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QNA
Doha
Qatar and Turkey enjoy integrated and coordinated relations at all levels based on shared visions towards Arab, regional and international issues, which made a positive impact on the volume of trade exchange and fruitful economic cooperation between the two brotherly countries.
The two-way trade between Doha and Ankara achieved an unprecedented success in 2016, with trade volume reaching over $1.3 billion, indicating keenness of both countries to promote bilateral relations and mutual coordination.
Investments
Turkey has become one of the attractive markets for Qatari investors. Qatari investments have exceeded $1 billion, supported by the increasing number of Qatari tourists to Turkey which reached about 35,000 visitors in 2016.
In addition, Turkey represents an important economic destination for Qatar, promising investment opportunities in all fields, including energy, transport, tourism, banking, real estate and others.
The Qatari investments in Turkey ranks second in terms of size, reaching more than $20 billion, and it is expected to become in the first place within a few years. Most of these investments are in the agricultural, tourism, real estate and banking sectors.
Economy and Trade
Economic and trade relations between Doha and Ankara witnessed great development. The economic cooperation index has tripled in a short period of time, in addition to the Turkish companies operating in Qatar in infrastructure development and the World Cup projects. The turnover of those companies amounted to about $14 billion at the end of 2016.
The great development in the economic and trade relations between the two countries reflect keenness of both leaderships to continue strengthening bilateral relations in all fields, to reach more concrete achievements especially in the private and businessmen sector.
The launch of the Qatari-Turkish Supreme Strategic Committee in 2014, and the convening of its first meeting in Doha in December 2015 under the chairmanship of the Emir HH Sheikh Tamim bin Hamad al Thani and the President of Turkey Recep Tayyip Erdogan, has contributed to expanding the relations between the two countries at all levels through signing 22 agreements in all aspects of cooperation, including politics, security, finance, industry and energy, banks, and education and universities.
The distinguished cooperation has been consolidated with holding the second meeting in the Turkish city of Trabzon in December 2016, which saw the signing of several memorandums of understanding in various fields to contribute to push forward the relations between the two countries to fulfill the aspirations of the two brotherly peoples.
Banking
In the banking and financial sectors, Qatar has become one of the biggest buyers of financial assets in the Turkish market recently in light of the Qatari banks' trend in the past few years to invest abroad, either through establishing branches in a number of cities and capitals of the world, or by entering into partnerships with other banks to create a common banking units.
Qatar National Bank acquired the share of the National Bank of Greece in Financebank in Turkey which holds 99.81 percent for $2.94 billion.
Financebank is the fifth-largest bank owned by the private sector in Turkey, in terms of total assets and customer deposits with a nationwide distribution network of over 620 branches and more than 12 thousand employees, with more than 5.3 million active customers.
The Commercial Bank of Qatar also acquired a 75 percent stake in Turkey's Alternatifbank, that predominantly serves medium-sized companies through a country-wide network of 64 branches in 21 cities across Turkey since 2013.
QInvest, Qatar's leading investment group, also fully acquired"Ergo Portfoy", one of the largest and fastest-growing Shariah-principled asset management companies in Turkey.
The expansion of Qatari banks in Turkey is due to the growing relationship between the two countries at all levels, as well as the desire of the Qatari local banks to find viable investment opportunities outside the Qatari banking market to achieve further investment diversification.
Private sector
With regard to the private sector, Doha hosted the Sixth Session of the Turkish-Qatari Joint Commission on Economic and Technical Cooperation in November 2016 as one form of cooperation and coordination between the private sectors in both countries.
According to the figures received during the meetings of the Committee, the number of Turkish companies operating in Qatar with a Qatari-Turkish capital reached 242, while the number of Turkish-capitalised companies reached 26 in the country .
The most prominent aspects of the Qatari-Turkish economic cooperation will be witnessed this year with the two countries taking part, for the first time, in organising the upcoming event (Expo Turkey by Qatar) in April, aiming to ensure greater economic potential.
The exhibition will elevate the strategic partnership between the two countries, making them main economic hubs in the region. The event also reflects keenness of Qatar to enhance the contribution of the private sector in the economic development process through issuing laws and regulations aimed at facilitating the procedures of commercial business, and opening the Qatari market for investors of different economic activities and investment orientations.
Travel and Tourism
The volume of commercial, investment and economic achievement between Doha and Ankara had also a positive impact on travel and air traffic between the two countries. The number of flights operated by Turkish Airlines reached 14 a week from Doha to Istanbul, an increase of 40 percent from the same period in 2014.
Qatari visitors are at the forefront of the tourists who are targeted by the Turkish tourism and an agreement has been reached to increase the number of Qatar Airways' passenger flights to Turkish airports to 18 a week, in addition to four SkyCargo flights.
As a result of increased travel movement and trade and tourism activity between Qatar and Turkey, the General Authority for Tourism announced on July 2016, the opening of a representative office in Turkey to support the tourism cooperation between the two countries, under the two countries' agreement of the Mutual Visa Exemption For Ordinary Passport Holders, which has entered into force in May 2016.
Qatar's economy is moving steadily towards achieving high growth rates, as the Arab Monetary Fund predicted that the Qatari economy in 2017 will grow to 3.5% in the light of expectations of improvement in world prices of oil and gas, while Turkey, according to the latest World Bank indicators, is the 17th largest economy worldwide, with a Gross Domestic Product (GDP) of $799.54 billion, which qualifies it to join the G20.
Qatar and Turkey have joint political stances towards several foreign issues, especially on what is happening in Syria and Iraq, as well as issued related to the Israeli aggression on the Palestinian people.
