Doha Bank recently held a meeting with the Sri Lankan delegation, headed by Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka.
Dr R Seetharaman, chief executive of Doha Bank, highlighted the key developments in the global economy.
Global growth is expected to be 5.9% in 2021 with advanced economies poised to grow by 5.2%, emerging markets and developing economies by 6.4%, he said, quoting the International Monetary Fund (IMF).
He said, according to IMF October 2021, Qatar economy is expected to grow by 1.95% in 2021. Qatar’s fiscal 2021 had earmarked QR194.7bn for spending.
"This year, Qatar has come out with ambitious expansion plans on the LNG or liquefied natural gas segment," he said.
Highlighting that the "promising" investment sectors in Qatar include fintech, advanced manufacturing, healthcare, logistics and education; he said the PPP (public private partnership) law and investment law would provide opportunities.
He said the two-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.
Dr Seetharaman highlighted that many Qatari banks had come up with bond issuances in 2021 and the Qatar Stock Exchange has recovered to pre-Covid-19 levels.
"The Qatar’s reforms can enable post–Covid economic recovery,” he added.
Finding that the relationship between Qatar and Sri Lanka has been growing; Cabraal said "we will be seeing new ways in co-operating in future."
Mafaz Mohideen, ambassador of Sri Lanka, said for investors’ protection, there is a memorandum of understanding between Qatar and Sri Lanka.
The meeting was also attended by N W G R D Nanayakkara, deputy governor, Central Bank of Sri Lanka; Dr M Z M Aazim, Superintendent of Public Debt; Dr C Amarasekara, Director of Economic Research; and T N C Gamage, Senior Assistant Director/Protocol.