Qatar and Turkey...Strong and Fruitful Economic Partnership
14 May 2022

Qatar and Turkey...Strong and Fruitful Economic Partnership

Doha, May 13 (QNA) - The Qatari-Turkish relations are witnessing a remarkable development day after day, and they are advancing on firm and solid strategic steps, based on trust, credibility, mutual respect, and common interests. These relations have been reflected in the economic progress between the State of Qatar and the Republic of Turkey, as the volume of trade exchange between the two countries has jumped by more than 40 percent during the past five years; It amounted to about QR 6.9 billion riyals in 2021, compared to about QR 4.9 billion riyals in 2017, according to data from the Planning and Statistics Authority. HH the Amir Sheikh Tamim bin Hamad Al-Thani started an official visit to the Republic of Turkey comes to enhance the strategic bilateral relations, and to coordinate positions on various regional and international issues. The two countries' leadership continue enhancing strategic bilateral cooperation, in light of the progress made in the seventh meeting of the Qatari-Turkish Joint High Strategic Committee between the two countries that was held in Doha in December last year and was attended by HH the Amir and HE the President of Turkey. Director-General of Qatar Chamber Saleh bin Hamad Al Sharqi described bilateral relations between Qatar and Turkey as strong in all commercial and economic fields. He added that Turkey is a prominent tourist and investment destination for Qataris. He added that Qatar is one of the biggest foreign investors in Turkey, with the country attracting Qatari capital to many of its sectors, especially real estate, and investment. The Director-General of Qatar Chamber told Qatar News Agency (QNA) said that both the Qatari and Turkish private sectors are keen to enhance cooperation and establish more partnerships that benefits both sides. He noted that the partnership between the private sector in the two countries contributes to exchanging expertise, increasing economic diversification away from oil and gas, and expanding investment in other foreign markets, as well as increasing trade exchange between the two countries by attracting both local and foreign investors. Al Sharqi also said that there were more than 300 Qatari-Turkish companies operating in the Qatari market, in addition to 10 wholly owned Turkish companies. For his part, Economic Research at SETA in Turkey Deniz Istikbal said that economic and commercial ties between Qatar and Turkey saw great development over the past few years. He noted that the partnership between the two countries in the field of commerce and investment helped the business sector overcome any challenges. He also told QNA that the financial and energy sectors benefited the most from the two countries partnership. He said that the political agreement and the shared views between the two sides on many issues helped push economic cooperation further. He highlighted that Qatari and Turkish companies were benefiting immensely from the agreements signed between the two sides. He said that Turkish companies succeeded in establishing projects worth $17 billion in Qatar, while Qatar invested more than $5 billion in Turkey, particularly in the finance and energy sectors. For his part, Economics Professor at Qatar University Rajab Al Ismail said that Qatari-Turkish relations are strong and strategic in nature. He noted that Turkey was an important member of the international community, highlighting that its ties with Qatar as based on joint coordination on many regional and international issues. He told QNA that Qatar exports LNG and Aluminum to Turkey, along with Plastics and other hydrocarbon products. For its part, Turkey exports electronic equipment, furniture, basic materials, dairy, jewelry, and other products to Qatar. He also highlighted that Turkey is one of the most prominent tourist destinations for Qataris. He stressed that the Qatari market was still looking to attract more foreign investments, and that there are wide opportunities in various economic sectors, noting that Qatar's proposal to establish a Turkish Free Economic Zone in the areas supervised by the Qatar Free Zones Authority, established in 2018, could be a major turning point in the distinguished trade relations between the two countries. He said that the new economic zone is expected to contribute to increasing Turkish investments in Qatar, developing industries and services, increasing economic diversification and non-oil revenues. (QNA)