Trade volume between Qatar and Turkey reaches QR 6.8 billion in 2021

Doha: Thanks to strong relations, the volume of trade between Qatar and Turkey has reached new heights. Bilateral trade volume between the two countries reached QR 6.8 billion last year, an official said at an online event yesterday.

The Investment Office of the Presidency of the Republic of Turkey, in collaboration with the Qatar Chamber, organized a webinar titled “Turkiye’s Investment Ecosystem: Investment Opportunities in Technology and Tourism”, which addressed the strengthening of cooperation and investment opportunities between Qatar and Turkey’s tourism and technology sectors.

Chairman of the Investment Office of the Presidency of the Republic of Turkey, Ahmet Burak Daglioglu, said: “Turkey has attracted foreign direct investment (FDI) over the past two decades. The overall cumulative investment attracted since 2003 is $240 billion.

He urged Qataris to steer their investments towards Turkey which enjoys an attractive investment climate, noting that there are many incentives and facilities to attract Qatari investors across all sectors.

“Recently, in the last two or three years, there have been certain trends, one of the trends being FDI projects and projects related to global supply chain. Turkey is becoming a powerhouse in the region Another trend is real estate investment – on average we attract $5 billion a year in FDI in the real estate sector.One of the main verticals is tourism and hotel projects. Qatari business or corporate investors have invested in properties in Turkey,” he added.

Daglioglu invited Qatari investors to visit the Tourism Investment Forum 2022, which is the biggest event in this sector in Turkey. He also pointed out that about $1.6 billion of investments were established by entrepreneurs in Turkey last year, indicating that 90% of these investments are foreign direct investments.

Turkey’s Ambassador to Qatar, HE Mustafa Goksu, highlighted the strong relations between the two countries, noting that there is significant interest from both sides to develop their trade and investment cooperation. “In Qatar, we have good incentives for investors in hospitality and technology. Thus, both countries have good investment opportunities that we encourage.

“The technology and hospitality sectors are very important for Turkey and Qatar because technology is present in everything around us and companies can grow, innovate and renovate their businesses. The quality of tourism is increasing every day,” the envoy added.

Goksu also said that there are many incentives for Qataris, pointing out that a number of representatives from the Bureau of Investments are appointed to help Qatari investors who want to invest in Turkey.

Mohamed bin Twar Al Kuwari, Deputy Speaker of the Qatar Chamber, delivered the keynote address. “Turkey is one of Qatar’s most important partners and maintains close relations in all areas, especially in the economic and trade aspects. We had a trade volume of about 6.8 billion QR last year. There is no doubt that this good development in trade volume can be attributed to the good and strong relations between the two countries,” he said.

“We have a number of agreements on levels of investment and trade in the private and public sectors which have facilitated the exchange of mutual investments and contributed to the influx and spillover of commodities,” he added.

Regarding mutual investments, he noted that there are many Turkish companies operating in Qatar in various sectors such as trade, outsourcing, construction, health sector, services, technology, hotels and furniture. “The Qatar Chamber of Commerce encourages Qatari businessmen to increase their investments in Turkey and strengthen cooperation with their Turkish counterparts by forging partnerships and alliances in Qatar or Turkey. We also invite Turkish companies to invest in Qatar and benefit from the sophisticated infrastructure and its investment-friendly environment, he added.

The meeting was also attended by a number of prominent businessmen from both countries.

Sharon P. Juarez