Dr R Seetharaman, CEO of Doha Bank, at a meet in Tokyo.
Doha Bank conducted a knowledge sharing on “Changing Global Dynamics and Opportunities for Japan in GCC Countries” on October 15 at Mandarin Oriental, Tokyo. Top Japanese and Arab Bankers, economists and business professionals participated in this event. Dr R Seetharaman, CEO of Doha Bank spoke on “ Changing Global Dynamics and Opportunities for Japan in GCC Countries“
Speaking on the occasion Dr R Seetharaman explained the current scenario prevailing in the global economy and the basic challenges economies face in moving from crisis to stability. He stated that “Global economy is expected to grow at 3.3 percent in 2012. Advanced economies are expected to grow at 1.3 percent for 2012. US economy growth is expected grow at 2.2 percent for 2012. Euro Zone is expected to contract by 0.4 percent for 2012.”
Dr R Seetharaman explained current trends in GCC economies. “The GCC GDP at current prices are expected to grow to $1.48 trillion in 2012 and the current account balance will improve on account of high oil prices. The increasing energy demand in last of couple of year’s world over had enabled GCC to generate considerable fiscal surplus thereby substantially improving its balance of payments position which has further enabled this visionary state to invest wisely on various industrial, infrastructural projects and overseas investments,” he said.
Dr R Seetharaman also highlighted the bilateral trends between GCC and Japan. He said “Bilateral trade between Japan and Saudi Arabia has increased from close to $35bn in 2009 to $57bn in 2011 on account of increase in exports from Saudi Arabia. Saudi Arabia and the UAE supply Japan with more than two million bpd, nearly half its total oil imports. In Sept 2011 Japan concluded a memorandum with the Kingdom of Saudi Arabia in the water sector to deepen bilateral cooperation in the water sector and develop both economies. Bilateral trade between Japan and Kuwait has increased from $10bn in 2009 to $14.4bn in 2011 on account of increase in exports from Kuwait. Bilateral trade between Japan and UAE has increased from close to $30bn in 2009 to $50bn in 2011 mainly on account of increase in exports from UAE. UAE maintained its position as the largest Gulf market for Japanese products in the first seven months of 2012 while it was the second GCC exporter to Japan. Bilateral trade between Japan and Oman has increased from close to $6bn in 2009 to $8bn in 2011 mainly on account of increase in exports. Bulk of Aluminum exports from GCC to Japan come from Bahrain and UAE. “
Dr R Seetharaman also highlighted the bilateral trends between Qatar and Japan. He said “Bilateral trade between Japan and Qatar has increased from close to $18bn in 2009 to $31bn in 2011 mainly on account of increase in exports from Qatar. Qatar gifted $100m to Japan as contribution to relief efforts for the victims of the devastating earthquake that hit Japan in 2011. Japanese utility Kansai Electric Power Co (KEPCO) had signed a contract with the world’s top LNG producer Qatar gas to buy 500,000 tonnes per year (tpa) of liquefied natural gas (LNG) for 15 years from January 2013. Tokyo Electric Power has signed a new contract with Qatargas to purchase 1 million tonnes per year of LNG from August 2012. There are more than 30 Japanese companies in Qatar such as Itochu Corp and Nissho Iwai. Qatar gas announced in Sept 2012. that it would supply Japan with 11 million tonnes more of LNG in the short term, in addition to 9 million tonnes announced last autumn.”
In his closing remarksSeetharaman stated that Japan can actively participate in Qatar’s infrastructure development.
The Peninsula
