His Excellency Mr. Muhammad Mustafa Goksu, Ambassador of the Republic of Turkey to the State, affirmed the depth of the economic partnership between Qatar and Turkey. His Excellency the Ambassador said during an electronic seminar hosted by Doha Bank entitled “Opportunities and areas of bilateral cooperation between Qatar and Turkey,” in which Mr. Burak Dagoglu, Head of the Investment Office of the Presidency of the Republic of Turkey, Mr. Basar Arioglu, Member of the Turkish Foreign Economic Relations Council and the Turkish Contractors Association and Chairman of the Business Council The volume of bilateral trade exchange increased from 340 million US dollars in 2010 to more than 2 billion US dollars in 2019, and the Coronavirus epidemic had only a limited impact on bilateral trade between the two countries. We are pleased with the Turkish construction companies’ contribution to infrastructure projects in Qatar, which since 2002 amounted to more than 18 billion US dollars.
In view of the cultural ties and the needs of both countries, it is of utmost importance to seize intra-business opportunities by taking advantage of the political will of the two sides at the highest levels. The political authorities are ready to remove any remaining obstacles to achieve this purpose. In this context, the two sides signed agreements on the prevention of double taxation, the encouragement and joint protection of investments and the commercial and economic partnership, which contributed to building a transparent, easy and safe work environment. In addition, the two countries have a strong network of enterprises supporting business, trade and investment.
Dr. R. Seetharaman sheds light on the main developments in the Qatari economy, including the construction of the Hamad International Airport project, the investment programs offered by the government to foreign investors, the programs for developing the sector of small and medium enterprises and the food security sector, in addition to the investment law, the new property law, and the partnership law between the public and private sectors. In response to the repercussions of the “Covid-19” pandemic, the Turkish Central Bank cut the interest rate by 100 basis points. The Turkish government has launched a spending plan worth 16 billion dollars to counter the repercussions of the effects of the Corona virus. Qatargas has entered into an agreement with the Turkish company BOTAS to supply 1.5 million metric tons of LNG for a period of 3 years as of 2017.
The Qatar Central Bank and the Turkish Central Bank have tripled the volume of their exchange swaps to $ 15 billion in May 2020. Qatari banks are issuing good performance and bid bonds for the participation of Turkish companies in infrastructure projects in Qatar. Letters of credit are also issued for Turkish exports. The new investment law in Qatar, Turkey’s mergers and acquisitions activity, and global technological developments can provide potential for enormous partnerships between the two countries.