Qatar and Sri Lanka are poised to witness new areas of cooperation in the next five years, with both countries currently exploring mutual investments and partnerships in the finance sector as well as in a number of industries including tourism, shipping, government security, logistics, food security, and hospitality, State Minister of Money, Capital Markets, and State Enterprise Reforms Ajith Nivard Cabraal said yesterday.
Speaking to the media, Cabraal said Sri Lanka also eyes providing additional professional and manpower services for the upcoming Qatar World Cup.
"A Qatar Sri Lanka Joint Business Council is also planned to be established this year to facilitate direct business-to-business cooperation between private sectors of both countries," he said.
Sri Lanka’s Ambassador to Qatar Mohamed Mafaz Mohideen added that works are currently underway to launch the new joint business council by the third or fourth quarter of this year. As part of his regional tour, Cabraal has met with the heads of Qatar’s Ministry of Finance, Qatar Central Bank, Qatar National Bank, Doha Bank, and Qatar Airways to chart plans for future action in foreign direct investments. He was also expected to meet with officials from the Qatar Investment Authority. “Sri Lanka has been an important provider of professional as well as manpower services to Qatar. And that is something we want to enhance. In particular, in areas where we can provide services in the forthcoming mega event (Qatar World Cup). We are also keen that we establish financing rings and provide a good return for Qatari investors, as well as enhance the cooperation levels between Qatar and Sri Lankan banking sectors. In the next five years, we’ll see new areas in which Qatar and Sri Lanka will be cooperating,” said Cabraal.
He said Sri Lanka, which expects to see a 5.5 percent economic growth this year, is keen to develop its existing relations with Qatar, which could also serve as its gateway to the region. He added that the Sri Lankan Central Bank has also provided 100 percent protection for investors to attract foreign direct investments.
“Sri Lanka is on track to become a lot more vibrant as an economy in the next few years. The opportunities for investors who come in now are enormous,” he added. Speaking about the possibility of Sri Lankan companies setting up their businesses at the Qatar Free Zones and the Hamad Port to take part in the country’s growing shipping and food security industries, he said: “There are many Sri Lankan companies which have now reached fairly high levels of activity. They have become billion dollar companies and they have ventured out to other parts of the world. Many are doing that already. And I would like to see that partnership being built up and happening here”. He added: “We have already given licence to Islamic banking entity in Sri Lanka.
There are also several Sri Lankan banks which already have Islamic banking outlets. There is possibility of enhancing those as well, and that’s an area that we would like to definitely cooperate further with Qatar”. During the press conference, Cabraal went on to highlight Qatar’s successful stimulus programme in responding to the COVID-19 pandemic and reiterated that the upcoming World Cup now serves as an automatic stimulus for the Qatari economy. “Qatar has responded well during the pandemic. Stimulating the economy was vital, and Qatar has done that quickly. The country has also maintained macro fundamentals at reasonably healthy levels. The government investment was also enhanced, at a time when others are reducing their overall levels. The football on the horizon also acted as an automatic stimulus. Qatar did well, and now you’re going to reap the benefits,” the Minister added.
- The Peninsula
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