The Qatari Businessmen Association (QBA), in co-operation with the Turkish Foreign Economic Relations Board (Deik), held the first meeting of the Turkish-Qatari Business Council in Istanbul on March 14.
The delegation was headed by QBA chairman Sheikh Faisal bin Qassim al-Thani and comprised QBA secretary-general Issa Abdul Salam Abu Issa, board of directors member Sheikh Hamad bin Faisal al-Thani and members Salah al-Jaidah, Nasser Suleiman Haidar, Maqbool Habeeb Khalfan and Nabil Abu Issa.
The Turkish side was attended by chairman of the Turkish-Qatari Business Council, Mithat Yenigun, and members of the business council along with businessmen from various sectors.
The meeting was initiated by convening the first business council where both sides shared opinions and suggestions on how to enhance economic co-operation and trade exchange. It was also proposed that a seminar be organised in Doha that would focus on the development of industrial co-operation between the two sides and facilitate the entry of medium and small Turkish industries into Qatar.
The council meeting was followed by a seminar, where Sheikh Faisal bin Qassim expressed his ambition to make economic ties between the two countries as strong as the political relations.
The QBA chairman invited businessmen in Turkey to benefit from the projects that Qatar would accomplish in preparation for the 2022 FIFA World Cup.
Expressing a desire to encourage Qatari businessmen to increase investments in Turkey, Yenigun said Turkish contracting companies carried out construction projects in Qatar worth about $12bn until the end of last year. He hoped that the Qatari investors would reciprocate and invest more in Turkey.
During the seminar, Sheikh Hamad bin Faisal gave an overview of Qatar’s major projects, the investment climate, opportunities and incentives in a detailed presentation. Similarly, presentations were made by the Turkish side that shed light on the most important investment projects and activities available in Turkey.
On the sidelines of the business council, the Qatari delegation met Zafer Caglayan, Turkish Minister of Economy, who spoke about the availability of appropriate opportunities to promote economic co-operation between the two countries and increase the volume of mutual investments, including raising foreign direct investment in Turkey by 8.5% over the next 10 years in light of political security and economic stability that Turkey and Qatar enjoyed as well as labour efficiency.
Caglayan said Turkey was aware of the projects that would be carried out in Qatar in order to achieve National Vision 2030 and in preparation for the 2022 World Cup, hoping that Turkish contractors and experts would get the opportunity to be a part of the implementation of these projects.
Sheikh Faisal bin Qassim pointed to the need to take advantage of Turkey’s experience in the industrial sector for the promotion and development of local industries in Qatar.
QBA secretary-general Issa said investment incentives are available in both countries, but it is necessary to market them so that businessmen can benefit from them.
The minister said Turkey encourages foreign investment in three important sectors - banking, real estate and the direct acquisition of existing companies.
Sheikh Hamad bin Faisal raised questions on the feasibility of the entry of businessmen from the two countries into the automotive sector. In reply, Caglayan said sectors such as the automotive industry, real estate, hotels and banking were all profitable.
The QBA chairman said it is necessary to create a suitable climate for the younger generation to look for investment opportunities in both countries.
Other investment-related issues were also discussed, including promoting medical tourism in Turkey and the establishment of a competent authority that supports and guides investors in the two countries, in addition to the creation and development of Islamic banking and the elimination of investment barriers and obstacles.
The minister suggested holding continuous meetings between the two countries and preparing an official visit to Qatar with the aim of presenting the various Turkish sectors with co-operation opportunities.
Meanwhile, on the occasion of the opening ceremony of Retaj Hotel in Istanbul on March 15, Sheikh Faisal bin Qassim congratulated the Retaj Group and wished the hotel success and further development.