Qatar-Turkey Trade Growth Exceeded 30 Percent Since Siege, Economy Minister Says

Doha, January 16 (QNA) - HE Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said the trade volume between the State of Qatar and the Republic of Turkey saw a growth of over 30 percent since the start of the siege and that cooperation between both countries is witnessing a steady increase, which shows the strong ties they share. In a speech during the opening of Expo Turkey By Qatar on Tuesday, HE the minister revealed a number of ongoing negotiations to reach an economic and trade agreement between both countries that aims to grant preferential treatment for Turkish goods and services in the State of Qatar and vice versa. The agreement will have a great impact on strengthening trade ties between both countries on the short and long terms and will achieve prosperity and benefit for both, HE the minister added. He praised the efforts of both private sectors to break the illegal siege imposed on the State of Qatar by strengthening the existing relations in order to provide high quality alternatives for a number of consumer and other goods. He said the Turkish products have proved their worth in the Qatari market. HE the minister added that both countries have unique bilateral relations, which have been established and consolidated over decades in various fields, evidenced in the trade volume that amounted to nearly QR 2 billion in the first quarter of 2017. HE Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said the development of the trade volume highlights the recent procedures and agreements that have been signed and the deep impact they made on strengthening the economic relations between the two countries. These include the memorandum of understanding between the State of Qatar, the Republic of Turkey and the Islamic Republic of Iran, which facilitates international transport and the transit movement and aims to smooth the trade exchange between the three countries, in addition to facilitating the transit of goods by reducing costs, time and procedures with high efficiency and in accordance with the best international practices adopted in this area, HE the minister added. HE the minister of economy and commerce said the cooperation aims to create strategic economic partnership that allows opening new markets that comply with the purchasing power of more than 185 million people, pointing out that this rate can be developed to reach 400 million people in the future. He said the Expo Turkey By Qatar, held in Doha, is an extension and culmination of the agreements done after the Qatari delegation's visit to Izmir, Turkey, which witnessed an important participation from Qatari and Turkish businessmen and investors. The visit, HE the minister added, reflected the mutual keenness between both parties to discover wider aspects of trade and economy cooperation and to open new fields to strengthen mutual investments in light of the great economic and trade potential of both countries, which would lead to greater mutual benefits and economic prosperity. Speaking about the Qatari economy, HE Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said the State of Qatar has proved its steadfastness and ability to maintain its established position as one of the strongest regional economies and one of the most promising economies in the world despite the siege imposed on it since June 5, and thanks to its strategic position, which qualifies it to be a commercial platform towards countries of the Arab region and the rest of the world. In this regard, HE the minister of economy and commerce pointed to Qatar's success in overcoming all the economic challenges imposed by the siege countries through the implementation of a strong strategy to fortify the national economy, diversify its production base and move forward in achieving Qatar National Vision 2030, relying on the combined efforts of the public and private sectors, boosting dependence on its own capabilities and opening new channels with different trade partners around the world. The unjust siege imposed on the State of Qatar, HE the minister said, has been an important and strong incentive to accelerate the adoption and implementation of several projects and initiatives by providing alternative sources of importing goods and services through air freight via Hamad International Airport, and opening direct lines that link Hamad Port to major trade hubs around the world, especially in Turkey, India, Oman, Kuwait, Singapore, Thailand, China and Pakistan. HE the minister of economy and commerce noted that Hamad Port now accounts for 27 percent of the regional trade volume in the Middle East as 14 ports and 72 destinations were reached thanks to its modern and large logistics capabilities. He highlighted the state's efforts in enhancing its strategic stocks of basic goods in accordance with a strategic plan to continuously increase this stock. HE Sheikh Ahmed bin Jassim bin Mohammed Al-Thani added that the State of Qatar has set to achieve self-sufficiency in many vital sectors through the implementation of projects that consolidate the partnership between the public and private sectors, including the launching of major projects for investors in the fields of food security, logistics, sports, tourism, industry, health, education and services. HE Sheikh Ahmed bin Jassim bin Mohammed Al-Thani said that work is underway to implement projects for sustainable economic development that aim at strengthening the capabilities of the national economy, including the establishment of storage areas and the development of economic and logistic zones. As part of its strategy to fortify and diversify the national economy so as to enhance its attractiveness to foreign investments, the state issued laws and legislations that supported the contribution of the private sector in the Qatari economy and provided an attractive investment environment for the different economic and commercial projects, benefiting in this regard from the increase in the contribution of the non-oil sector in the national economy to about 70 percent of nominal GDP in 2016. HE the minister of economy and commerce highlighted the cabinet's recent approval of a draft law submitted by the Ministry of Economy and Commerce on the regulation of the investment of non-Qatari capital in economic activity, which comes in implementation of the directives of the wise leadership on the need to finalize the required legislations and decrees to facilitate investment. He added that the bill would help in boosting the flow of foreign capital and raising the level of confidence and security of investment in the State of Qatar, in addition to protecting domestic and foreign investors from the risks of side agreements, and raising the ranking of the State of Qatar in the different economic indicators, especially the ease of doing business index. HE the minister said that the Qatari laws gave foreign investors the opportunity to implement investment projects in the different sectors with 100 percent ownership. He praised in this respect the recent state amendments to some provisions of the free investment zones law, which was a major step towards enhancing the status of the State of Qatar as a leading investment destination in the region. HE Sheikh Ahmed bin Jassim bin Mohammed Al-Thani added that the law provides many advantages and incentives for investors, notably not imposing restrictions on the nationality of capital and freedom to choose the legal form of the project, in addition to exempting capital assets, production requirements and exports and imports from taxes and fees. (QNA)