Ankara, November 14 (QNA) – The 10th Qatari-Turkish Supreme Strategic Committee will further cement bilateral economic relations and break new ground for cooperation, said HE Turkish Minister of Trade Omer Bolat.
Speaking to Qatar News Agency (QNA), His Excellency hailed the Committee as a key platform to assess existing Qatar-Turkiye relations across multiple areas, particularly the economy and trade.
He added that the committee has brought about the signing of over 100 agreements, protocols for cooperation, and memoranda of understanding, aligning with the countries’ strategic cooperation objectives. The agreements covered a broad range of areas, including defense industries, infrastructure, logistics services, free zones, and other key sectors.
Highlighting the committee as a bridge to boost bilateral relations, Bolat said the mechanisms emanating from its meetings ensured regular coordination between state agencies as well as between the private sectors of both countries.
Bolat also pointed out that the Qatari-Turkish Joint Committee for Economic and Trade Cooperation had discussed various aspects of trade and economic relations, with its first session in February 2024 having discussed organizing a business forum and a roundtable meeting, which gave a boost to bilateral trade and economic relations.
Bilateral economic relations significantly grew over the past decade, Bolat said, noting that the 2022 trade volume recorded $2.3 billion but dropped to $1.3 billion in 2023, with Turkish exports to Qatar at $791 million and imports from Qatar at $543 million. The trade volume from January to October 2024 stands at $933 million.
But he voiced hopes that bilateral trade potential would be expanded with the implementation of the 2018 economic partnership agreement.
Turkish exports to Qatar include defense industry products, machinery, electrical appliances, metal goods, furniture, textiles, and clothing. Meanwhile, Turkeys imports from Qatar include unprocessed aluminum, polyethylene, organic and inorganic chemicals, fertilizers, gold, jewelry, and electronic control products.
Bolat added that Qatar emerged as the eighth-largest market for Turkish construction services, with Turkish contractors having implemented 198 projects in Qatar at $20.3 billion. Turkish companies have also contributed to several vital projects in Qatar.
Speaking of mutual investments, he said that Qatari direct investments in Turkiye amount to $4.9 billion across sectors such as finance, banking, port management, and poultry production. Turkish investments in Qatar total $48 million, mainly in defense, textiles, electrical cables, and service sectors.
Both countries are exploring ways to boost joint investments further, His Excellency said, unveiling that both sides are in the final stages of technical negotiations to sign new agreements and protocols to expand cooperation across numerous sectors.
Bolat explained that bilateral agreements and protocols include streamlining trade, cooperation in contracting services in third countries, consumer protection, market monitoring, auditing, technical regulation, standardization, accreditation, and compliance, highlighting both countries’ commitment to global cooperation.
He observed an increasing interest among Qatari and Turkish investors and companies to collaborate on joint projects in third countries, which could significantly boost investment and trade cooperation between the two countries.
Bolat added the 10th Supreme Strategic Committee would beef up mutual investments and facilitate partnerships on investments in third countries, leveraging Turkiyes economic performance in recent years, Qatar’s investment potential, and the strategic political alignment between the two nations.
He emphasized that the positive and exemplary high-level relations between Qatar and Turkiye are a guarantee for enhancing trade and investments. Agreements such as the Reciprocal Promotion and Protection of Investments and the Avoidance of Double Taxation have greatly facilitated joint investments.
He reaffirmed Turkiyes support for Qatari investments, with the countrys Investment Office actively assisting Qatari companies with their investments, providing guidance and removing obstacles. Likewise, Qatari authorities offer necessary support and facilities for Turkish companies.
On potential cooperation in technology and innovation, Bolat noted that the Qatar National Vision 2030 aims to increase investments in technology and innovation domestically and abroad, with Qatar also showing interest in emerging investments in Turkiye.
In this context, he highlighted the Qatari firms keen interest in events like TEKNOFEST, Turkiyes largest aviation, space and technology festival, and the Global Startup Awards (GSA) Summit 2024 held September in Istanbul. He voiced hope for highly successful partnerships in this field.
Bolat reiterated his countrys unwavering support for Qatari and Turkish companies to elevate bilateral trade and economic relations. He added that Turkiye places particular importance on its relations with Qatar and other GCC countries.
Regarding cooperation in solidifying supply chains between Qatar and Turkiye, he said that increased Qatari investments in production and logistics in Turkiye are set to further enhance Turkish supply and distribution chains, demonstrating the positive outcomes of the Supreme Strategic Committee.
Bolat noted that the Supreme Strategic Committee decisions to support the Iraq Development Road Project would boost trade, prosperity, and welfare in the region. The Development Road Project, he said, is expected to be one of the region’s most critical projects, connecting many countries in the region to Europe via Iraq and Turkiye, significantly reducing time and transportation costs. (QNA)
