Qatar-Turkey relations are accelerating at a fast pace in all fields. The depth of the friendship between the two countries can be ascertained from the fact that Qatar’s investment in Turkey has surged over $19bn which happens to be the second highest value by any country in Turkey.
The investment is diversified in promising sectors such as real estate, banking, and food processing industries to name a few. Furthermore, many business and trade missions are visiting Qatar from Turkey and vice-versa. Qatar Chamber recently held a meeting with a business delegation from Turkey which included 21 leaders of companies operating in the furniture industry. The trade volume between the two countries witnessed a huge jump of more than 46 percent last year and is expected to touch $2bn this year.
Qatar Chamber Vice-Chairman Mohamed bin Ahmed bin Towar Al Kuwari said bilateral trade volume between Qatar and Turkey reached over $1.44bn in 2016 against $1.43bn the previous year. Qatar’s exports to Turkey in 2016 stood at $908.5m, while imports of goods from Turkey was $538.9m. The trade balance continued to be in favour of Qatar at $369.6m. The total investments Turkish construction companies are working on exceed $11.6bn, most of which are related to the 2022 World Cup projects. Major Qatari exports to Turkey included petroleum oils and its products and plastic and its products.
Taking the level of cooperation to newer heights, nearly 150 Turkish companies representing seven different sectors will showcase their products and services in Qatar in three-day Expo Turkey by Qatar 2018 from January 17 to 19. The Expo will present a range of Turkish companies highlighting the best in real estate, furniture and food, as well as health and construction. Organisers say as many as 3,000 professional visitors and 10,000 visitors are likely to visit the expo.
Recently, Qatar Post launched e-commerce platform – Turkish Souq – in partnership with Turkish Post that will provide access to up to 5 million Turkish products ranging from clothing, shoes and accessories as well as vehicle parts and everything in-between. Also, Turkish pharmaceutical firm CinnaGen signed a $6m deal with Qatar’s leading drug company Ebn Sina Medical. Currently, Turkey’s pharmaceutical exports to Qatar stands at about $1.2m.
Since the siege in June last year, Turkey has sent cargo ships and hundreds of planes loaded with food items to help Qatar offset the blockade and the volume of this trade is still growing. The investments and cooperation between the two countries indicate a long-lasting partnership and friendship. Enhancing ties will achieve further growth and prosperity that will serve the industry well in both the countries.
