Doha, 22 September 2022 (QT)
By Ashraf Siddiqui
A group of Doha based journalists recently visited Turkey and met with a number of leaders from various sectors including business, investment, finance, industry, real estate, science and research, construction, media, as well as aviation leaders and experts.
The visit was organised by the embassy of the Republic of Turkey in Qatar for the journalists to witness the smooth growth and development of the Turkish economy as well as Qatar’s investment in various sectors including finance, banking, retail, hospitality, real estate and defence production.
The journalists from Qatar got the opportunity to visit various areas and see on ground the sectors where the two countries have a huge potential for mutual cooperation and support, and to exchange their experience and expertise in areas where they are likely to join hands for the benefit of both sides.
Ahmet Burak Daglioglu, president, Presidency of the Republic of Turkey Investment Office, said that direct Qatari investments into Turkey until the end of December 2021 was recorded at around $10.3 billion. “Such a handsome investment shows strong and close relations between the leaderships of the two brotherly countries as well as the confidence in the Turkish economy,” he said.
Daglioglu added, “Turkey appreciates and attaches great value to Qatar which is a major investor from the Gulf states and we are confident on taking these relations to further higher levels.”
Daglioglu said that Turkish strategic position as a gateway to Europe, Asia, Africa, and Middle East, and its friendly business policies including various incentives to individuals as well as on corporate level supported by sound capabilities of handling global challenges and the fast-growing domestic economy, are the key
attractions for investors.
Replying to a question on the challenges the local currency has been through, he said that inflation has already reached its peak and it’s time now for it to drop. Long-term table investments, he noted, will help create more jobs.
Explaining why Turkey remains such an attractive destination for investment, the chief of Turkish investment division said that almost half of the Turkish population is under age 32, adding that the country produces around a million university graduates who come with a slew of skills in IT, science, technology, engineering, automotive, industrial field and various other areas.
Daglioglu, who holds a Bachelor’s degree in Economics and Masters in Finance, has served in various positions from 2010 to 2015 including as project director responsible for investment projects from the Gulf States, the USA, Japan and India. He has also served as vice president of the Investment Office from 2015 to 2020 and was appointed member of the Board of Turkey Wealth Funds in November 2020.
The Presidency of the Republic of Turkey Investment Office has its branch office located in Qatar Financial Center (QFC) headquarters in Doha represented by Abdullah Deniz. The office was established in October 2021.
Turkish Ambassador to Qatar Dr. Mustafa Goksu had said on the opening ceremony of the office that “Qatari businesses will now have access to the many advantages that these offices offer. Investors seeking to analyse the Turkish market will also have all the information they need available to them at the office branches”.
QFC CEO Yousuf Mohamed Al Jaida had said that the branches would be very important for strengthening the investment and trade relations of the two countries.
Senior officials at the Borsa Headquarters, the Istanbul Stock Exchange, briefed members of the media from Qatar on the importance of the Istanbul stock exchange, which is just around four hours away from any capital of the European countries and from the Middle East.
Turkey recorded 11% GDP growth in 2021 and in the Q2 of 2022 it has seen 7.6% GDP growth. Turkish economy was reported as the world’s 11th largest economy in 2021 with the Per Capita GDP of $9,539 in the same year.
Inviting Qatari investors, the official said that foreign investors have safe and easy trading opportunities, with no restriction on capital inflows and outflows, and access to a wide variety of securities products traded in four different markets. He said that Q a t a r Investment Authority has 10% of stake in Istanbul Stock Exchange, to the value of $200 m as per the November 2020 agreement between Qatar Investment Authority and Turkey Wealth Fund.
The official said that Turkey’s strong regulatory and extremely strong technology infrastructure would be invaluable to Qatari investors. He added that recently a resolution was moved in Turkish Parliament to elevate Istanbul Financial Center to the position of International Financial Center owing to its strategic position in the European region.
Moreover, both Qatar Financial Center and Istanbul Financial Center are in collaboration as both signed a memorandum of understanding (MoU) in 2019.