Home Middle East Qatar and Turkey Agree to Boost Economic Ties

Qatar and Turkey Agree to Boost Economic Ties

Turkey enjoys deep-rooted ties of friendship and fraternity with Qatar and relations between the two countries have been rapidly improving in all fields. While bilateral visits add a major impetus to relations between Turkey and Qatar, both countries also closely coordinate and cooperate on regional issues. By the end of 2018, trade volume between the two countries increased by 57 %, compared to 2017, and reached a level of USD 1.4 billion.

Currently, more than 180 Turkish companies are operating in Qatar and the total value of projects undertaken by Turkish companies in Qatar has reached a level of USD 17.4 billion. In addition, Qatar ranks first among the Gulf countries in terms of the number of projects undertaken by Turkish contractors. The volume of Qatari capital investments in Turkey has also been increasing steadily. In line with Turkey’s deepening relations with Qatar, Turkey has become an important destination for Qatari tourists.

On 7th November 2021, President Recep Tayyip Erdogan and Emir Sheikh Tamim bin Hamad Al Thani signed 15 agreements to boost economic ties. Turkey’s president ended the trip to Qatar after signing 15 agreements in areas ranging from media to disaster management and also pledged to explore more ways to boost economic ties and financial coordination. According to the reports, Qatar has agreed to extend a currency swap agreement with Turkey, which Doha had tripled to $15bn last year.

A memorandum of understanding (MoU) on disaster and emergency management and an agreement to establish institutional cooperation between Turkey’s Antalya Diplomacy Forum and Qatar’s Doha Forum was also signed between the two countries. Turkey’s Small- and Medium-Sized Enterprises Development Organization (KOSGEB) and the Qatar Development Bank also inked a memorandum of understanding. A deal between the Turkish Standards Institute (TurkStat) and the Qatar General Organization for Standardization was also signed. Another memorandum of understanding was signed between the Investment Office of the Presidency of the Republic of Turkey and the Qatari Businessmen’s Association. There was an agreement in the field of media that was signed.