His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani and Turkish President Recep Tayyip Erdogan witnessed the signing of a memorandum of understanding (MoU) between QBA Chairman Sheikh Faisal bin Qassim Al Thani and Burak Daglioglu, president of the Investment Office of the Presidency of the Republic of Turkey.
The agreement included means of joint cooperation to enhance mutual investments between Qatar and Turkey. The MoU was signed on the sidelines of the meeting of the seventh meeting of Qatar Turkey Supreme Strategic Committee.
The agreement signed between the Qatari Businessmen Association and the Investment Office of the Presidency of the Republic of Turkey indicated two main areas for strengthening economic and trade relations and cooperation in investment issues, first aspect, introducing investment projects and potential opportunities, activating Qatari-Turkish investments and creating a healthy business environment aimed at promoting the development of commercial and industrial activities.
As for the other aspect, it includes strengthening direct contact between entrepreneurs in both countries, organizing periodic meetings of the Council, exchanging visits to present potential joint trade projects, exchanging experiences, information and measures related to attracting investors in both countries through investment incentives and promotion mechanisms, and exchanging commercial materials that would boost cooperation and supports joint economic development.
The Investment Office of the Presidency of the Republic of Turkey is of great importance as it is an entity directly affiliated and supervised by the Turkish Presidential Office. The office follows up the investment process before, after and during the investment process into Turkey and reports directly to the President of the Republic of Turkey.
The authority also provides many investment opportunities to promote economic development and facilitate investment operations. In addition to specialised investment consultancy services, coordination with business owners, facilitating business and launching projects.
This agreement comes at a time when Qatari-Turkish relations have become stronger than ever, both at the leadership level between the two countries, and the joint economic relations have followed in light of the great economic and trade capabilities that the two countries have, that will achieve more common interests and economic prosperity, in all Sectors such as tourism, real estate, banking and small and medium industries.
As the volume of trade exchange doubled between 2016 and 2020, the value of trade exchange between the two countries amounted to $1.91 billion in 2020 compared to about $900 million in 2016. About 711 Turkish companies operate in Qatar, including about 664 companies with Qatari and Turkish capital and 47 companies with 100 percent Turkish capital, in addition to more than 183 Qatari companies operating in Turkey.