Doha: Qatar Financial Centre Authority (QFCA), the legal and tax division of the Qatar Financial Centre (QFC), has entered into a Memorandum of Understanding (MoU) with the Investment and Finance Office of the Presidency of the Republic of Turkiye (IFOTP). The MoU aims to bolster investment, ease market access for businesses, and amplify business collaboration between Qatar and Turkiye.
According to Qatar News Agency, the agreement entails the exchange of publicly available economic and investment information between QFC and IFOTP. The two entities will organize and support joint activities, including business forums, seminars, exhibitions, and high-level visits, to foster awareness of the opportunities available in both markets. This collaboration extends to mutual support for business delegations and initiatives that aim to enhance understanding of the business environments and regulatory landscapes in each country.
QFC and IFOTP will work together to promote investments that are beneficial to both parties, encourage joint ventures, mergers, and acquisitions, and support investment projects, whether they are greenfield or brownfield. Institutional policies and best practices will be shared to cultivate a climate that is conducive to cross-border investment and enterprise growth.
As part of the partnership, QFC will offer guidance and licensing assistance to companies referred by IFOTP, provided these companies align with QFC's legal and regulatory framework. This collaboration is expected to create new opportunities for trade, investment, and innovation between the two economies.
QFC Chief Executive Officer Yousuf Mohamed Al Jaida stated, "This partnership underscores QFC's ongoing efforts to expand international collaboration and strengthen Qatar's role as a gateway for global business. Turkiye remains a strategic partner, and through this MoU, we are creating new pathways for trade, investment, and innovation between our two economies."
President of IFOTP Ahmet Burak Daglioglu remarked, "This MoU represents a significant milestone in strengthening the economic partnership between Turkiye and Qatar. Since 2002, Qatari FDI in Turkiye has reached USD 3.5 billion, with total FDI stock standing at USD 7 billion by the end of 2024. This agreement embodies our shared vision of positioning Turkiye and Qatar as leading investment hubs."
The agreement highlights a shared commitment to promoting sustainable economic growth and cross-border collaboration, indicating a promising future for trade and investment between Qatar and Turkiye.