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Qatari companies to increase investments in Turkey

Qatari companies to increase investments in Turkey

DOHA: Qatari companies are increasingly investing in Turkey. Qatari investors’ interests in the country include energy, banking and real estate, visiting Turkish Minister of Development Lutfi Elvan said here yesterday.

Addressing a joint meeting with Qatari businessmen and their Turkish counterparts, the Minister said the Turkish economy has been witnessing steady growth over the last several years offering great opportunities of investments. “In 2015, we registered a 5 percent growth in GDP, which is estimated to be around 4.5 to 5 percent this year, despite global economic slowdown,” the Minister said.

“There is no adverse impact of the failed coup attempt in July on the economy. The business is going on as usual. The Turkish lira remained stable, and the country received over $916m of foreign direct investment (FDI), which is evident about the vibrancy and growth prospects the economy,” the Minister added. The Minister called for constructive cooperation between Qatari businessmen and their counterparts in Turkey to develop and support joint actions between the two countries.

Qatar’s investment to Turkey in 2015 crossed over $20bn (QR72.8bn), the second highest value of investments by any country in Turkey. And over the coming years, Qatar is expected to become number one investor in Turkey, said Muhammed bin Ahmed bin Towar Al Kuwari, Vice-Chairman of Qatar Chamber (QC), while addressing at the meeting.

The meeting was attended by prominent Qatari businessmen and members of the Turkish Minister’s accompanying trade delegation.  On the presence of Turkish companies in Qatar, the Minister noted that Turkish companies are handling projects worth about $11.6bn in Qatar, and all are committed to play their contributions to make the upcoming 2022 FIFA World Cup a grand success.

Al Kuwari also highlighted similar views saying that both the countries are sharing strategic relations in different areas of cooperation, which include business, trade, investments, security, culture and humanitarian.

“This meeting is another milestone in the historic journey of Qatar-Turkey bilateral economic cooperation. It will further accelerate the growth in trade and investments between the two countries,” he added. “Turkey is one of the most preferred destinations for Qatari investors as the economy offers a wide range of investment opportunities in several promising sectors, which include energy, transport, tourism, banking, real estate among others.” Al Kuwari said that Turkish companies are playing significant role in Qatar’s infrastructure development, and in 2015 alone, they bagged contracts worth $2.5bn.

Qatar and Turkey have witnessed a sharp rise in bilateral trade and investments over the last few years. The bilateral trade volume between the two countries touched QR4.73bn ($1.3bn) in 2015, which has nearly doubled compared to QR2.69bn ( $739m) in 2014.

Qatar’s imports from Turkey mainly include iron and steel products, electrical equipment, motor vehicles, home textile products, food and furniture, while Turkey’s investments in Qatar are mostly focused in the consultancy and construction sectors.

Among the products imported by Turkey mostly included liquefied natural gas (LNG), along with plastic products and chemical derivatives.