Doha Bank attended the “Poland Forum hosted by Polish Information and Foreign Investment Policy” conference at Poland in Warsaw on 14th November 2013. The welcome address was given by Ms. Bozena Czaja, Member of the Management Board for Regional Development. His Excellency Rostek, Poland Ambassador to Qatar spoke on the “Bilateral growth and growing ties between the countries”. Mr. Grzegorz Shuszyk of the Polish Information and Foreign Investment Policy spoke on “Strategic Alliance between Qatar and Poland”.
Speaking on the occasion Dr. R. Seetharaman gave insights on the Global economy. He said “IMF‘s World Economic Outlook update, October 2013 forecasted that the global economy would grow by 2.9% in 2013. Growth has been revised marginally downwards in 2013 in developed economies such as U.S. and Euro region. U.S. economic growth has been brought down by IMF to 1.6% for 2013. However growth has been revised up by IMF for Japan and UK to 2% and 1.4% respectively for 2013. Emerging economies growth has been revised downwards by IMF to 4.5% for 2013 from its earlier forecast of 5%. “
Dr. R. Seetharaman gave his outlook on Poland’s economy. He said that “The Gross Domestic Product in Poland expanded 0.4% in the second quarter of 2013 over the previous quarter. GDP grew 0.8% from a year earlier. Polish economic growth accelerated from a four-year low and gave expectations that the second half of the year will bring an export – led recovery. Poland recorded its third monthly trade surplus in June 2013, the first time this has happened since the data series began in 2000, amid evidence its main export market, the euro area, is pulling out of recession. The inflation rate in Poland was recorded at 1% in September 2013. It remains well below the target of 2.5% plus/minus 1%. In September 2013, the National Bank of Poland kept its reference rate unchanged at 2.5% a decision that matched market expectations”.
Dr. R. Seetharaman gave his outlook on Qatar’s economy and bilateral trade between GCC – Poland. He said “IMF expects Qatar’s economy to report 5.1% and 5.0% GDP growth for 2013 and 2014 respectively. World cup will create opportunities to form strategic alliances externally and to connect to global value chains. Growth will continue apace in the non-oil and gas economy. Growth in the non-oil and gas economy will be 9.8% in 2013, rising to 10.3% in 2014. Qatar’s budget for 2013/14 envisages a government spending of QR210.6bn, up 18% on the previous year. Revenue at QR218.1bn would be based on a conservative oil price of US$65 a barrel”. (Same as last year)
Dr. R. Seetharaman said “United Arab Emirates is a very important partner for the Republic of Polish in the Middle East. Cooperation with the UAE is focused primarily, but not exclusively, in the economic field. Emirates is one of the largest Polish trade partners in the area encompassing North Africa, near and Middle East. In 2011 the trade turnover between our countries reached a level of US$452 million. Turnover of bilateral UAE – Poland trade accounts for 38% of the total turnover with the member countries of the Gulf Cooperation Council. The overall volume of bilateral trade between KSA and Poland has been for the last four years rapidly increasing, crossing 400 mln USD in 2007 (500 mln USD including re-exports from UAE and other GCC countries). Polish exports, reached 200 mln USD, consisted mainly of agricultural products & foodstuff articles, especially milk products, fruit juices & vegetables and confectionery, steel & plastic products, machinery & equipment, including electrical and electronic items while Saudi exports to Poland amounting to 206 mln USD, have been largely dominated (over 90 %) by the SABIC’s products”.
Dr. R. Seethraman said “Qatar’s QEWS can invest in Power Company by buying equity stake and thereby increase the capacity (by increasing capex) which will be EPS accretive for both the companies. Statistics revealed that 65 percent of Polish companies specialized in the construction field are willing to boost their international trade connections and trade volume, and to promote its wide array of products and design solutions that match world and European standards in terms of the quality of material used in its fabrication. KSA and Qatar can use the technology to develop the same. Poland finalises on September 10th 2013 to import liquefied natural gas (LNG) from Qatar. Based on current prices, the Qatari imports are scheduled to start in 2015”.