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Satyendra Pathak
Doha
Doha Bank will expand its operations in Canada to tap the country’s growing trade potential with Qatar, Doha Bank Group CEO R Seetharaman has said.
Talking to Qatar Tribune on the sidelines of a knowledge sharing session on ‘Qatar Economic and Financial Outlook’ co-hosted by Canadian Business Council in Qatar (CBCQ) and Doha Bank on Wednesday, Seetharaman said that there was an immense potential to grow trade ties between the two countries especially in healthcare and education sectors.
Given the potential for increasing trade volume between the two countries, he said, Doha Bank finds itself in a right position to grow in the Canadian market as it is the only Qatari bank that has a representative office in Canada currently .
“We anticipate a number of Canadian companies especially the SMEs entering the Qatari market in the near future. We want to use our strong ties with Canadian banks to serve such potential customers in Canada as well as in Qatar. There are 9,000 Canadian expatriates in Qatar and we are working to enable seamless banking services to them,” he said.
Citing the trade volume of $134 million between Qatar and Canada in 2017 as below the actual potential level, he said, Doha Bank was ready to play the role of intermediary so that trade between the two countries reach higher levels.
“Canadian economy is very strong. In terms of healthcare and education, Canada is second to none. We see a lot of potential for Qataris to invest in these two areas of Canadian economy,” he said.
“Canadian exports of services are significant to Qatar as Canadian companies are providing services in areas such as architecture, construction, education, engineering, health, legal and project management. Canada can participate in Qatar’s infrastructure and food security,” he said.
“Canadians should also look at Qatar as gateway for Asian markets. Qatar has announced a number of incentives for foreign investors to set up manufacturing units at its upcoming free zone. Canadian firms should take advantage of such offers to set up shops in Qatar and sever the huge local and regional markets,” he said.
Highlighting Qatar as one of the fastest growing economies in the region during the knowledge sharing session earlier, he said, “Qatar is expected to grow by 2.7 percent in 2018 and 2.8 percent in 2019 respectively. Qatar’s economic growth will be unaffected by any slowdown in global economy as the country has announced plans to increase liquefied natural gas production capacity by 43 percent to 110 mtpa. Projects related to health, education and infrastructure will ensure that growth momentum goes on in the positive direction.”
Highlighting the growing ties between Qatar and Canada in various economic sectors, he said, “Qatar’s merchandise trade with Canada hit $134 million in 2017.
“Major imports from Qatar by Canada are mineral products and chemicals, while major exports to Qatar by Canada are plastics, vehicles and machinery items. Qatar has invested more than $500 million in Canada.
“Many Canadian businesses operate in Qatar. EllisDon’s $200-million contract in Lusail City overseeing a $3-billion real estate development project strengthens Canada’s brand in Qatar.
“Other Canadian organisations with operations in Qatar include Bombardier, SNC Lavalin, Stantec, the College of North Atlantic, University of Calgary and Tim Hortons.”
Doha
Doha Bank will expand its operations in Canada to tap the country’s growing trade potential with Qatar, Doha Bank Group CEO R Seetharaman has said.
Talking to Qatar Tribune on the sidelines of a knowledge sharing session on ‘Qatar Economic and Financial Outlook’ co-hosted by Canadian Business Council in Qatar (CBCQ) and Doha Bank on Wednesday, Seetharaman said that there was an immense potential to grow trade ties between the two countries especially in healthcare and education sectors.
Given the potential for increasing trade volume between the two countries, he said, Doha Bank finds itself in a right position to grow in the Canadian market as it is the only Qatari bank that has a representative office in Canada currently .
“We anticipate a number of Canadian companies especially the SMEs entering the Qatari market in the near future. We want to use our strong ties with Canadian banks to serve such potential customers in Canada as well as in Qatar. There are 9,000 Canadian expatriates in Qatar and we are working to enable seamless banking services to them,” he said.
Citing the trade volume of $134 million between Qatar and Canada in 2017 as below the actual potential level, he said, Doha Bank was ready to play the role of intermediary so that trade between the two countries reach higher levels.
“Canadian economy is very strong. In terms of healthcare and education, Canada is second to none. We see a lot of potential for Qataris to invest in these two areas of Canadian economy,” he said.
“Canadian exports of services are significant to Qatar as Canadian companies are providing services in areas such as architecture, construction, education, engineering, health, legal and project management. Canada can participate in Qatar’s infrastructure and food security,” he said.
“Canadians should also look at Qatar as gateway for Asian markets. Qatar has announced a number of incentives for foreign investors to set up manufacturing units at its upcoming free zone. Canadian firms should take advantage of such offers to set up shops in Qatar and sever the huge local and regional markets,” he said.
Highlighting Qatar as one of the fastest growing economies in the region during the knowledge sharing session earlier, he said, “Qatar is expected to grow by 2.7 percent in 2018 and 2.8 percent in 2019 respectively. Qatar’s economic growth will be unaffected by any slowdown in global economy as the country has announced plans to increase liquefied natural gas production capacity by 43 percent to 110 mtpa. Projects related to health, education and infrastructure will ensure that growth momentum goes on in the positive direction.”
Highlighting the growing ties between Qatar and Canada in various economic sectors, he said, “Qatar’s merchandise trade with Canada hit $134 million in 2017.
“Major imports from Qatar by Canada are mineral products and chemicals, while major exports to Qatar by Canada are plastics, vehicles and machinery items. Qatar has invested more than $500 million in Canada.
“Many Canadian businesses operate in Qatar. EllisDon’s $200-million contract in Lusail City overseeing a $3-billion real estate development project strengthens Canada’s brand in Qatar.
“Other Canadian organisations with operations in Qatar include Bombardier, SNC Lavalin, Stantec, the College of North Atlantic, University of Calgary and Tim Hortons.”
