New opportunities for Turkish business in Qatar
25 September 2020
During the webinar, the Qatari and Turkish sides discussed new business opportunities and prospects in Qatar. The latest changes in the business sector were highlighted and commitments regarding trade relations were announced.The Qatar financial center, together with the Istanbul chamber of Commerce and the Turkish Embassy in Qatar, organized a webinar entitled "New opportunities: Qatar and Turkey". The topic of the meeting was to discuss the latest developments in the Qatari business sector and new prospects for Turkish companies.
The discussion was also attended by Executive Director of The financial center Yusuf Mohamed al-Jaida, managing Director of business development, Turkish Ambassador Mustafa geksu and President of the Istanbul chamber of Commerce.
During his welcoming speech, the Turkish Ambassador noted that the two countries have special strategic relations and ties that have strengthened in recent years. The current goal is to further strengthen the partnership and, in particular, to overcome the negative consequences of the pandemic.
The volume of bilateral trade has grown significantly recently: from $ 340 million in 2010 to $ 2.24 billion in 2019, 53 strategic agreements were signed. There are currently 535 Turkish-Qatari companies operating in Qatar. At the same time, Turkish companies actively use a secure, profitable and transparent platform for doing business in Qatar.
It was also noted that the political and economic partnership between the two countries has a good impact on cultural relations. If in 2014 Turkey received 29,000 Qataris, last year this number increased to 108,000.
Providing an informative overview of the Qatari economy and the latest developments in the country's foreign direct investment, al-Jaida stressed that close strategic relations covering many areas, such as business and trade, investment, science, security and culture, can support the country's national economy and create good conditions for its further development.
It was noted that Turkey and The financial center have agreed to cooperate in a number of areas, including digital technologies, sports, media, financial services and other growing sectors. About 16 Turkish firms have already been invited to cooperate on the Financial center platform
In 2019, The financial center signed a Memorandum of understanding with The Finance Department of the Turkish presidency and the introduction of a passporting initiative to facilitate mutual cross-border business opportunities for companies. This step, in addition to a number of advantages offered by the Qatari side to international firms coming to Qatar, makes it easier for Turkish companies to enter the Qatari market.
The conference resulted in a commitment by the two countries to increase trade turnover to $ 5 billion and strengthen trade ties, making it easier for Turkish firms to enter the market. In addition, The financial center stressed its intention to promote business development and stated that in the future several more Turkish firms will be invited to cooperate.