Officials of Qatari Businessmen Association (QBA) and the Investment Office of the Presidency of the Republic of Turkey signed a memorandum of understanding (MoU), in the presence of His Highness the Amir Sheikh Tamim bin Hamad al-Thani and Turkish President Recep Tayyip Erdogan.
The MoU, signed by QBA Chairman HE Sheikh Faisal bin Qassim al-Thani and Burak Daglioglu, the president of Turkey’s presidential investment office, on the sidelines of the meeting of the seventh meeting of Qatar Turkey Supreme Strategic Committee, stipulates joint co-operation to enhance mutual investments between Qatar and Turkey.
The agreement stated two main areas for strengthening economic and trade relations and co-operation in investment issues. The first is to introduce investment projects and potential opportunities, as well as to activate Qatari-Turkish investments and create a healthy business environment aimed at promoting the development of commercial and industrial activities.
The second aspect includes strengthening direct contact between entrepreneurs in both countries; organising periodic meetings of the council; exchanging visits to present potential joint trade projects’ exchanging experiences, information, and measures related to attracting investors in both countries through investment incentives and promotion mechanisms; and exchanging commercial materials that would boost co-operation and supports joint economic development.
The Investment Office of the Presidency of the Republic of Turkey is of great importance as it is an entity directly affiliated and supervised by the Turkish Presidential Office.
The office follows up the investment process before, after, and during the investment process into Turkey and reports directly to the President of the Republic of Turkey. The authority also provides many investment opportunities to promote economic development and facilitate investment operations, in addition to specialised investment consultancy services, co-ordination with business owners, facilitating business, and launching projects.
“This agreement comes at a time when Qatari-Turkish relations have become stronger than ever, both at the leadership level between the two countries, and the joint economic relations have followed in light of the great economic and trade capabilities that the two countries have, which will achieve more common interests and economic prosperity in all sectors, such as tourism, real estate, banking, and small and medium-sized industries,” QBA said in a statement.
The volume of Qatar-Turkey trade exchange doubled between 2016 and 2020, amounting to $1.91bn last year. In 2016, figures reached only $900mn. As many as 711 Turkish companies operate in Qatar, including 664 companies with Qatari and Turkish capital and 47 companies with 100% Turkish capital. There are 183 Qatari companies operating in Turkey.