Qatar’s investment in Turkey exceeds $19bn
11 Jan 2018 - 0:00
By Mohammad Shoeb / The Peninsula
DOHA: Qatar’s investment in Turkey has surged over $19bn (about QR70bn), which is expected to increase further in the coming years. Qatari investments in Turkey is the second highest value by any country in Turkey.
The invesment is diversified in different sectors of the fast growing Turkish economy such as real estate, banking, food processing industries among others.
“Qatar’s investments in Turkey is growing fast and steadily. The cumulative value of Qatari investments (both public and private) has reached over $19bn, and with the completion of many ongoing projects and upcoming projects which are currently in the pipeline, it will surge further in the coming years,” Turkey’s ambassador to Qatar Fikret Ozer told The Peninsula, yesterday.
Fikret added: “These investments are mainly in Turkey’s promising sectors such as real estate, telecom, IT, banking and finance, and other industries.”
The Turkish envoy noted that the bilateral relations between Qatar and Turkey is improving and expanding fast in all fields. Many business and trade missions are visiting Qatar from Turkey and vice-a-versa.
“Next week we are going to open Expo-Turkey at Doha Exhibition and Convention Center (January 17 to 19). Over 160 Turkish companies are participating at the event. The expo will also witness the visit of two Turkish Ministers (minister of economy and minister of environment), which will help expand and boost the trade volume between the two brotherly countries,” said Ambassador Fikret.
He stressed that the trade volume between the two countries has witnessed a sharp jump of over 46 percent in 2017, which is expected to touch $2bn in 2018.
The Turkish envoy was talking to this newspaper on the sidelines of ‘Mobiliyum B2B Forum’, a business match-making event between the members of visiting Turkish trade delegation and Qatari businessmen held in collaboration with Qatar Chamber at Marriott Marquis City Centre Doha Hotel, yesterday.
Mobiliyum is Turkey’s largest furniture mall housing several leading furniture giants, which is located in İnegöl, Bursa province. Over a dozen of top business leaders, including owners of several furniture companies were here to explore business and investment opportunities.
The delegation also included Governor of Bursa Izzettin Küçük and Mayor Alinur Aktaş. Bursa is a large city in Turkey, located in northwestern Anatolia, within the Marmara region. It is the fourth most populous city in Turkey and one of the most industrialised metropolitan centres in the country.
Governor Izzettin addressed the meeting highlighting strong bilateral relations and business opportunities between the two countries.
Qatari side was led by the Vice-Chairman of Qatar Chamber, Mohamed bin Ahmed bin Towar Al Kuwari. In his welcome address Al Kuwari also expressed his optimism to further deepen and strengthen bilateral trade and economic cooperation. Al Kuwari said that the bilateral trade volume between Qatar and Turkey in 2016 reached over $1.44bn (QR5.24bn) against $1.43bn in the previous year.
Qatar’s exports to Turkey in 2016 was at $908.5m, while imports of goods from Turkey stood at $538.9m. The trade balance continued to be in favour of Qatar at $369.6m, marginally down from $384.4m in 2015.
Major Qatari imports from Turkey included articles of iron and steel, dairy products and electricity machines and equipment, tools, furniture, vehicles, rolling stocks, organic chemicals, plastic and plastic products and apparels and other accessories. Major Qatari exports to Turkey included petroleum oils, and its products, plastic, and its products.