Trade exchange between Qatar and Turkey has the potential to reach $5bn, surpassing the current total of $1.5bn with continued private sector co-operation, an official of the Turkish Exporters Assembly (TIM) said.
Speaking on the sidelines of the Qatari-Turkish Economic Forum, TIM board member Ahmet Gulec said the organisation is keen to continue to hold meetings and delegation visits with Qatari companies to intensify co-operation opportunities.
“Our trade volume with Qatar has the potential to reach $5bn, which is why we should continue these meetings and explore investment opportunities in all sectors and industries,” he said, adding that plans are in the pipeline to bring a Qatari business delegation to Turkey for the continuation of B2B meetings between the two sides.
In a speech, Qatar Chamber vice chairman Mohamed bin Twar said the value of projects carried out by Turkish construction companies in Qatar is estimated at $11.6bn.
“The rapid growth of the Qatari-Turkish relations should lead the private sector to seize this opportunity, strengthen co-operation, and build trade alliances that will contribute to the increase of trade volume between the two countries, which is about $1.5bn,” he said.
Bin Twar said 205 Turkish companies are currently operating in the Qatari market, of which, 186 are joint ventures with the contribution of Qatari capital along with its Turkish counterpart.
The companies are engaged in various fields, including infrastructure, construction and contracting, engineering consultancy, trade, electrical work, auto spare parts, foodstuffs, “and other important sectors,” he said.
In a speech, Turkish ambassador Fikret Ozer said Qatari-Turkish relations witnessed “significant developments” in the past. He said Turkish exports to Qatar increased in 2017 to exceed $650mn, while exports to Turkey stood at $264mn during the same period.
Gulec said as many as 37 Turkish companies participated in the B2B meetings representing “promising sectors” like construction and building materials, finishes, electrical and electronic materials, furniture and furnishings, and automotive spare parts, among others.
He said Turkish companies are keen on identifying opportunities in the Qatari market, which has witnessed growth in infrastructure projects and the construction sector as the country prepares to host the 2022 FIFA World Cup.