Qatar and Bangladesh can Work together to Boost the Bilateral Trade

Doha Bank Hosted a webinar on 19th August 2020 on the theme 'Bilateral and Synergistic Opportunities between Qatar and Bangladesh'. The event witnessed participation from Mr. Jaafar Ali Al-Saraf, Vice President, Bangladesh Forum Qatar and Vice Chairman, Gulf Exchange, H.E. Ashud Ahmed, Ambassador of Bangladesh to Qatar, Dr.R. Seetharaman, Chief Executive Officer of Doha Bank, Mr. Naser Ezaz Bijoy Country Chief Executive Officer, Standard Chartered Bank Bangladesh and Mr. Sheikh Fazle Fahim, President, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI).

Mr. Jaafar Ali Al-Saraf welcomed all the distinguished speakers for the webinar. Mr. Jaafar spoke about the two countries sharing excellent relations and working towards increasing the bilateral trade.

H.E. Ashud Ahmed, spoke about the COVID-19 related challenges the Bangladesh economy and the steps leaders have taken to address the situation. He said Qatar-Bangladesh enjoy excellent relations, the countries have supported each other in the international forums. He said both governments hold keen desire to strengthen relationship. He mentioned about the remittances growth over the last five years, currently reached USD1BN from Qatar. He said the country produces medicines of finest quality approved by US and are cost effective. He said the country is a land of opportunities other than importing labour, he also mentioned that Qatar has been resilient post the blockade and has become self-reliant in many sectors, Bangladesh can become a partner with Qatar.

Mr. Naser Ezaz Bijoy, described Bangladesh as 'Best Kept Secret of Asia', he spoke on inherent strengths of the economy, the growth of apparel sector, remittances, power generation, infrastructure and digital space. The demographic dividend of the country lies as major age bracket constitutes in the range of 25 to 54 years, he said the economy has transformed itself into middle-income group. He expects in the next five years the economy will add USD0.5trillion which will be like adding Vietnam to itself. He discussed about investing in government bonds as yields are attractive and currency is stable.

Mr. Sheikh Fazle Fahim spoke about the vision of Bangladesh of sustainable development, expansion in hydrocarbon segment, expanding value chains and service trade. He said Qatar is keen to invest in Bangladesh energy sector, LPG storage terminals, power and infra sector. He discussed the fiscal and monetary policy and mentioned that income taxes were reduced with corporate taxes being reduced by 2.5%.

Dr.R.Seetharaman spoke about Bangladesh as a country has been stable in 1) Politics and 2) Financial, he said it is important to build blocks between Qatar-Bangladesh to expand the trade. The country is going to transform given its macro-economic fundamentals and middle-income segment. The next five years will be defining moment for the economy. The policy governance has been exemplary. The country has mapped 1) Economic 2) Social 3) Environment and 4) Human risk successfully to continue it growth momentum. Dr. R. Seetharaman gave insight on Bangladesh Economy & Qatar - Bangladesh bilateral relationships. He said 'According to IMF June 2020, Bangladesh expected to grow by 2% in 2020. Bangladesh forex reserves are at $32bn in July 2020. Qatar Bangladesh trade was close to $1bn in 2018-19. In June 2017, Bangladesh entered into agreement with Rasgas to supply 2.5 million tons of LNG for 15 years. Issuance of performance bonds, tender bonds for participation of Bangladesh companies in the infrastructure projects in Qatar. Letters of credit for exports of LNG shipments from Qatar to Bangladesh. Incoming Remittances & payments for Qatar exports to Bangladesh .LC opening in Qatar for imports of Qatar from Bangladesh.

Dr. R. Seetharaman, CEO of Doha Bank gave insight on Global economy. According to IMF June 2020 ' Global economy growth is projected at -4.9 percent in 2020, Growth in the advanced economy group is projected at -8.0 percent in 2020, growth in the group of emerging market and developing economies is forecast at -3.0 percent in 2020.'

Dr. R. Seetharaman spoke on Qatar's economy, he said 'Qatar has World class seaport, airport, Free zones, a new Public-Private Partnership Model and an approved Foreign Investment Law to promote non-Qatari investments.' Qatar is an AA- rated country and Doha Bank is rated A3 with stable outlook, the country has a sovereign fund plus gold reserves with central which is 2x of GDP and has adequate financial reserves reflecting inherent strength of the economy. The current increase in LNG production capacity from 77mpta to 110mtpa by 2025 and further to 127mtpa reflects country's strong fundamentals.

Dr.R.Seetharaman said that the Tatweer program offers infra, office space, introduce business and helps in creating entire value chain to support SME's in Qatar. Qatar Development Bank can help in providing equity whereas debt can be funded by other banks. He said from investment perspective Doha Bank can explore debt and equity, given the macro-economic fundamentals of the country.

Mr. Jaffar asked Mr. Ajay Kumer Shaker, Chief Representative, Doha Bank Bangladesh Representative Office to give vote of thanks to all the distinguished speakers and audience.

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Doha Bank QSC published this content on 19 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2020 15:31:15 UTC