Home Economy Qatari investments in Türkiye flourish as bilateral trade hits $2.3B

Qatari investments in Türkiye flourish as bilateral trade hits $2.3B

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Qatari investments in Türkiye flourish as bilateral trade hits $2.3B

Qatar’s investments in Türkiye have exceeded the $20 billion determine whereas bilateral commerce between the nations quantities to $2.3 billion, and is poised to additional develop owing to latest agreements signed, mentioned Trade Minister Ömer Bolat Monday.

“There are significant investments from Türkiye to Qatar, with some 727 Turkish companies conducting (their) business in Qatar. Some 220 Qatari companies have been involved in significant projects in Türkiye. Qatar’s investments in Türkiye have exceeded $20 billion,” Bolat informed the business assembly in Doha.

Accompanied by a big commerce delegation, Bolat together with Agriculture and Forestry Minister Ibrahim Yumaklı arrived within the Qatari capital to carry high-level talks and attend the opening of Expo 2023 in Doha.

“We are here to introduce Türkiye to hundreds of thousands of guests from all over the world. In addition, we have set up a trade delegation. This is our third trade delegation this year,” Bolat mentioned.

“In March, we had been right here with a pure stone exporters’ delegation. We got here right here for the protection trade truthful. In July, we had been right here with 200 businesspeople led by our President (Recep Tayyip Erdoğan),” he additional famous.

President Erdoğan paid a go to to Doha as a part of his Gulf journey in mid-July. The journey coincided with the fiftieth anniversary of the institution of diplomatic relations between the 2 states.

Following the go to, Erdoğan mentioned he had agreed with Qatari Emir Sheikh Tamim bin Hamad Al Thani to additional prolong “excellent” cooperation in varied fields.

“Nearly 300 Qatari businesspeople are taking part in our program, which can be gratifying,” Bolat underscored.

Highlighting the latest commerce agreements signed between Türkiye and Qatar, Bolat mentioned: “With these offers, we consider that our present bilateral commerce and investments, which presently stand at $2.3 billion, will additional enhance.”

The minister additionally talked about the numerous initiatives by Turkish contractors within the improvement of Qatar’s infrastructure and talked about their profitable completion of providers price $18-19 billion. He added that Türkiye and Qatar are additionally cooperating within the Development Road challenge.

Mustafa Gültepe, the president of the Turkish Exporters Assembly (TIM) mentioned that the friendship between Türkiye and Qatar has been examined many occasions and that sturdy ties are gaining additional tempo.

Gültepe mentioned exports to Qatar surged sixfold within the final decade. “Ten years ago, our share in Qatar’s imports was at the level of 1%. Today, it stands at 4.5%. Last year, we achieved $1.5 billion in exports to Qatar,” he famous.

Gültepe additional identified that strengthening present business partnerships overseas and assembly potential patrons are amongst their high priorities.

“We are going through a period where global trade trends are changing. Close proximity, trade with friendly countries, and regionalization are becoming increasingly important. Türkiye, as the region’s most important production center, offers a strong partnership with its immediate surroundings. Our economic structure, which is compatible with Qatar, offers significant opportunities for both sides. I believe that we need to make the best use of this period when the odds favor us,” he mentioned.

He additionally famous that a rise in exports in 18 out of 27 sectors exporting to Qatar was noticed final yr.

“Our exports reached $290 million in the defense and aerospace sector, $177 million in the furniture sector, and $124 million in the electrical and electronics sector. We observe that there is great potential in the machinery, electricity, jewelry and precious metal products, as well as automotive sectors,” he concluded.

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