The Presidential Finance Office and the Qatar Financial Center signed a memorandum of understanding (MoU) to expand cooperation during President Recep Tayyip Erdoğan's visit to Doha on Monday.
The MoU was signed by Presidential Finance Office head Göksel Aşan and Qatar Financial Center CEO Yousuf Mohamed al-Jaida.
The statement issued by Turkey's Presidential Finance Office on Friday said the MoU is aimed at strengthening economic and financial ties between the two countries.
"We think Istanbul has an advantageous position in areas of fintech and participation finance, considering these two areas as priorities," Aşan said.
The signing of the MoU is an important step taken to increase mutual cooperation, he added.
The agreement aims to strengthen economic and financial ties between the two finance centers as they will work on expanding cooperation in participation finance and capital markets. Accordingly, Turkish financial institutions will be able to operate through the Qatar Financial Center and Qatari financial centers will have the opportunity to operate in Turkey via the Istanbul Finance Center.
Al-Jaida, for his part, said a part of the Qatar Finance Center's new growth strategy is to establish state-level partnerships, providing access to the financial structures of developing countries. "This memorandum of understanding between the Istanbul Finance Center and the Qatar Financial Center is an important step taken to implement that strategy," al-Jaida said and added that the agreement will pave the way for new investment opportunities between the two countries.