(MENAFN- The Peninsula) By Mohammad Shoeb / The Peninsula
DOHA: With the fast growing economic cooperation between Qatar and Turkey, the bilateral trade volume between the two nations is expected to jump by manifold over the next few years. The current level of two-way trade exchange stood at $1.5bn, which is expected to surge by more than three times to touch $5bn within two-three years, business leaders from both side noted yesterday.
'Qatari-Turkish relations are witnessing rapid growth, which led the private sector in both countries to seize the opportunity and strengthen cooperation and build trade alliances that paved the way for increasing the volume of trade exchange between the two countries, Muhammed bin Ahmed bin Towar Al Kuwari, Vice-Chairman of Qatar Chamber told The Peninsula on the sidelines of a meeting with the visiting members of a Turkish trade delegation, yesterday. Al Kuwari added: 'Turkey is one of the most industrialised economies in the world exporting nearly $160bn worth of goods to the world. They produce quality products which are exported to all over the world, including Qatar. As we are implementing large number of infrastructure and developmental projects, including those in the oil & gas sector, we need Turkish products, which will further boost the trade relations in future. Al Kuwari pointed out that the total number of Turkish companies in the Qatari market is 205, of which 186 are joint ventures, and 19 companies with full ownership of the Turkish capital.
He added that these companies are engaged in various sectors, including infrastructure, construction, trade, electrical works, car parts, foodstuffs and other important sectors.
He also said that the size of the projects executed by Turkish contracting companies in Qatar is to the tune of $11.6bn. And there are more business and investment opportunities for the private sector businesses from both the countries.
The economic cooperation between Qatar and Turkey, the two friendly nations, accelerated in a big way from the early June last year after Saudi Arabia and its allies severed relations with Qatar and abruptly stopped the movement of all goods and essential products thorough the only land border. Turkey was the first country that stood by Qatar and supplied all the needful goods and essential commodities within days by air and sea routes, witnessing sharp jump in Turkey's exports to Qatar.
Turkey's exports to Qatar in 2017 reached $750m, registering a 50 percent growth compared to the same period previous year. Both the countries are working closely to further deepen and expand the areas of bilateral cooperation.
A 50-memebr trade delegation, representing scores of companies from a wide range of sectors, including food, electrical, construction materials, metals, plastics and others, are here on a three-day visit as part of their match-making mission with Qatari businessmen to enhance trade relations, and also to jointly invest in Qatar, Turkey and some other markets. Industry representatives from both sides held B2B meetings under the motto of ‘Turkey Discover the potential' and continuing to explore investment opportunities.
'We are a group of Turkey's largest exporters and importers representing over 70,000 companies employing over 3.1 million workers. We hope that the bilateral trade relations will register a major boost in the near future, Ahmet Gulec, Member of the Board of Turkish Exporters Assembly (TIM), and head of the trade delegation, told this newspaper.
Gulec added: 'The current level of bilateral trade volume is $1.5bn, but we believe that it has the potential to grow up to $5bn within few years. We see meetings are being held between the businessmen from Turkey and Qatar almost on daily basis, witnessing a fast and steady growth in trade and economic cooperation.
The meeting between Turkish and Qatari businessmen was held at the Ritz Carlton Hotel in Doha in the presence of Mehmet Buyukeksi, Chairman of the TIM, Fikrat Ozer, Ambassador of Turkey to Qatar, and a number of senior officials from the Turkish Ministry of Economy and other dignitaries from both sides.
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