Doha Bank inaugurates Nepal Representative Office
(12/25/2018 7:54:00 AM)
Doha Bank, one of the largest commercial banks in Qatar, announced yesterday the official opening of its ‘Nepal Representative Office’ in Kathmandu, which was formally inaugurated at a ribbon cutting ceremony attended by several dignitaries.
The key dignitaries, who attended the ceremony held on December 19, were Ambassador of Qatar to Nepal Yousuf bin Mohammed Al Hail, Ambassador of Nepal to Qatar Ramesh Prasad Koirala, Nepal Rastra Bank Deputy Governor Chintamani Siwakoti, Member of Indian Parliament (Rajya Sabha) Amar Singh, and Tourism and Cultural Ambassador for Nepal and former Member of Indian Parliament Dr Jayaprada.
A knowledge-sharing session was held as part of the inauguration ceremony on the theme “Qatar- Nepal Bilateral Opportunities “at Hyatt, Hotel, Kathmandu, Nepal.
The event was attended by Dr Chiranjivi Nepal, Governor, Nepal Rastra Bank, Shiva Raj Shrestha, Depurty Governor, Nepal Rastra Bank, Manjeev Singh Puri, Ambassador of India to Nepal and others who had also attended the morning inauguration ceremony.
Dr Chiranjivi said: “The representative office of Qatar’s prestigious bank will be the catalyst to greater Qatar-Nepal bilateral cooperation and help us to more mature the Nepalese financial system.
“As per policy of government of Nepal, the country will continue to have greater trade and investment liberalization, To facilitate this flow of funds for financing greater trade and investment liberalization, Nepal Rastra Bank will contribute to ensure financial and payment stability with cognizant of AML /CFT issues.”
Dr R Seetharaman, CEO of Doha Bank gave the keynote address and provided an insight on Qatar and Nepal economy. He said: “Qatar expected to grow by 2.7 percent in 2018 and 2.8 percent in 2019 respectively. In Dec 2018 S&P Global Ratings announced that it has revised its outlook on Qatar to stable from negative.
“It has stated Qatar has effectively managed the ongoing siege’s impact on diplomatic ties and trade and transport links. “Earlier this year Qatar’s long-term issuer ratings have been changed from negative to stable by Moody’s Investors Service, which affirmed the long-term issuer and foreign-currency senior unsecured debt ratings at Aa3. Fitch has also revised Qatari sovereign’s Outlook to Stable from Negative and affirmation of the country’s Long-Term IDR at ‘AA-.”
Dr Seetharaman highlighted on the key bilateral relationships between Qatar and Nepal. He said: “The trade relations between Qatar and Nepal have been growing continuously, as Nepal’s primary exports to Qatar include garments, textiles, magnetic cylinders, vegetables and others, while Nepal imports polyethylene, polypropylene, and some food products from Qatar. Qatar-Nepal trade volume stood at QR15m in 2017.”
Nepali community in Qatar, stood at 400,000. Nepal has a huge potential for investment in various sectors such as hydropower, tourism, agriculture and infrastructure. Trade, remittances and investments are the key enablers to enhance the bilateral relationships, he said.