Türkiye, Qatar Aim to Lift Trade Volume to $5 Billion

Turkish Trade Minister Ömer Bolat announced that Türkiye and Qatar are targeting a bilateral trade volume of $5 billion. Hosting Qatar's Minister of State for Foreign Trade, Ahmed bin Mohammed Al-Sayed, in Ankara, Bolat highlighted the substantial progress in bilateral relations.

"Our total annual foreign trade increased 53-fold over the past 21 years, reaching $1.3 billion last year," Bolat stated. He noted that trade peaked at $2.5 billion during preparations for the 2022 FIFA World Cup in Qatar, primarily driven by construction projects.

The Trade and Economic Partnership Agreement (TEPA), which came into effect last year, is expected to play a crucial role in achieving the $5 billion target. Turkish contractors have completed 206 projects worth $21 billion in Qatar, while approximately 250 Qatari companies have invested $7.8 billion in Türkiye across various sectors like finance, energy, and agriculture.

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Türkiye-Qatar relations have truly made tremendous progress. Our total annual foreign trade increased 53-fold over the past 21 years, reaching $1.3 billion last year.

Bolat also addressed the logistical challenges posed by the closure of the Strait of Hormuz due to regional conflict. He emphasized the need for alternative trade routes to avoid over-reliance on maritime transport. Türkiye is actively working to supply consumer goods to Qatar and other Gulf countries through transit agreements with Saudi Arabia, utilizing routes via Syria, Jordan, and Iraq.

Qatar's Investment Authority has expressed interest in expanding its investments in Türkiye, with initiatives currently underway to facilitate this. Both nations are committed to strengthening transit and trade corridors for greater stability.

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The current circumstances have shown that alternative routes are greatly needed to avoid dependence solely on maritime transport and the Strait of Hormuz.