Doha Bank targets stronger Qatar-SL trade

• Opens first representative office, focuses on joint ventures
• Attention on aviation, food security, shipping and infrastructure 
• Plans visit of business delegation, hopes to scale up operations as investment bank    

 By Divya Thotawatte

Doha Bank, one of the largest banks in Qatar, announced the launch of its first Representative Office in Sri Lankayesterday aiming to boost trade and investment between the two countries with plans to attract more Qatari companies to its latest location. 

The bank outlined ambitious plans to encourage engagement between Sri Lanka and Qatari companies with special attention to the aviation, food security and shipping sectors. The bank also expects to organise a business delegation from Qatar to explore investment opportunities in Sri Lanka. 

“Sri Lankan investments are the most liberalised market space. This is a bigger opportunity which we want to showcase to Qatari companies. We want Qatari investors to set up a joint venture and investment partnership here,” Doha Bank CEO R.Seetharaman told reporters. 

Doha Bank has one of the largest international networks of the Qatari Banks through its branches in the UAE and Kuwait and three in India in Mumbai, Chennai and Kochi and with Representative Offices in the UK, Germany,Turkey, Singapore, South Korea, China, Japan, Hong Kong, Australia, Canada, South Africa,Bangladesh and the latest Representative Office in Sri Lanka. 

“We will be supporting the financial institutions that are already here. We’re going to scale up further depending upon the momentum of this opportunity.We’re going to scale up our investments as a bank, extend credit to clients and support trade. We’re going to promote more and more Qatari businessmen to come to Sri Lanka, and similarly Sri Lankan businessmen to come to Qatar and build on this partnership,” he said.

The Representative Office is to support and liaison with existing contacts between Doha Bank and Sri Lankanbanksas well as other Lankan contacts of the bank. The office will act as a liaison with the financial institutions and analyse Sri Lankan market trends while ascertaining information relating to banking and financial institutions in Sri Lanka and the general economic situation of the country for the head office of the bank and the customers who deal with relations in Sri Lanka to enhance their business ties.

Doha Bank believes that financial institutions in Sri Lanka will be better served as a result of the establishment of the Representative Office because Doha Bank can exchange market information concerning the business environment in Qatar, the UAE and Kuwait in addition to India as well as other gulf countries in general.

Seetharaman said that the bank expected to bring a Qatari business delegation to Sri Lanka to showcase budding sectors, includingaviation, food security and shipping. 

“Food security is a major concern and with the opportunities we have here we want to invite food supplying companies from Sri Lanka to Qatar. We also want to look at maritime opportunities. In the aviation sector there is no better position geographically than Sri Lanka. An aviation hub is what we want to generate. Tourism and aviation are interconnected. The Qatar Tourism Authority and Qatar Airways want to bring this joint venture and partnership to invest here,” he said.

Headded that Doha Bank also focused on investing in energy and infrastructure. He said there were plenty of opportunities and that was a huge attraction for investors. Education is also a sector with significant opportunity.

Sri Lanka Ambassador in Qatar,ASP Liyanage, stated:“From the gulf region this is the very first bank coming to Sri Lanka. Qatar is a state that can help the development of our country. The representative office that we launched today I think within a short period of time will render an enormous service to the country. Doha Bank will join hands with local financial institutions in serving to develop Sri Lanka.”