Türkiye has hailed the tempo of developments in relations with Saudi Arabia and mentioned the 12 months 2024 may very well be a “golden year” in financial ties with the dominion.
Trade Minister Ömer Bolat on Tuesday careworn the significance he mentioned Türkiye attaches to strengthening commerce and financial cooperation with Saudi Arabia and mentioned bilateral relations have made “tremendous” progress within the final two years.
Bolat expressed confidence that the rise in bilateral commerce would preserve an upward development, noting greater than a 50% rise in Türkiye’s exports to Saudi Arabia within the first two months of the 12 months alone.
Exports rose 150% year-over-year to $2.62 billion in 2023. Their bilateral items alternate stood at $6.8 billion, Bolat instructed a business occasion on the sidelines of his two-day go to to the dominion.
“We will work with all our might for our mutual trade to reach $10 billion in the medium term and $30 billion in the long term,” he famous.
“God willing, 2024 will take its place as a golden year in the economic relations between Türkiye and Saudi Arabia.”
Ankara and Riyadh have expanded diplomacy and contacts to restore relations that had been ruptured following the homicide of Saudi journalist Jamal Khashoggi in 2018 on the kingdom’s Istanbul consulate.
Their commerce quantity skilled an extended and steep fall, pushed primarily by casual embargoes on Turkish items.
In an indication of mending ties, President Recep Tayyip Erdoğan visited Saudi Arabia in April 2022, and Saudi Crown Prince Mohammed bin Salman (MBS) traveled to Türkiye in June of the identical 12 months.
In the second journey because the rapprochement, Erdoğan flew to Jeddah in mid-July final 12 months as a part of a three-country tour of the Gulf that additionally included Qatar and the United Arab Emirates (UAE).
The financial relations skilled a leap final 12 months, in keeping with Bolat, who mentioned there can be an enormous soar in mutual commerce and funding with the commissioning of assorted initiatives, particularly in building, building supplies and protection business merchandise.
The dimension of initiatives that the Turkish firms have undertaken in Saudi Arabia reached $3 billion as of the top of 2023, the minister mentioned. That quantity totals about $74 billion on the subject of the Gulf Cooperation Council (GCC) international locations.
Bolat mentioned he had met nearly half of the Saudi Cabinet throughout his go to, and mentioned the dominion is embarking on an enormous funding transfer for the following 10 years.
“Because they have a 2030 vision project in front of them. They will also host the World Expo Fair in 2030 and the World Cup in 2034. My counterparts stated that they will invest a total of $3.3 trillion within the scope of the 2030 vision,” mentioned the minister.
The plan envisages a whole bunch of billions in investments to assist wean the economic system off hydrocarbon earnings and construct huge infrastructure initiatives to develop sectors corresponding to tourism and business.
Saudi officers conveyed that the “door is open to Turkish companies in all these areas,” mentioned Bolat.
“Türkiye gives them confidence with its strong economy and leadership. Türkiye’s high-quality and competitive success in the services and industrial sector also gives them confidence. Our companies should follow these projects closely,” he added.
Emphasizing that Türkiye is a vital vacation spot for the Arab area by way of tourism, Bolat mentioned that the variety of vacationers coming from Saudi Arabia reached an vital degree by rising to over 820,000 in 2023, in comparison with 500,000 in 2022.
The minister additionally addressed the steps geared toward rising commerce with the Gulf area, which he says are eradicating obstacles earlier than the business world.
“We are making companionship with the business world. Now, with the quality and competitive strength of the Turkish industry, the services sector, the contracting sector, transportation, tourism and agriculture, I hope that our mutual trade will reach much higher figures in this region,” mentioned Bolat.
Foreign direct investments from the GCC in Türkiye elevated from $227 million in 2002 to $16.2 billion in 2022, in keeping with the minister. This determine rose from $296 million to $21.4 billion on the subject of the flows from the Organisation of Islamic Cooperation (OIC) states.
Source: www.dailysabah.com