ENS Economic Bureau - CHENNAI
Published: 05th April 2014 07:59 AM
Last Updated: 05th April 2014 07:59 AM
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"We got the permission from the Reserve Bank to open the branch last December, and we will be launching the operations as early as next month as a full-fledged bank," Doha Bank Group Chief Executive R Sitharaman said.
"We got the permission from the Reserve Bank to open the branch last December, and we will be launching the operations as early as next month as a full-fledged bank," Doha Bank Group Chief Executive R Sitharaman said.
“The bilateral trade between India and the Gulf is $159 billion and the Free Trade Agreement (FTA) is expected to enhance it by 40 per cent. Our initial exposure here is $1.2 billion and we are expecting to scale it up to $5 billion within three years,” he said.
The CEO also pointed out that the global economic growth was driven by the emerging economies, with India, China and West Asia expected to grow at 5.6 per cent, 7.5 per cent and 4.5 per cent respectively with an average of 5.2-5.4 per cent as opposed to the aggregate expected growth in advanced economies of 2.1-2.3 per cent.
“Very few Indian businessmen have ventured into the Gulf and they are missing huge opportunities. The Gulf is seeing huge growth in healthcare, infrastructure and other sectors. And the real opportunity lies in countries with investible surplus, the Gulf has announced a cumulative fiscal expenditure this year of $409 billion. This is where the opportunity is,” he said.
He also said that Doha Bank would not be averse to taking the subsidiary route if that is what was required to scale up their presence in the country.
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