Middle East crucial for int'l trade: Qatari official

ISTANBUL

The Middle East has become a crucial region for international trade, Qatar's commerce and industry minister said on Wednesday.

"The region needs international economic and trade cooperation for a sustainable economy, security and peace," Ali bin Ahmed Al Kuwari told the 10th Bosphorus Summit.

Both governments and private sectors in the region should invest in foreign countries, he noted, adding: "Qatar-Turkey economic cooperation can be a model for this."

As a result of the two countries' agreements, bilateral economic relations have improved particularly due to increased goods trade, underlined Kuwari.

Stressing that over 500 Turkish companies operate in Qatar, he said bilateral economic ties have significantly developed since an investment agreement between the two countries was signed in November 2018.

Bilateral cooperation has had economic and social benefits for both countries he said, adding: "The Qatari economy will grow at least 2% according to the World Bank forecast and it will continue to grow during 2020 and 2022."

The three-day Bosphorus Summit, organized by the International Communication Platform under the auspices of Turkish President Recep Tayyip Erdogan, is to last until Nov. 29, under the theme Towards a New World Order.

Top Turkish and foreign officials, high-level business people, academics and experts are attending the summit to address a variety of widely-debated topics including trade issues, the shifting global balances, digital transformation and defense industry.