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Tuesday, January 18, 2022

Value of Turkish exports to Qatar quadruples


The value of exports from Turkey to Qatar reached $1.1bn as of the third quarter of 2020, from $255m in 2013, according to data from Turkish Statistical Institute – TurkStat.  

Trade volumes have exponentially grown over the past three years between Qatar and Turkey as the two allies continue to  build on their close ties. Following the illegal blockade imposed in 2017, Doha has been significantly investing in the Turkish economy with the latter serving as an important source of produce in the absence of neighbouring markets.

The trade volume between Qatar and Turkey as of third quarter of 2020 reached $1.4bn. It is significantly larger than the trade volume of $643m between the two countries in 2013, according to ‘Qatar-Turkey Bilateral Trade & FDI Report’, compiled jointly by the Presidency of the Republic of Turkey’s Investment Office and the Investment Promotion Agency in Qatar.

The increase in business hasn’t been limited to exports, Qatari investments in Turkey have also risen significantly in recent years, reaching $22bn in 2020, making Doha the second largest investor in Turkey. 

Read also: Turkey, Qatar hold ministerial meeting ahead of Strategic Dialogue

Amid efforts by the Qatar-Turkey Supreme Strategic Committee to strengthen bilateral relations between the two countries, a number of agreements across a broad range of sectors and industries have been signed during bilateral meetings of the countries’ two leaders. 

In 2019, Turkish exports to Doha increased by 10% compared to the previous year, after 500 Turkish companies started operating in Qatar.

Prior to the 2017 blockade, Qatar and Turkey have been allies since 1972. However, the bilateral relations strengthened dramatically since the Gulf crisis.

The Turkish Ministry of Foreign Affairs states on its official website that “more than 180 Turkish companies are operating in Qatar and the total value of projects undertaken by Turkish companies in Qatar has reached a level of USD 17.4 billion. In addition, Qatar ranks first among the Gulf countries in terms of the number of projects undertaken by Turkish contractors.” 

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