Qatar – Japan Bilateral Relationships have Reached New Heights
Doha Bank hosted a Webinar on 8th July 2020 in the topic “Bilateral and Synergistic Opportunities between Qatar and Japan”. The webinar witnessed participation from Ambassador of Japan to State of Qatar, Kazuo Sunaga. Ambassador of Japan to State of Qatar, Kazuo Sunaga gave insight on Qatar economy and its importance in the Global space. The bilateral relations between Qatar and Japan will complete 50 years next year and is based on trust and win-win economic relations. Japanese is number one trade partner for Qatar, exporting oil and gas to Japan. Japanese companies participate in projects in Qatar. The future synergistic opportunities between the two countries will be even greater.
Dr. R. Seetharaman, CEO of Doha Bank gave insight on Global economy. According to IMF June 2020” Global economy 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 Japanese economy. He said “Japan economy expected to contract by 5.8 percent in 2020 and will recover by 2.4 percent in 2021. In April 2020, Bank of Japan (BOJ) promised to buy as many government bonds as needed and more than doubled its buying of corporate debt, as Governor Haruhiko Kuroda tried to show the BOJ was pulling its weight in national efforts to support struggling factory owners, shopkeepers and consumers. In June 2020, the Bank of Japan increased its COVID-19 stimulus from 75 trillion yen ($700 billion) to 110 trillion yen ($1.02 trillion). The bank’s COVID-19 plan provides zero interest loans to banks if they increase their lending levels to companies. It is intended to prevent a liquidity crunch.”
Dr. R. Seetharaman gave insight on bilateral relationships between Qatar and Japan. He said “The bilateral relations between the two countries, which will complete 50 years next year, have reached new heights. Japan and Qatar are true friends. HH the Amir had participated in the enthronement ceremony of Emperor Naruhito of Japan, in October 2019. This visit came nine months after HH the Amir’s visit to Japan in January 2019 during which a number of memoranda of understanding (MoUs) were signed in different fields, in addition to the signing of a joint declaration on the establishment of a strategic dialogue mechanism between the governments of Qatar and Japan to strengthen the existing relations and encouraging cooperation.”
Dr. R. Seetharaman highlighted on Qatar – Japan trade relationships. He said “Qatar is number one trade partner of Japan and Liquefied Natural Gas (LNG) forms major part of this trade. Qatar is number three crude oil supplier to Japan. Japan importing helium and oil products. Qatar- Japan bilateral trade exceeded $14bn in 2020. In July 2019, Qatar gas announced a historic milestone as it successfully delivered the 3,000th Liquefied Natural Gas (LNG) cargo to Japan. Qatar gas has term contracts to supply LNG with many of the key Japanese buyers including JERA, Tohoku Electric, Kansai Electric, Chugoku Electric, Tokyo Gas, Osaka Gas, Toho Gas and Shizuoka Gas. The number of tourist visiting Japan from Qatar has jumped by 36 percent in 2019.”
Dr. R. Seetharaman highlighted on the opportunities in various segments. He said “Qatar can look for investment opportunities in Japanese equities, infrastructure projects and retail space. Japanese Investors can get easy access to this growth by Investing in Qatar equity market via our QETF and Financing Qatar mega infrastructure projects and via direct investments. On the SME sector opportunities exist in cluster based development, SME equity fund to support startups / emerging large corporates. Issuance of performance bonds, tender bonds for participation of Japanese companies in the infrastructure projects in Qatar. Letters of credit (advising/negotiation/discounting) for exports of Crude Oil and LNG shipments from Qatar to Japan. Incoming Remittances & payments for Qatar exports to Japan. LC opening in Qatar (further handling in Japan) for Automobiles & other imports of Qatar from Japan. Collaboration for Global trade under risk participation: Japanese banks with Qatari banks.”
Mr. Kanji Shinomiya, Doha Bank Chief Representative of Japan gave the Vote of Thanks.