Qatari-Turkish relations stem from joint views and positions, and shared visions in various fields

November 01, 2019
His Excellency the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa Al Thani, inaugurated the Qatari-Turkish Business Forum held under the theme ‘Investment Opportunities in the State of Qatar’ on Friday, November 1, 2019 in the Turkish capital, Ankara.

His Excellency the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nasser bin Khalifa Al Thani, inaugurated the Qatari-Turkish Business Forum held under the theme ‘Investment Opportunities in the State of Qatar’ on Friday, November 1, 2019 in the Turkish capital, Ankara. The forum was attended by H.E. Fuad Oktay, Vice President of the Republic of Turkey and a number of ministers and senior officials from both nations.

 

The Qatari-Turkish Business Forum plays a key role in bolstering cooperation prospects between the business sectors of both countries, as well as enhancing the friendly relations that have been further strengthened under the wise leadership of His Highness the Amir of Qatar Sheikh Tamim bin Hamad Al Thani, and His Excellency Recep Tayyip Erdogan, President of Turkey.

 

The Qatari-Turkish Business Forum aims to strengthen trade, industrial and investment cooperation between the two countries, stimulate mutual investments and contribute to increasing the volume of trade exchange between the two nations. Additionally, the forum seeks to create new prospects for cooperation between representatives of the private sector, promoting economic partnerships and reviewing investment opportunities in both countries to facilitate the establishment of joint projects that serve the interests of both sides.

 

The forum was also attended by H.E. Mohammed Bin Towar Al Kuwari, Vice Chairman of Qatar’s Chamber of Commerce and Industry; H.E. Ruhsar Pekcan, Turkey’s Minister of Trade; and Mr. Rifat Hisarcıklıoğlu, President of The Union of Chambers and Commodity Chamber Exchanges in Turkey. The forum, which is the first of its kind, witnessed the participation of a number of heads and representatives of major Qatari companies as well as more than 80 major Turkish companies specialised in the fields of information technology, real estate development, industry and others.

 

In his opening remarks, H.E. Mr. Ali bin Ahmed Al Kuwari, Qatar’s Minister of Commerce and Industry, explained that Qatari-Turkish bilateral relations stem from joint views and positions and shared visions in various fields. He noted that these relations reflected positively on bilateral trade, which grew by 78.8% to reach 8.7 billion Qatari riyals in 2018, compared to 4.8 billion Qatari riyals in 2017. During the same period, Qatari exports to Turkey grew by 99% while Qatari imports from Turkey increased by 64.9%, H.E. said.

 

On the investment level, H.E. praised Turkish companies for contributing to the Qatari economy, noting that more than 499 Qatari-Turkish joint companies are currently operating in the trade, contracting and information technology sectors, while 37 wholly-owned Turkish companies are operating in the construction and industrial sectors.

 

H.E. added that the expansion of bilateral trade and investment cooperation follows the ratification of several agreements that had a profound impact on promoting bilateral relations and paving the way for comprehensive strategic cooperation. These agreements include the Trade and Economic Partnership Agreement (TEPA) that was signed during His Highness the Amir Sheikh Tamim Bin Hamad Al Thani’s historic visit to Turkey last November. H.E. noted that the agreement played a key role in facilitating the exchange of goods and services and promoting investment cooperation.

 

In this context, H.E. stressed the importance of the Memorandum of Understanding that the governments of Qatar, Turkey and Iran signed in 2017 to facilitate international transport and transit traffic, which is pivotal to streamlining the flow of goods and commodities by reducing transport time, costs and the required procedures.

 

On the other hand, Qatar has highlighted the importance of promoting economic diversification and its contribution to reducing geopolitical and economic fluctuations that affect the economies of the region and the world, H.E. explained.

 

H.E. added that Qatar has established a comprehensive strategy to diversify its income source by supporting vital economic sectors, and investors, through the implementation of a set of programmes and policies aimed at opening Qatar’s economy to attract companies and channel foreign direct investment into priority sectors, in line with the state’s economic plans.

 

In this context, Qatar has introduced key amendments to business regulations and legislations that allow foreign investors up to 100% ownership in all economic, commercial and real estate activities, H.E. noted.

 

In parallel, Qatar has sought to open its economy to the world by modernising its infrastructure to meet the needs of companies and bolster trade with its various partners around the globe. It has been supported in this aim by Qatar Airways, which operates a fleet of more than 230 aircraft that fly to over 160 destinations worldwide through Hamad International Airport, one of the leading airports in the world, which will accommodate 50 million passengers per year once its expansion is complete, H.E. said.

 

H.E. added that Qatar is also seeking to open its economy through the development of Hamad Port, which plays a pivotal role in linking the nation to the world’s major economies through direct shipping lines, further cementing Qatar’s position as a transit hub with links to more than 40 ports in three continents.

 

Qatar also offers access to economic and logistics zones in strategic locations in close proximity to Hamad International Airport and Hamad Port, as well as a high-speed road network designed in line with the highest international standards, H.E. said.

 

H.E. explained that these plans have contributed to positive changes in the structure of the Qatari economy, as evidenced by Qatar’s ranking on several international indicators.

 

Quoting the World Bank, H.E. said Qatar’s economy is expected to grow by about 2% in 2019, and 3% in the medium term, driven by growth in the services and construction sectors as Qatar pursues the implementation of projects within the framework of its National Vision 2030, and preparations to host the 2022 FIFA World Cup.

 

In parallel, Qatar’s foreign trade sector witnessed remarkable growth in 2018, with the trade balance recording a surplus of $ 52 billion, an increase of 40% compared to 2017, while Qatari exports increased by 25% last year, H.E. noted.

 

H.E. concluded his remarks by voicing his hopes that this meeting will encourage Turkish companies to take advantage of the incentives that the Qatari market offers, to tap investment opportunities with promising returns for the benefit of both countries’ economies.

 

The forum featured a presentation by the Qatari delegation highlighting the business environment and investment opportunities in Qatar.

 

H.E. Sheikh Ali Bin Alwaleed Al Thani, CEO of Qatar’s Investment Promotion Agency; Mr. Abdullah Mubarak Al Khalifa, acting CEO of Qatar National Bank; Mr. Yousuf Mohamed Al-Jaida, CEO of Qatar Financial Centre; Mr. Mohammed Bader al Sada, CEO of Media City; Mr. Abdullah Hamad Al Misnad, Executive Vice Chairman of Qatar Free Zones Authority; and Mr. Yousef Al-Obaidly, CEO of Digiturk, attended the presentation.

 

Turkish officials also delivered a presentation highlighting the success stories of Turkish construction company Tekfen in Qatar.