Turkish firms seek investment opportunities in Qatar
09 Nov 2017 - 0:00
By Mohammad Shoeb / The Peninsula
A high level Turkish trade delegation representing a wide range of industries, including leading Turkish electromechanical firms yesterday held a meeting with prominent Qatari businessmen seeking investment opportunities in Qatar.
The meeting focused on enhancing bilateral cooperation and establishing ties with Qatari businessmen in various sectors.
Qatar and Turkey has signed several Memorandum of Understandings (MoUs) and agreements, especially in the recent past, which play a key role in paving the way for establishing more commercial alliances among Qatari and Turkish companies and increasing the last year’s $1.44bn (QR5.24bn) trade exchange to higher levels, especially in the current siege imposed on Qatar by three of Gulf countries.
Qatar’s imports from Turkey in 2016 stood at $538.9m (QR 1.96bn), while Qatar’s exports to Turkey was $908.5m (QR3.30bn).
As a result of Qatar’s growing imports from Turkey, the trade surplus with Turkey over the last few years has narrowed down to $369.6m (QR1.34bn) in 2016 from $810.7m (QR2.95bn) in 2012.
Major Qatari imports from Turkey includes articles of iron and steel, milk and other dairy products, tools and electric equipment, furniture, vehicles, cars and rolling stocks, apparels, organic chemical products, plastic and plastic products among others. Qatar’s major exports to Turkey includes petroleum oil and its products, plastic and plastic products and others.
Yesterday’s meeting was held at Qatar Chamber’s (QC) headquarters. The Qatari side was presided over by Mohammed bin Mahdi Al Ahbabi, Board Memebr of QC, who delivered a welcome speech highlighting business opportunities in Qatar and QC’s readiness in facilitating and extending all needful support in this regard.
Ugur Ozturk, Director-General for Free Zones, Foreign Promotion and Services, at Turkey’s Ministry of Economy (who presided the Turkish side) delivered a speech introducing Turkish companies which are part of the visiting trade delegation, and also highlighted business and investment opportunities between the two countries.
It was followed by a detailed presentation by EMSAD, an association of about 50 major electromechanical industrialists with operations in Turkey, which also include world renowned names such as ABB, Siemens, Schneider Electric and others.
QC Board Members Ali Abdullatif Al Misnad, Mohamed bin Ahmed Al Obaidli and Dr Mohamed Johar were also present.
“Qatar-Turkey bilateral relations have rapidly developed at all fields and further opportunities for mutual cooperation are galore”, said Al Ahbabi.
Al Ahbabi praise the Turkey’s position that enormously supported Qatar from the early days of the siege.
“From the first day of the unfair blockade, Turkey provided the Qatari market with food products and goods by air and sea,” he added.
He noted that the Qatari business community look forward to having more Turkish companies and further partnerships with Qatari companies to strengthen trade relations.
Currently there are 186 Qatari-Turkish companies and 19 Turkish companies operate in Qatar in infrastructure, contracting, construction, engineering, trade and electricity. Besides these companies, volume of projects implemented in Qatar by Turkish companies touched $11.6bn.
For his part, Ozturk said the objective of the visit is to explore the investment opportunities available in the Qatari market besides strengthening bilateral relations with Qatari counterparts.
“Turkey is sharing the same objectives and ideas with Qatar regarding the ongoing unjust siege imposed by its neighboring countries”, he noted.
He said that Qatar is one of the most important markets for Turkish business circle in the Middle East with huge natural and economic resources. Ozuturk affirmed the importance of electromechanical sector in the mega projects being implemented in Qatar, including those for hosting the 2022 Fifa World Cup.