The trade volume between Qatar and Turkey has increased exponentially in the last three years as a result of the two allies’ efforts to establish close ties.
Turkey Statistical Institute (Turkstat) has announced that the value of exports to Qatar from Turkey was $255 million in 2013 and reached $1.1 billion in the third quarter of 2020. As of the third quarter of 2020, the trade volume between the two countries has also increased to $1.4 billion which used to be $643 million in 2013.
After having faced the unlawful blockade, Qatar has been investing significantly to Turkey being a significant source of goods and services all around the world.
The Qatari investments in Turkey reached $ 22 billion
The increase in exports between the two allies is not the only benefit. The Qatari investments in Turkey have also increased exponentially in three years and reached 22 billion dollars in 2020, which makes Qatar the second biggest investor country in Turkey.
Besides the efforts to strengthen bilateral relations between Qatar and Turkey, a series of agreements was signed during the talks the two leaders conducted.
In 2019, Turkish exports to Doha increased by 10% compared to the previous year after 500 Turkish companies started operating in Qatar.
Prior to the 2017 blockade, Qatar and Turkey have been allies since 1972. However, the bilateral relations have strengthened dramatically since the Gulf crisis.
More than 180 Turkish companies are operating in Qatar and
The Turkish Ministry of Foreign Affairs states on its official website that “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.”
Previously, Turkey’s Commerce Ministry and Qatar’s Free Zone Administration signed an MoU for joint promotion activities. Additionally, Turkey and Qatar signed 10 new agreements at a joint meeting held at the presidential palace in Ankara.