The strengthening relations between Qatar and Turkey have resulted in exponential growth in trade volumes between the two countries. The value of exports to Qatar from Turkey has increased to $1.1bn as of third quarter (Q3) of 2020, from $255m in 2013, according to data from Turkish Statistical Institute – TurkStat.
Exports from Turkey to Qatar have grown substantially over the past few years, mainly driven by the efforts of the Supreme Strategic Committee and due to the unjust siege imposed the blockading countries.
The trade volume between Qatar and Turkey as of third quarter of this year was $1.4bn. It is significantly larger than the trade volume of $643m between the countries in 2013, according to ‘Qatar-Turkey Bilateral Trade & FDI Report’, compiled jointly by the Presidency of the Republic of Turkey Investment Office and the Investment Promotion Agency Qatar.
Qatar is the second largest investor in Turkey and has shown a continued commitment to investing in Turkey, with the value of Qatari investments in Turkey standing at $22bn in 2020. The formation of the Qatar-Turkey Supreme Strategic Committee was a significant event in the bilateral relations between the two countries. It has led to the signing of a number of agreements across a broad range of sectors and industries.
Recently, the 6th meeting of the Qatar-Turkey Supreme Strategic Committee was held at the presidential palace in Ankara on November 26, 2020.
The committee reviewed the outcomes of the previous meetings, discussed the latest regional and international developments and strategic bilateral cooperation in all fields, particularly the political, economic, investment, defense, energy, education, transport, and sports fields.
During the event several major announcements were made, including the signing of a joint announcement on the establishment of a joint economic and trade committee between the Qatari Ministry of Commerce and Industry and the Turkish Ministry of Trade. Total 10 MoU’s and other agreements and declarations were signed during the meeting.
There exist numerous synergies between Qatar and Turkey with regard to trade. This has been evidenced by the recent growth in trade volume between the two countries.
Qatar is one of the world’s largest producers and exporters of natural gas and other hydrocarbons and thus represents a very substantial supplier of energy for Turkey. Furthermore, Qatar also has an abundance of raw materials and manufacturing inputs, including aluminum, polymers, and other chemical inputs. On the other hand, Turkey is an exporter of a number of finished goods, including precious stones, finished automobile and aircraft products and parts thereof, and machinery which are need in Qatar.
As of December 2019, there were 182 Qatari companies registered in Turkey with 50 construction & real estate companies and 51 companies engaged in wholesale & retail trade.
