Qatar & Turkey collaboration to support business local growth
To help Qatar-based businesses identify opportunities to invest or expand in Turkey, and to strengthen their own operations by finding new and innovative suppliers and partnerships, KPMG in Qatar held seminar on “Qatar—Turkey trade and investment opportunities” on 14 May in Doha.
The event aimed to help businesses and individuals understand the economic and regulatory environment in Turkey, summarize some of the potential investment opportunities they may wish to consider and demonstrate ways that Turkish businesses can support growth in Qatar. The Turkish Ambassador to Qatar, His Excellency Fikret Özer, delivered the key-note address at the event, which also featured presentations from Tayfun Pisirir, Deal Advisory partner and Eray Büyüksekban, head of International Tax (both from KPMG in Turkey).
On the important role that Turkey can play in supporting Qatar’s economic Growth, Ahmed Abu-Sharkh, country senior partner at KPMG in Qatar said: ““It is clear that the economic ties between Turkey and Qatar are going from strength-to-strength, as the brotherly countries continue to build on well-established trade relationships.
With Qatar’s economy on a clear upwards trajectory, many businesses are looking overseas to bolster growth and for ways to enhance their local operations and Turkey’s economic and regulatory profile make the country an ideal destination for both investment and trading.”
The seminar highlighted that in 2017, turkey saw a 7.4% GDP growth rate, has the 17th largest economy world-wide and offers a number of investment incentives including tax relief, provision of land and subsidies on financing, as well as summarizing a number of initiatives, which Qatar-based businesses could leverage.
“Over the past years, we have been observing a significant increase in investments from Qatar and we are pleased that Qatar and Turkey are increasingly developing their business relations. We hope this seminar will help attract much more interest from Qatar to Turkey” said Eray Büyüksekban, head of International Tax.
On the reasons why Turkey is providing an attractive investment opportunity, Tayfun Pisirir said: “Turkey is currently seeing the most foreign direct investment coming from the European region, however recently, the relationship between Qatar and Turkey has become closer than ever. Turkey is an attractive market due to its strong economy, large domestic market, qualified labor force and Turkey’s critical geopolitical position.”
The event was attended by over 50 senior members of Qatar’s business community, with a particular focus on those charged with managing their business’ investments and growth strategies.