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Monday, October 26, 2020

Turkey-Qatar trade sees dramatic ten year increase

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Bilateral ties between Ankara and Doha have experienced ‘immense growth’, Turkey’s ambassador to Qatar said.

Turkey’s trade volume to Qatar has increased dramatically in the past decade, Ankara’s ambassador to Doha said on Wednesday, confirming a jump from $340m in 2010 to $2.24bn in 2019.

Trade between the two allies increased by 18% in the last year alone, Mehmet Mustafa Goksu said in an online event titled ‘Bilateral & Synergistic Opportunities between Qatar and Turkey’.

The ambassador was joined at the event by Doha Bank CEO Dr R Seetharaman and President of the Investment Office of the Presidency of the Republic of Turkey Burak Daghoglu, among others. 

Goksu also emphasised the COVID-19 pandemic had a limited impact on the bilateral trade, suggesting higher levels of business is expected between the two countries now that “the worst is behind us.”

Read also: Qatar accredits four COVID-19 test centres in Turkey, so citizens and residents can waive return hotel quarantine rule

Turkey has rapidly strengthened its trade and political relations with Doha since the 2017 illegal air, land and sea blockade was imposed on Qatar by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt. In the immediate aftermath of the severance of diplomatic ties, Turkey’s exports to Qatar tripled in value within days. 

Aside from trade deals, Turkish construction firms have made significant contributions to the infrastructure in Qatar, in projects totalling almost $18bn since 2002.

Turkey has also become a “safe haven” for investments from Qatari business people, inviting ventures worth $3bn between 2000 and 2019.

Read also: Turkish dairy products, chicken hit Qatar shelves

Meanwhile, the Turkey-Qatar Supreme Strategic Committee has led to the signing of over 50 bilateral agreements. The next meeting will be hosted in Turkey at the end of 2020.

“We have a clear, legal, and institutional framework that supports investors and businesspeople….All these agreements build a transparent and secure business environment between our two countries. We have robust business, trade, and investment institutions both in Turkey and Qatar,” said Goksu. 


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