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Steep rise in Qatar-Turkey trade over one decade: Turkish envoy

Steep rise in Qatar-Turkey trade over one decade: Turkish envoy

Satyendra Pathak
Doha
Qatar-Turkey bilateral trade ties have witnessed tremendous progress over a decade as the trade volume between the two countries increased manifold from $340 million in 2010 to over $2 billion in 2019, Ambassador of Turkey to Qatar HE Mehmet Mustafa Goksu said on Wednesday.
Speaking at a webinar entitled ‘Bilateral and Synergistic Opportunities between Qatar and Turkey’ hosted by Doha Bank, the Turkish envoy said, “The trade ties between the two countries have flourished despite challenges. It can be seen from the fact that COVID-19 has limited impact on bilateral trade between the two countries. New innovative strategies should be developed and implemented to further enrich this excellent partnership.”
The high-level of economic ties between the two countries can also be seen from the fact that Qatar–Turkey Supreme Strategic committee has convened five times and signed more than 50 agreements. The next meeting will be held before the end of this year, he said.
Highlighting the significant contribution of Turkish constructions to infrastructure development of Qatar, he said, “The total value of construction projects carried by Turkish firms since 2002 is over $18 billion. Qatar was the seventh-largest contract market Turkey in 2019.”
Citing Turkey as a safe haven for Qatari investment, he said, “As many as 170 Qatari companies are operating in Turkey.”
Considering historical and cultural and political ties between Turkey and Qatar, he said, it is vital to tap the vast business potential between the two countries.
“Agreements on preventing double taxation, encouragement and mutual protection of investments, and trade and economic partnership build a transparent and secure business environment for the two countries,” he said.
“We also have a robust network of business, trade and investment support institutions. In Qatar, the Investment and Finance Offices of Presidency and the Offices of Economic and Commercial Counsellors provide valuable information and guidance to support the business people,” he said.
The discovery of natural gas by Turkey in the Black Sea will enhance opportunities for cooperation between the two countries, he said.
Presidency of the Republic of Turkey Investment Office President Burak Daghoglu said, who addressed the webinar, said, “There is an increase in mergers and acquisitions in Turkey. Recently deals have happened in sectors such as minerals, logistics, food sector and technology.”
He invited Qatari investors to Turkey to take advantage of opportunities in real estate, not only in residential but also in the commercial segment and in logistics.
Foreign Economic Relations of Turkey and Turkish Contractors Association Board Member Basar Arigolu said, “There are many opportunities for Qatari investors in Turkey’s financial services, tourism, logistics and information technology. The Turkish presence in Africa is extensive, particularly in sub- Saharan economies. Opportunities can also be explored in this segment. Health and food are vital segments to focus on.”
Speaking on the occasion, Doha Bank Group CEO R Seetharaman highlighted the challenges faced by the global economy due to COVID 19.
“We should make efforts to come back to normalcy. The COVID-19 is going to be an opportunity,” he said.
He also took the opportunity to highlight the key developments that have taken place in Qatar in recent years.

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