Doha bank plans to strengthen trade and financial ties with Sri Lanka

Visiting leading banker R.Seetharaman –CEO of the Doha Bank plans to promote trade ties with Sri Lanka and said the bank’s main aim is to promote non banking activities in Sri Lanka.
Speaking to media he said his bank wishes to invest in infrastructure development, invest funds in economically viable sectors and promote fast money transferring activities with the local banks.  
He said that Sri Lanka has an opportunity to tap capital surpluses of oil-rich Gulf countries like Qatar as well as export professional services for a booming construction industry there.
 "The aim of my visit is to promote bilateral economic activity between Sri Lanka and Qatar and other Gulf Co-operation Council states," Seetharaman said.

The visit was arranged by Sri Lanka's Chamber of Construction Industries with the aim of exploring business opportunities and creating awareness among its members of the opportunities available in the Gulf.
Explaining current banking trends he said a million of Sri Lankans are now serving in the gulf countries and the Doha bank’s plan is to provide a fast money transferring project for them. At present a number of local banks are with us, he said.
Mr.Seetharaman had discussions with few local banks on Saturday and met various entrepreneurs to promote bilateral trade and investment activities.
“We know Middle East is now booming and the Gulf Countries need skilled labour in construction sector and other sectors. The Construction Chamber could assist local labours to obtain employments and earn more, he added.

There are opportunities for investment authorities in GCC states to invest their surplus funds in fast growing economies of Asia, especially when Western economies slowing down, he said.

Qatar, with the third largest gas reserves in the world, and having the highest per capita income in the world at 70,000 dollars, was well placed to both make investments in the island, as well as import Sri Lankan professional skills because of the construction boom there.

There is over a trillion dollars worth of pure construction projects in the region right now.

Dakshitha Thalgodapitiya, Secretary General of the Chamber of Construction Industries, said Seetharaman's visit was timely as Sri Lanka was looking at exporting construction related professional services contracting capacities to Qatar.

He said the Gulf banker was the focal point of FDI from GCC states to Sri Lanka with special reference to infrastructure development.

"Sri Lanka needs large scale FDI particularly because of inadequate public spending in infrastructure development," Thalgodapitiya said.

Mr. Seetharaman was conferred by Honourable Dominique de Villepin, Former Prime Minister of France, as the “Best CEO in Middle East Banking Industry 2008” by the Middle East Excellence Awards Institute at the 5th Leading CEO Summit in recognition of his valuable contributions to the Banking industry in the Middle East, held on 19th March 2008 in Dubai.

Mr. Seetharaman was also adjudged as the “Banker of the Year” at the 2007 Banker Middle East Industry awards in recognition of his valuable contributions to the Banking industry in the Middle East, held on 16th May 2007 in Doha. He also won a number of international awards .

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