Doha bank holds seminar on international trade
KUWAIT: Doha Bank, one of the leading banks in Qatar and one of the Qatari banking institutions operating in Kuwait, has organised a seminar entitled "Strengthening International Mutual Trade" during which a number of economists along with the bank officials have discussed the importance of enhancing international and regional mutual trade with the State of Kuwait in the future in order to boost the global economy.
On the sidelines of the seminar lectured by Rashid Al Tabtabai, the Undersecretary of the Ministry of Trade and Industry, R Seetharaman, the Chief Executive Officer of Doha Bank Group, and Chris Fellner, Head of International Banking Department at Doha Bank, the most important positives of supporting trade relations between the world economies and in particular the GCC region have been reviewed.
Fellner has revealed the size of the surge witnessed by the global trade rates over the past four years, noting that since 2005 until 2009, the rate was up by about 54 percent.
Fellner added that international trade in terms of exports and imports to and from Kuwait has witnessed significant momentum during the same period, where exports rose from KD6.1bn to KD14.4bn (about 55 percent), while imports increased from KD3.2bn to KD5.1bn.
Rashid Al Tabtabai said that Kuwaiti plan pertaining to reviewing the trade policy that is intended to be initiated in December 2011, which will help to strengthen its position among the countries acceding to World Trade Organisation. With regard to the overall economic vision and its impact on the support of international trade relations, Seetharaman said: "Nations of the world are now trying to get out of the clutches of the global financial crisis.
Many counties have succeeded in this endeavour, especially the emerging economies, which include the Gulf that have achieved a major improvement in their revenues with the increase of oil prices worldwide to their pre-crisis levels."
He expected that Kuwait will witness a significant recovery in the coming period with respect to the levels of international trade for a number of reasons; first of which is related to the Kuwaiti vision to be transformed to a global financial and trade centre. - PB News