Nanayakkara stated that they can arrange meetings for investors and the logistics requirements.
Mafaz said that for investors protection there is an MoU between Qatar and Sri Lanka. For ease and convenience, the investors can reach Sri Lankan embassy in Qatar which will be in touch base with Central Bank of Sri Lanka and other necessary people with minimum roadblocks”

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