Qatari-Turkish Supreme Strategic Committee Seen To Bolster Bilateral Economic Relations

(MENAFN- Gulf Times) The 10th Qatari-Turkish Supreme Strategic Committee will further cement bilateral economic relations and break new grounds for co-operation, said Turkish Minister of Trade Omer Bolat.
Speaking to Qatar News Agency (QNA), he hailed the Committee as a key platform to assess existing Qatar-Turkiye relations across multiple areas, particularly the Economy and trade.
He added that the committee has brought about the signing of over 100 agreements, protocols for co-operation, and memoranda of understanding, aligning with the countries' strategic co-operation objectives. The agreements covered a broad range of areas, including defence industries, infrastructure, logistics services, free zones, and other key sectors.
Highlighting the committee as a bridge to boost bilateral relations, Bolat said the mechanisms emanating from its meetings ensured regular co-ordination between state agencies as well as between the private sectors of both countries.
Bolat also pointed out that the Qatari-Turkish Joint Committee for Economic and Trade Cooperation had discussed various aspects of trade and economic relations, with its first session in February 2024 having discussed organizing a business forum and a roundtable meeting, which gave a boost to bilateral trade and economic relations.
Bilateral economic relations significantly grew over the past decade, Bolat said, noting that the 2022 trade volume recorded $2.3bn but dropped to $1.3bn in 2023, with Turkish exports to Qatar at $791mn and imports from Qatar at $543mn. The trade volume from January to October 2024 stands at $933mn.
But he voiced hopes that bilateral trade potential would be expanded with the implementation of the 2018 economic partnership agreement.
Turkish exports to Qatar include defence industry products, machinery, electrical appliances, metal goods, furniture, textiles, and clothing. Meanwhile, imports from Qatar include unprocessed aluminium, polyethylene, organic and inorganic chemicals, fertilizers, gold, jewelry, and electronic control products.
Bolat added that Qatar emerged as the eighth-largest market for Turkish construction services, with Turkish contractors having implemented 198 projects in Qatar at $20.3bn. Turkish companies have also contributed to several vital projects in Qatar.
Speaking of mutual investments, he said that Qatari direct investments in Turkiye amount to $4.9bn across sectors such as finance, banking, port management, and poultry production. Turkish investments in Qatar total $48mn, mainly in defence, textiles, electrical cables, and service sectors.
Both countries are exploring ways to boost joint investments further, Bolat said, unveiling that both sides are in the final stages of technical negotiations to sign new agreements and protocols to expand cooperation across numerous sectors.
Bolat explained that bilateral agreements and protocols include streamlining trade, cooperation in contracting services in third countries, consumer protection, market monitoring, auditing, technical regulation, standardization, accreditation, and compliance, highlighting both countries' commitment to global co-operation.
He observed an increasing interest among Qatari and Turkish investors and companies to collaborate on joint projects in third countries, which could significantly boost investment and trade co-operation between the two countries.
Bolat added the 10th Supreme Strategic Committee would beef up mutual investments and facilitate partnerships on investments in third countries, leveraging Turkiye's economic performance in recent years, Qatar's investment potential, and the strategic alignment between the two nations.
He emphasized that the positive and exemplary high-level relations between Qatar and Turkiye are a guarantee for enhancing trade and investments. Agreements such as the Reciprocal Promotion and Protection of Investments and the Avoidance of Double Taxation have greatly facilitated joint investments.
He reaffirmed Turkiye's support for Qatari investments, with the country's Investment Office actively assisting Qatari companies with their investments, providing guidance and removing obstacles. Likewise, Qatari authorities offer necessary support and facilities for Turkish companies.
On potential co-operation in technology and innovation, Bolat noted that the Qatar National Vision 2030 aims to increase investments in technology and innovation domestically and abroad, with Qatar also showing interest in emerging investments in Turkiye.
Bolat reiterated his country's unwavering support for Qatari and Turkish companies to elevate bilateral trade and economic relations. He added that Turkiye places particular importance on its relations with Qatar and other GCC countries.

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