Qatar and Hong Kong’s Connectivity Could Strengthen Bilateral Partnerships
Doha Bank hosted a Webinar on 27nd July 2020 on the topic “Bilateral and Synergistic Opportunities between Qatar and Hong Kong”
Miss Wenda Ma, Assistant Principal Economist, Hong Kong Trade Development Council spoke on Qatar and Hong Kong: Trade and Investment relationships and opportunities.
Mr. Alan Lee, Regional Director, Business Development, The Executive Centre spoke on Real estate strategies amidst COVID.
Dr. R. Seetharaman, CEO of Doha Bank gave insight on Global economy. According to IMF June 2020 ” Global economy growth is projected at –4.9 percent in 2020, Growth in the advanced economy group is projected at –8.0 percent in 2020, growth in the group of emerging market and developing economies is forecast at –3.0 percent in 2020.”
Dr. R. Seetharaman highlighted on Hong Kong economy. He said “According to IMF April 2020, Hong Kong economy expected contract by 4.8% in 2020. In Feb 2020, The Hong Kong government has announced 120 billion Hong Kong dollars ($15.4 billion) worth of measures. The measures include a cash payout of 10,000 Hong Kong dollars to residents age 18 and above, and low-interest loans with government guarantee for small businesses. In March 2020 the Hong Kong Monetary Authority (HKMA) lowered its base rate charged through the overnight discount window by 50 basis points to 1.5% after the U.S. Federal Reserve delivered a rate cut of the same margin.“
Dr. R. Seetharaman gave insight on bilateral relationships between Qatar and Hong Kong. He said “Hong Kong and Qatar have Double taxation agreement since 2013. In July 2019 Hong Kong & Qatar sign MOU on Investment Promotion and Cooperation. At the same time, Multiple Memorandum of Understandings have been signed between Hong Kong Special Administrative Region (HKSAR) Authorities; InvestHK and the Hong Kong General Chamber of Commerce (HKGCC) and Qatar Financial Centre Authority (QFC). Qatar – Hong Kong trade was at $0.94 Billion in 2019. No of Qatari visitors to Hong Kong exceeded 3000 in 2019.Qatar airways has stake in Cathay pacific and QIA has stake in HK electric investments.”
Dr. R. Seetharaman highlighted on the opportunities in various segments. He said “Issuance of performance bonds, tender bonds for participation of Hong Kong companies in the infrastructure projects in Qatar. Letters of credit for exports of Crude Oil and LNG shipments from Qatar to Hong Kong. Incoming Remittances & payments for Qatar exports to HongKong.LC opening in Qatar for imports of Qatar from Hong Kong. Collaboration for Global trade under risk participation: Hong Kong banks with Qatari banks.” He highlighted developments in Lusail Smart City, potential of E- Commerce in Qatar, Sustainable Journey of Doha Bank, fintech networks and Startups in Qatar. The connectivity between Qatar and Hong Kong on above areas could strengthen bilateral partnerships.