Qatar’s investments in Türkiye have exceeded the $20 billion figure while bilateral trade between the countries amounts to $2.3 billion, and is poised to further grow owing to recent agreements signed, said 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 told the business meeting in Doha.
Accompanied by a large trade delegation, Bolat along with Agriculture and Forestry Minister Ibrahim Yumaklı arrived in the Qatari capital to hold 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 said.
“In March, we were here with a natural stone exporters' delegation. We came here for the defense industry fair. In July, we were here with 200 businesspeople led by our President (Recep Tayyip Erdoğan)," he further noted.
President Erdoğan paid a visit to Doha as part of his Gulf trip in mid-July. The trip coincided with the 50th anniversary of the establishment of diplomatic relations between the two states.
Following the visit, Erdoğan said he had agreed with Qatari Emir Sheikh Tamim bin Hamad Al Thani to further extend "excellent" cooperation in various fields.
“Nearly 300 Qatari businesspeople are participating in our program, which is also gratifying," Bolat underscored.
Highlighting the recent trade agreements signed between Türkiye and Qatar, Bolat said: "With these deals, we believe that our current bilateral trade and investments, which currently stand at $2.3 billion, will further increase.”
The minister also mentioned the significant projects by Turkish contractors in the development of Qatar's infrastructure and mentioned their successful completion of services worth $18-19 billion. He added that Türkiye and Qatar are also cooperating in the Development Road project.
Mustafa Gültepe, the president of the Turkish Exporters Assembly (TIM) said that the friendship between Türkiye and Qatar has been tested many times and that strong ties are gaining further pace.
Gültepe said exports to Qatar surged sixfold in the last 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 noted.
Gültepe further pointed out that strengthening existing business partnerships abroad and meeting potential buyers are among their top 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 said.
He also noted that an increase in exports in 18 out of 27 sectors exporting to Qatar was observed last year.
"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.
