Daily Sabah (Turkey)

Türkiye, Qatar forge deeper economic ties

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TÜRKİYE and Qatar have agreed to further deepen their commercial and economic relations by expanding existing cooperatio­n and enhancing the trade volume, fostering new collaborat­ion that will benefit both sides, Trade Minister Ömer Bolat said Thursday.

He held the meeting with Qatar’s Commerce and Industry Minister Sheikh Mohammed bin Hamad Al Thani in Istanbul.

Meanwhile, the inaugural meeting of the Türkiye-Qatar Joint Economic and Trade Commission (JETCO) was held with the participat­ion of representa­tives of both countries’ public and private sectors.

Following the meeting, the two countries signed the JECTO agreement.

The JETCO Protocol encompasse­s various areas, including bilateral trade relations, mutual investment­s, collaborat­ion in third-country constructi­on services and cooperatio­n on issues ranging from green transforma­tion to customs procedures, Bolat said in a written statement on X, formerly Twitter.

“We have outlined a road map to surpass our bilateral trade volume, which has increased by more than 50 times in the last 20 years with Qatar, aiming to exceed the $5 billion (TL 153.41 billion) target set by our leaders,” he added.

“We are determined to elevate our strategica­lly founded friendly relations with Qatar to even greater heights through economic and trade initiative­s.”

Highlighti­ng the importance of the private sector’s involvemen­t the minister voiced the need for increasing collaborat­ion and visits between countries’ private sectors to enhance bilateral trade relations and investment opportunit­ies within the framework of JETCO Protocol.

“Furthermor­e, we underline the readiness of our contractin­g firms to undertake major infrastruc­ture and superstruc­ture projects in Qatar within the context of Qatar’s 2030 Vision,” he said.

The minister also recalled that in 2023 the bilateral trade volume between the two countries reached approximat­ely $1.3 billion and expressed belief that the Türkiye-Qatar Trade and Economic Partnershi­p Agreement, set to come into effect very soon would further add to this figure.

Bolat pointed out another potential in the economic relations between nations lies in mutual investment­s, and said that the investment­s of Qatari companies in Türkiye have reached $10 billion.

He said that apart from fields including climate change, energy, water and food security, Türkiye has also attracted investment­s from Qatar in the health, tourism, transporta­tion and finance sectors and that they were pleased to see the Gulf country evaluating investment opportunit­ies within the country.

 ?? ?? Trade Minister Ömer Bolat (R) and his Qatari counterpar­t Sheikh Mohammed bin Hamad Al Thani, Feb. 8, 2024.
Trade Minister Ömer Bolat (R) and his Qatari counterpar­t Sheikh Mohammed bin Hamad Al Thani, Feb. 8, 2024.

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