Atilla Kurucayirli, Turkey Expo Qatar Board member, during a press conference of Expo Turkey by Qatar, in Doha yesterday.
Bilateral cooperation between Qatar and Turkey has been deepening and expanding rapidly and steadily. Cooperation in almost every sector, including economy, trade and investment has seen extraordinary growth over the last one-and-a-half years, said a senior Turkish official yesterday.
Qatar has stepped up its support for Turkey after agreeing to a $3bn currency swap deal and Qatari banks have funded projects worth about $3bn in Turkey.
Atilla Kuruçayırlı, Turkey Expo Qatar Advisor Board Member, said: “Bilateral cooperation between the two friendly countries is expanding fast. Qatari riyal is a convertible currency now in Turkey. Businesses and individuals can do their money transfers in local currencies (Qatari riyal/Turkish lira) within the same day.”
The central banks of Qatar and Turkey had signed a currency swap agreement in August last year for an overall limit of $3bn to provide liquidity and support for financial stability within days after Qatar had pledged to invest $15bn in Turkey.
Qatar and Turkey have also signed an agreement for the avoidance of double taxation with respect to taxes on income to boost trade and investment in both the countries.
Atilla also noted that the Doha-based Qatar Financial Centre (QFC) is working to establish three financial centres in Qatar, Turkey and Malaysia. The work on the ambitious initiative to serve the $2 trillion global Islamic finance market, using common platforms and technology, is progressing in full swing.
Qatari and Turkish organisations are also working to launch ‘overseas mortgage’ products, which are expected to be announced very soon. Once the mortgage facilities are launched, Qatari citizens and residents will be able to enjoy the products, which will give a major boost to the real estate market.
“Qatar-Turkey relation is based on “one heart, one soul and one vision”. During times of crisis, Qatar and Turkey have developed strategic relationships at political, economic and military levels. And this relationship is strengthening every passing day,” noted Atilla.
Commenting on the third edition of the ‘Turkey EXPO By Qatar’, which is opening today at DECC, he said that it is the largest event between the two brotherly countries. Since the event started, the business and trade between the two countries have increased significantly.
Bilateral trade volume between Qatar and Turkey was estimated to cross over $2bn in 2018. Turkey’s exports to Qatar increased by 61 percent to touch $1.2bn (QR4.37bn). For 2019, Turkey has set a target of between $2.5bn and $3bn.
“There are very few different business sectors which play more important role than defence cooperation between the two countries. Since last year, around QR15bn military/defense contracting jobs have been awarded to Turkish companies,” Atilla added.
“One of the largest shipyard companies in Turkey has signed contracts worth over $300m with the Ministry of Interior. The company accounted for 25 percent of Turkey’s total exports to Qatar last year.”
Turkey and Qatar’s most strategic military investment project, BMC, with an investment of $180m, recently witnessed a groundbreaking ceremony for their new production facility by the Turkish President Recep Tayyip Erdogan.
Another Turkish company has bagged contracts worth $100m for manufacturing and supplying uniforms and other products for the Qatar’s military.
The cooperation in the field of arts, culture and sport is also growing. Qatar is expected finance the most expensive international upcoming film with Turkish actors along with Hollywood and Turkish producers.
In construction, Al Thumama Stadium, one of stadiums being built by Qatar to host the 2022 Fifa World Cup, has been awarded to a Turkish contractor. Qatar’s beIN Sports bought the broadcasting rights of the Turkish Süper Lig with a record fee of $500m.
Cooperation in the field of banking, finance and investment is also growing fast. More than 150 Qatari companies have established in Turkey after the blockade in June, 2017. And the number of Turkish companies in Qatar is also growing fast. Currently more than 300 Turkish companies are operating in different sectors of the Qatari economy.
The hospitality, tourism and retail sectors are also registering sharp growth. Turkey’s internationally renowned luxury hotel chain Rixos will built and operate the largest entertainment, all-inclusive resort with Katara Hospitality in Qatar. IN tourism, there is a huge increase in travellers from Qatar to Turkey, which has grown to 100,000.
Currently more than 50 flights operate per week flying from Doha to Ankara, Istanbul, Sabiha, Adana, Hatay and Antalya. Another city Bodrum in Black Sea region of Turkey is expected to be connected very soon.
