(MENAFN- The Peninsula) By Irfan Bukhari | The Peninsula
Doha: Every year 10 Turkish companies will establish their industrial units in Special Economic Zones of Qatar, said Ibrahim Uyar, Chairman of Foreign Organizational Development Commission of Musiad.
'As per an agreement between Turkey and Qatar, every year 10 Turkish companies would establish their units in Special Economic Zones of Qatar, Ibrahim Uyar said while talking to The Peninsula on the sidelines of Expo Turkey by Qatar 2018 which concluded on Friday.
He said that Musiad (Independent Industrialists and Businessmen Association) with 11,000 members and 60,000 companies would also facilitate and guide intending Turkish investors to invest in Qatar's economic zones.
Uyar said that Musiad delegation also had a meeting with Manateq officials to find ways to bring Turkish investments to Qatar's economic zones.
He pointed out that Musiad represented 15 major sectors hence was in a position to facilitate and guide investors from both countries for their potential investments in Turkey and Qatar. He added that opening of new industries in Qatar was a good step that would diversify its economy but would also bring self-sufficiency.
Ibrahim Uyar said that many big Turkish companies were already doing businesses in Qatar and some companies had contracts of mega infrastructure projects including a 2022 World Cup stadium.
Uyar highlighted that the volume of bilateral trade last year (2017) was $900m and in a couple of years 'we will take it to $5bn per year.
Qatar had successfully countered effects of the blockade he said, adding that 'Turkey from the very first day of siege announced its unconditional support for Qatar. We are supporting Qatar, not for financial gains but it is also an emotional attachment.
On Expo Turkey by Qatar 2018, Uyar said that the event was being organised the second time in which 129 major Turkish companies were participating. 'This expo will improve bilateral trade establishing new partnerships between Turkish and Qatari companies and will boost business relations he outlined.
He said that on the first day of expo (January 17), as many as 500 local businessmen had business-to-business meetings with Turkish companies. 'Expo Turkey by Qatar brings new trade and investment opportunities for businessmen of both countries. Our political relations are deep-seated and now we have to convert them into strong business relations as well.
Uyar emphasized that investment opportunities were for both sides: for Turkish investors to invest in Qatar and Qatari investors to invest in Turkey. He said that through investments in industries both countries could tap markets of whole the Middle East and beyond.
'For this purpose, my delegation alone had around 10 meetings with Qatari investors on the first day of expo (January 17) in which Qatari businessmen and investors expressed their interest to invest in Turkey.
He said that Turkish investors could invest in food, medical and construction sectors in Qatar. For Qatari investors, Uyar said, the opportunities were vast in construction and real estate sectors of Turkey.
Ibrahim Uyar said that Qatari businessmen could invest in setting up industries in Turkey as Turkey had all required expertise, infrastructure etc. 'Through these production units, they will not only satisfy Qatar's needs but can export their products to the whole world.
He said that currently, the volume of Qatari investments in Turkey was $20bn. 'Turkey is the fourth country in terms of Qatari investments. Some Qatari companies have bought stakes of some Turkish companies while others fully acquired some entities there.
Uyar stressed that Musiad would hold 17th Musiad Expo in Istanbul in November this year. 'This expo, held every other year, is the biggest business expo in the Muslim world. In 2016, 7000 companies participated in it from 124 countries. This year we are expecting the participation of nine to ten thousand companies from across the world.
Qatari companies would also participate in 17th Musiad Expo Uyar said. 'This year we are also giving an opportunity to startup companies to meet and learn from mega-corporations from this platform and we will also discuss Islamic finance system in the expo.
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