Turkiye’s Trade Minister to QNA: Qatari-Turkish Supreme Strategic Committee Buttresses Bilateral Economic Relations.

Doha: The 10th Qatari-Turkish Supreme Strategic Committee will further cement bilateral economic relations and break new ground for cooperation, said HE Turkish Minister of Trade Omer Bolat. Speaking to Qatar News Agency, His Excellency hailed the Committee as a key platform to assess existing Qatar-Turkiye relations across multiple areas, particularly the economy and trade. According to Qatar News Agency, the committee has resulted in the signing of over 100 agreements, protocols for cooperation, and memoranda of understanding, aligning with the countries' strategic cooperation objectives. These agreements cover a broad range of areas, including defense industries, infrastructure, logistics services, free zones, and other key sectors. Bolat highlighted the committee as a critical bridge to boost bilateral relations, ensuring regular coordination between state agencies and the private sectors of both countries. He also mentioned that the Qatari-Turkish Joint Committee for Economic and Trade Cooperation had discussed various aspects of trade and economic relations, with its first session in February 2024 having organized a business forum and a roundtable meeting, contributing to bilateral trade and economic relations. Bilateral economic relations have seen significant growth over the past decade. Bolat pointed out that the trade volume recorded $2.3 billion in 2022 but dropped to $1.3 billion in 2023, with Turkish exports to Qatar at $791 million and imports from Qatar at $543 million. The trade volume from January to October 2024 stands at $933 million. He expressed hopes that bilateral trade potential would expand with the implementation of the 2018 economic partnership agreement. Turkish exports to Qatar include defense industry products, machinery, electrical appliances, metal goods, furniture, textiles, and clothing, while imports from Qatar consist of unprocessed aluminum, polyethylene, organic and inorganic chemicals, fertilizers, gold, jewelry, and electronic control products. Bolat noted that Qatar h as become the eighth-largest market for Turkish construction services, with Turkish contractors having implemented 198 projects in Qatar valued at $20.3 billion. Turkish companies have also contributed to several vital projects in Qatar. Speaking about mutual investments, Bolat revealed that Qatari direct investments in Turkiye amount to $4.9 billion across sectors such as finance, banking, port management, and poultry production. In contrast, Turkish investments in Qatar total $48 million, primarily in defense, textiles, electrical cables, and service sectors.