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Tribune news network
Doha
Doha Bank CEO Dr R Seetharaman showcased Qatar's sustainability and resilience to European Business Assembly during the the 'London Summit of Leaders Achievements Forum 2018,'in London recently, a press statement said on Wednesday.
Giving insight on Qatar economy, Seetharaman said,"Qatar's economy is expected to grow by close to 2.6 percent in 2018. Qatar will raise LNG production by 30 percent to 100 mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017.
"In response to the economic blockade Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy."
He said Qatar's reserves are more than twice of its GDP and in terms of financial stability Qatar is strong, stable and functional.
"Qatar lending growth in 2017 was close to 8 percent and deposit growth more than 13 percent.
"Government, real estate and services sector were the contributors to lending growth," Seetharman added.
The recently inaugurated Hamad Port provides"a golden opportunity" for the private sector and Qatari businessmen to activate their business and promote the import and export of various commodities, he noted.
"Special Economic Zone firm Manateq Qatar has three special zones under its wing, which are geared to facilitate private sector growth and promote manufacturing in Qatar.
"A new law for Public Private Partnership (PPP) businesses in Qatar should provide an additional level of comfort to the private sector and foreign investors," Seetharaman added.
Qatar is ranked 25th in 'the Global Competitiveness Report 2017-18'.
Qatar's 2018 budget has allocated QR83.5 billion or 41 percent of total expenditure for health, education and transportation.
Qatar has witnessed initiatives such as 'Single Window System' and 'Own your Factory in Qatar'.
"Qatar's landmark residency plan is a welcoming social and economic reform. It will attract skilled expats to have a career in Qatar. Qatar has also waived entry visa requirements for citizens of 80 countries," Seetharaman said.
