$140B investment opportunity for Turkish businessmen in Qatar
by Hazal Ateş
DOHAJan 19, 2017 - 12:00 am GMT+3
by Hazal Ateş
Jan 19, 2017 12:00 am
Turkish firms have been invited to Qatar. The country, which is to make a $140 billion investment for the 2022 World Cup, will provide Turkish companies each and every investment and cooperation opportunity for Turkish firms.
Qatar Chamber of Commerce and Industry President Sheikh Khalifa bin Jassim Al Thani and Union of Chambers and Commodity Exchanges of Turkey (TOBB) Chairman Rifat Hisarcıklıoğlu held a joint press conference. Explaining that the bilateral cooperation between the two countries is increasing, Al Thani noted that the two countries engage in tight cooperation in politics and security. "We are aiming to the improve small- and medium-sized industry. Turkey sets a successful example based on its experience; therefore, we hope to cooperate with Turkey."
Noting that Turkish firms want to get a share from the $140 billion investment for the 2022 World Cup, Al Thani added, "Among the $140 billion investment opportunity, Tekfen has projects. Tekfen completed the Northern Motorway very successfully. The company contracted for the new marine way project cost $7 billion. There are also other Turkish companies that have projects within that larger investment plan."
Indicating that the TOBB chair touched upon the belated Free Trade Agreement with his meeting with Qatar Prime Minister Abdullah bin Nasser bin Khalifa Al Thani, Thani said, "If this agreement is signed within a short period of time, the trade volume of the Gulf countries, particularly Qatar, will significantly increase. If cooperation is secured, we will contribute to the volume of trade between the Gulf countries and Turkey. We are supporting the acceleration of the Free Trade Agreement process.
Priority to Turkish businessmen TOBB Chairman Hisarcıklıoğlu said Qatar has great opportunities in the tourism, service and hospitality sectors and that the messages given at the meeting with the prime minister of Qatar are important.
"The first order of the Qatar Emir is to give priority to Turkish businessmen," Hisarcıklıoğlu said. He also said, as the government they are doing their part, adding that, after the big motorway project they will give more good news in a new project.
Three staged plan, $140B investment TOBB Chair Hisarcıklıoğlu said Turkey will start cooperation within the scope of a 3-staged investment plan. He noted that the first stage of the plan is to make both Turkish and Qatari companies trade partners. The second is to facilitate the partnership of Qatari firms in Turkish companies, and the third stage includes Qatar's 2030 economic transformation plan. He further explained that Qatar wants to be a strong country in the manufacturing industry as well as in tourism and Turkey wants to transfer its experience in the industry to Qatar, adding, "We want to invest in industrial plants with the equity from Qatar.
While carrying out all of these investment plans, we want to continue the contracting projects. The 2022 World Cup will be held in Qatar and a $140 billion investment is foreseen to be made in Qatar until 2022. We want to get more shares from that investment volume."
Cooperation with Qatar in 7 sectors
Qatar, one of the first countries to support Turkey against the July 15 failed coup attempt by the Gulenist Terror Group (FETÖ), has started new economic relations with Turkey. While the process for the enforcement of the preferential trade agreement between the Islamic countries gains momentum, Turkey agreed to engage in strategic cooperation in seven sectors with Qatar by signing a cooperation agreement.