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Wednesday, October 20, 2021

Qatar-Turkey trade volume expected to exceed $5 billion target


The trade volume between the two allies increased by 6% to reach $1.6 billion last year.

Trade volume between Qatar and Turkey is expected to exceed the $5 billion target in the upcoming period, a Turkish organisation said.

The comments, made by the head of Turkey’s Independent Industrialists and Businessmen’s Association [MUSIAD], Abdurrahman, came amid a series of meetings held in Doha earlier this week, in which he met with several key Qatari business officials including Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al-Thani.

“Considered as an intercontinental logistics centre, Anatolia will become one of the most important centres of trade in the future,” Kaan said of his home country, according to state news agency Anadolu.

Doha and Ankara have established and expanded strong, strategic economic ties in recent years. In the last year alone, trade volume between the two countries increased by 6% to reach $1.6 billion.
Turkey’s exports to Qatar are also likely to cross the $1 billion mark in 2021 after witnessing a decrease from $1.27 billion in 2019 to $972 million in 2020 due to the pandemic.

In Turkey, Qatar’s total investments have reached $22 billion and 179 Qatari companies are currently in operation. In turn, a total of 533 Turkish companies are operating in the Gulf state with projects worth at least $18.5 billion.

The two countries share some 62 agreements covering various sectors including education, business, defence, culture and the military. Qatar also hosts a Turkish military base.

In a major agreement signed last year, Qatar’s terminal operating company purchased Antalya’s Port Akdeniz in a $140 million deal with Global Ports Holding [GPH], the world’s largest independent cruise port operator.

Both countries have been allies since 1972, with relations growing increasingly stronger since 2017 when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed an illegal blockade on Qatar.

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