The wholesale answer to leverage good relations between Türkiye and the Arab nations is to have free commerce agreements (FTAs), Treasury and Finance Minister Mehmet Şimşek stated Thursday.
Speaking on the International Arab Banking Summit in Istanbul, Şimşek emphasised that FTAs are essential for enhancing commerce and funding between Türkiye and Arab nations.
Şimşek identified that Arab nations, important capital exporters, wish to diversify their economies and advance their manufacturing sectors.
Investing in Türkiye may assist obtain these objectives, he confused.
“Our political relations are excellent. How can we capitalize on this and use it most beneficially for both sides? I believe free trade agreements alone provide a solution… Arab countries should not shy away from FTAs,” Şimşek remarked.
Şimşek recognized tourism, building, and protection industries as probably the most promising sectors for cooperation.
Highlighting Türkiye’s developments within the protection trade, he famous the rise in improvement tasks and export volumes.
The nation’s protection exports hit a file of round $5.5 billion in 2023, spearheaded by gross sales of unmanned aerial autos (UAVs). That rose from $4.4 billion in 2022.
“We are conducting joint design, development, and manufacturing activities with neighboring countries,” stated Şimşek.
He additionally underscored the potential for cooperation within the building sector in Africa and Central Asia, and significantly within the reconstruction of Libya, Syria, and Ukraine.
Recalling that Türkiye has the second largest building sector after China with tasks on a world scale, Şimşek stated it is usually a potential subject for partnership.
The prime Turkish finance chief additionally stated Türkiye and the Arab world have a powerful presence however usually are not using their full potential.
He confused that Türkiye serves as a gateway to the European Union and Central Asia and the Arab world additionally has nice potential to function the only linkage between Asia and Africa.
Şimşek stated having free commerce agreements would create extra wealth and prosperity, and would assist enhance commerce and investments.
“Whether we are talking about Africa, Central Asia, or anywhere around the world, I think all companies should work together to see how they can create value,” he famous.
Şimşek stated Türkiye may assist in growing tourism, a sector the place he says Türkiye and the Arab nations may do rather a lot collectively.
The two-day International Arab Banking Summit that ends on Friday is organized by the Union of Arab Banks beneath the auspices of President Recep Tayyip Erdoğan.
Source: www.dailysabah.com