Business & Money | Sunday 17 April, 2016 9:47 am |

Doha Bank hosted a knowledge sharing session on “Business Opportunities in Poland” for a business delegation of Polish Companies on 13th April 2016 at Doha Bank HO Tower in Doha, Qatar. The delegation from Poland included the Chief Ambassador of the Republic of Poland to Qatar, His Excellency Mr. Krzysztof Suprowicz and   Undersecretary of State for Economic Diplomacy, the Americas, Asia, and Europe at the Ministry of Foreign Affairs of the Republic of Poland, Her Excellency Ms. Katarzyna Kacperczyk.

 

Speaking at the session, Dr. R. Seetharaman, CEO of Doha Bank gave insight on global economy. He said “The recent IMF outlook had given forecast for global growth at 3.2 percent in 2016. Growth in advanced economies is projected to remain modest, in line with 2015 outcomes at 1.9 percent this year. The United States saw its 2016 growth forecast cut to 2.4 percent. Emerging and developing economies are expected to grow at 4.1 percent this year. China’s growth forecast this year was expected to be 6.5 percent. India's growth is projected to notch up to 7.5 percent in 2016-17. Brazil's economy would now shrink by 3.8 percent this year. The Global economy was increasingly vulnerable to “downside risks” including further market turmoil in the wake of this year’s China-led downturn.”

Dr. R. Seetharaman gave insight on GCC economies. He said “The fall in oil prices had impacted the growth on GCC economies and the recent IMF forecast reflects the same. According to recent IMF forecast Qatar expected to grow by 3.4 percent this year. Qatar has “significant” strength in defending its fixed exchange parity with the dollar due to availability of reserves to cover the monetary base and current account payments over the next four years.”

Dr.R. Seetharaman also gave insight on Poland economy & Qatar-Poland relationships. He said “According to recent IMF forecast, Poland expected to grow by 3.6 percent in 2016. Poland is one of the fastest growing economies in the European Union. The first ever delivery of Liquefied Natural Gas (LNG) cargo was done in December 2015, to the Polish LNG Receiving Terminal in Świnoujście by Qatar gas Operating Company. Poland represents a new market for Qatar gas’ premium LNG and the delivery of LNG into Poland further demonstrates its commitment to provide Europe with a clean energy source. In 2014 Poland recorded 40 percent growth in bilateral trade turnover to Euro 52.2 million with Qatar. Qatar is witnessing extensive development and is implementing hundreds of large-scale projects in preparation to host the FIFA world cup in 2022. This encourages Polish businessmen and companies to work in the Qatari market.”

Her Excellency Ms. Katarzyna Kacperczyk presented the audience with in-depth information on the present condition of the Polish economy, the country’s business environment and investment opportunities. She also briefly described 5 sectors of economy represented by companies attending the event on Polish side: construction, food, IT, furniture production and medical& pharmaceutical. Touching upon these issues, she underlined Polish entrepreneurs’ innovation capabilities as the driving force of their success and the achievements of the Polish economy.  Commenting on Polish-Qatari political relations she described them as excellent. She added that the complementarity of the economies of Poland and Qatar determines huge potential for achieving synergies in many sectors, not least energy, investment, real estate, transportation and tourism whose role in promoting mutual understanding of the two countries is significant. 

In conclusion, Polish Deputy Minister of Foreign Affairs said she would be coming to Qatar on yearly basis, each time focusing on promoting different sector. She also expressed her gratitude to Dr. Seetharaman for hosting the event and providing an opportunity for Polish and Qatari businessmen to co-operate.