Doha: Bilateral trade between Qatar and Turkey, which has significantly increased from $340m in 2010 to $2.24bn in 2019, is set for further significant expansion, with the Istanbul Chamber of Commerce targeting to increase bilateral trade between both countries to $5bn, an official has said at a webinar organised by the Qatar Financial Centre (QFC) recently. 

As part of the QFC's flagship #AccessQatar series, the webinar titled ‘Emerging Opportunities: Qatar & Turkey', was organised in collaboration with the Istanbul Chamber of Commerce and the Turkish Embassy in Doha, which highlighted the latest developments in Qatar's business landscape and the growing investment opportunities in the country for Turkish companies.

Speaking during the event, Turkey's Ambassador to Qatar H E Dr. M. Mustafa Goksu, said: 'Turkey and Qatar have a very special, strategic, and brotherly relationship, which has seen tremendous progress over the recent years. We have a renewed focus on strengthening our partnership and particularly to overcome the negative effects of COVID-19 pandemic. Qatar and Turkey are good examples of how nations can be well positioned to serve as role models of international cooperation. Our bilateral trade volume witnessed a remarkable increase from $340m in 2010 to $2.24bn in 2019, and we have signed 53 strategic agreements. Today, 535 TurkishQatari joint companies are operating in Qatar.

'Turkish companies enjoy Qatar's secure, lucrative and transparent business environment. I would like to highlight the important role of the Qatar Financial Centre and other organisations in accommodating the needs of Turkish companies and providing precise guidance. Our partnership in politics and economy reflects itself very well on our cultural relations. While in 2014 Turkey welcomed 29,000 Qataris, last year this number rose to 108,000 people, the Ambassador added. 

Sekib Avdagic, President of the Istanbul Chamber of Commerce, said: 'Turkey and Qatar are two strong, friendly countries. We must further strengthen our solid friendship with comprehensive trade and mutual investment opportunities. Therefore, we must act immediately, and now is the time to enhance our mutual initiatives and cooperation in order to increase the trade volume between our countries to $5bn. 

Providing an informative overview of Qatar's economy and the latest developments in the country's foreign direct investment landscape, and the variety of investment opportunities in Qatar, Yousuf Mohamed Al Jaida, Chief Executive Officer at the QFC Authority, said: 'Building on Qatar's long-standing relations with Turkey and the growing strategic relations spanning across multiple areas such as business and trade, investment, science, security, people and culture, we are proud that Qatar's business ecosystem is facilitating the necessary infrastructure for even more Qatari-Turkish joint companies to enter our national economy and seize the unmatched opportunities at hand. 

Al Jaida added: 'We believe that Turkey is synonymous with innovation, creativity and commitment. Through the QFC's unmatched business infrastructure and platform, we aim to attract the most vibrant and innovative Turkish companies in various fields including digital, sports, media, engineering, financial services, and other growing sectors. Already we have welcomed 16 Turkish firms to the QFC platform, and this number is growing as more firms look to Qatar to not only expand their operations but to also take advantage of the abundance of opportunities available here. 

In 2019, QFC signed a memorandum of understanding with the Turkish Presidency Finance Office to introduce a passporting initiative to facilitate mutual cross-border business opportunities for companies. This initiative, in addition to the series of benefits offered by the QFC to international firms coming into Qatar, facilitates a vital gateway for more Turkish companies to enter the market in Qatar. 

An informative case study of the successful business journey and operations of Havelsan, a Qatar-based Turkish software and systems integrator company that provides global solutions in the defence and informatics sectors, was presented by Ozgur Aytan, the company's country managing director. The case study highlighted the conducive nature of Qatar's business ecosystem and how successfully it accommodates companies wishing to set up in the country for long-term business endeavour. 

Sheikha Alanoud bint Hamad Al Thani, Managing Director of Business Development at QFC Authority, also spoke during the event. 

The QFC is an onshore jurisdiction that allows registered companies to enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double taxation avoidance agreement network with 81 countries.

MENAFN2409202000630000ID1100849704