Qatar’s investments in Turkey reaches over $20bn
12 May 2017 - 10:23
By Huda N V | The Peninsula
Strong bilateral trade relations between Qatar and Turkey offers much potential for growth to private sector partnerships between the two countries. An increasing number of Qatari companies are investing in Turkey, making Qatar the second leading investor in terms of value in Turkey, according to experts.
Qatar Chamber (QC), yesterday hosted Turkish trade delegation from the Korfez Chamber of Commerce, headed by Sibel Morali, head of committee and Chairman of the Chamber Board. The meeting reviewed means of boosting bilateral trade and investment relations in major sectors.
Addressing the meeting, Qatar Chamber Vice-Chairman, Mohammad bin Ahmed bin Towar Al Kuwari stressed for constructive cooperation between private sector in both countries so that the trade volume reach the ambitious levels.
“We have some 205 Turkish companies in Qatar out of which 186 are joint ventures between Turkish and Qatari businessmen,” said Al Kuwari. These joint ventures together have a capital worth QR42.02m, and most of these are based in infrastructure construction, contracting, engineering consultancy, trade and electric works. Also some 19 companies here are fully Turkish owned and have a capital worth QR62.5m.
“Turkish companies here are handling projects worth about $11.6bn in Qatar, most of which is put into Fifa World Cup 2022 projects. Qatar’s investment to Turkey is over $20bn, the second highest value of investments by any country in Turkey,” he added. According to data provided, Qatari imports from Turkey was $384.7m, while Qatari exports reached $277.4m. Total volume of trade between the two countries stood at $662.1m in 2016.
Both the countries are sharing strategic relations in different areas of cooperation, which include business, trade, investments, security, culture and humanitarian. Turkey is one of the most preferred destinations for Qatari investors as the economy offers a wide range of investment opportunities in several promising sectors. Major imports from Turkey includes, iron and steel; dairy and dairy products, electricity machines and equipments, furniture, organic chemical products; plastic products and textiles.
Qatari exports to Turkey comprise of petroleum and plastic products.
The Korfez trade delegation comprised of 19 companies representing construction, contacting, health, education, tourism, fire wear, transport laboratories and wood house construction. They discussed areas of interest and mutual cooperation with Qatari counterparts.
“Qatar Chamber will encourage Qatari businessmen to invest in turkey as they hold much promise for growth in business and strong bilateral relations can help boost the trade relations. With several MoUs signed between various Turkish chambers of commerce, private sectors in both the countries can mutually benefit,” Al Kuwari stressed.