Turkey targets to attract large Saudi investments in key industries
Turkey hopes to tame its chronic current account deficit (CAD) problem by attracting sizable Saudi investments in key industries that contribute most to the widening CAD, Economy Minister Zafer Caglayan has said, while the government eyes a bigger slice in huge multi-billion dollar Saudi infrastructure and construction projects.
“We are looking for Saudi experience and investment in refining, petrochemical and energy development to curtail our CAD figures,” he said, adding that he was very encouraged with high-level meetings he held in both Jeddah and Riyadh as part of his trade mission trip.
The minister said both economies are not rival but rather complementary. Caglayan praised the marked improvement in trade volume between the two countries, saying it was evenly balanced.
Caglayan said Turkey also wants Saudi Arabia to lobby for the speedy conclusion of free trade agreements (FTA) with the six-nation Gulf Cooperation Council (GCC). “We very much value the Saudi contribution in this process because they are the engine in the GCC,” he said in response to a question from Today’s Zaman. “I brought the issue up in meetings I have had with Saudi ministers here,” he added.
He held talks with Commerce and Industry Minister Tawfiq bin Fawzan Alrabiah, Minister of Transport Jabara Al-Seraisry, Finance Minister Ibrahim Al-Assaf, Housing Minister Shuwaish bin Saud Al-Dhuwaihi and Municipal and Rural Affairs Minister Prince Mansour bin Miteb.
Some 100 Turkish businessmen accompanied the Turkish minister on this trip. The business forums held both in Jeddah and Riyadh brought together hundreds of businessmen from both sides. In Jeddah, the business forum saw the signing of agreements between the Jeddah Chamber of Commerce and Industry (JCCI) and the Makkah Chamber of Commerce and Turkey’s business interest group the Independent Industrialists and Businessmen’s Association (MUSIAD).
The agreement on cooperation in the construction sector between Turkey and Saudi Arabia was also signed by Caglayan and his Saudi counterpart.
26.12.2011
SOURCE: DUNYA.COM
