Qatar has offered a lucrative option, especially for Turkish companies looking to expand their operations to the Middle East and also tap into Doha’s multi-billion dollar infrastructure programme.

Terming Turkey as a key target market for its strategic diversification plans, Qatar Financial Center (QFC) said the existing business ties are expected to grow exponentially.

“There are more than 200 Turkish companies already operating in Qatar, and we hope that the number will continue to grow thanks to our countries’ strong ties," Sheikha Alanoud bint Hamad al-Thani, managing director (Business Development), QF Authority, told seventh 'Uludag Economy Summit', which was held in Uludag, Turkey, last week.

The meeting, organised by Capital and Ekonomist magazines, brought together more than 1,300 delegates from around the world to discuss global and local economic topics.

The summit was also attended by leading government and business officials, including Mehmet Simsek, the deputy prime minister of Turkey; Berat Albayrak, Turkish Minister of Energy and Natural Resources; Murat Çetinkaya, governor, Central Bank of Turkey; and Osman Çelik, undersecretary of the Turkish Treasury.

The QFC’s participation comes as part of its continued efforts to promote Qatar as a lucrative destination for companies looking to expand their operations to the Middle East and tap into Qatar’s multi-billion dollar infrastructure programme.

Qatar and Turkey have always had strategic relations in many areas of co-operation, built upon a strong and friendly historical relationship. Trade relations continue to increase; in the first quarter of 2017 Turkish companies undertook 128 projects totalling $14.2bn in Qatar.

The bilateral trade volume between Qatar and Turkey stood at $834.5mn in 2016 and $634mn in the first eight months of 2017.

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