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Satyendra Pathak
Doha
Indian Prime Minister Narendra Modi's upcoming visit to Qatar will provide stimulus to trade and investment between the two countries, Doha Bank Group CEO R Seetharaman has said.
In an interview with Qatar Tribune, Seetharaman said Qatar is an important trading partner for India in the Gulf region, with the bilateral trade exceeding $15 billion last year.
"There is a huge potential for expansion in trade and investment ties between the two countries. The Indian prime minister's visit will boost economic ties, particularly in the hydrocarbon sector," he said.
While Qatar is hosting the FIFA World Cup in 2022, he said a number of Indian companies are involved in construction work in Qatar. Modi's visit will pave the way for more Indian companies to enter Qatar, which is executing projects worth billions of dollars for the world cup and to meet the goals of Qatar National Vision 2030, he said.
On Doha Bank's role in boosting trade ties between Qatar and India, Seetharaman said,"Doha Bank's role is vital as we are the only Qatari bank which has a presence in India with three branches in the country. We are in the right position to support bilateral trade between Qatar and India."
"Doha Bank is ideally placed to provide Indian and Qatari companies with quality banking services at a competitive rate and quicker customer service. Our bank has been actively supporting oil and gas exports to India for the last several years," he said.
"We are a reliable partner for many Indian banks that handle transactions of Indian oil and gas companies such as IOCL, Bharat Petroleum and others," Seetharaman said.
Doha Bank supports Indian importers doing business with Qatari companies through banking facilities, he said.
"Doha Bank, through its India operations, supports Indian exporters by offering them support on 'Letter of Credit' confirmation as a risk mitigation tool for doing international trade. We offer discount facilities and create a cash flow support for exporters at a cost-effective price," Seetharaman said.
Asked if the bank will seek facilities from Modi for further expansion in India, he said,"The banking licences in India are governed by regulator Reserve Bank of India. Hence, it may not be appropriate to seek facilities for expansion from the Indian prime minister. We might share our experience and future strategies for India with the prime minister."
India is an emerging economy and has grown at 7.6 percent in 2015-2016, he said, adding there are huge opportunities for growth in infrastructure and other sectors.
"Doha Bank, with its full scale operations at strategic locations such as Doha, Dubai, Abu Dhabi and Kuwait, can capitalise on such opportunities," he said.
Citing India as an ideal investment destination, Seetharaman said,"In November, the Indian government eased regulations for 15 sectors, including mining, defence, construction, real estate, civil aviation, and broadcasting and single-brand retail for foreign direct investments (FDI). Also FDI flows into India increased by 29 percent to a record $40 billion in the financial year ended March 2016."
