You will not regret investing in Turkey, finance minister says
Posted by meb at November 26th, 2008
Finance Minister Kemal Unakıtan has called on entrepreneurs from the Gulf region to invest in Turkey rather than developed markets, which are in the grip of the ongoing financial crisis. “Otherwise your money will sink,” he warned a group of Saudi businessmen.
Speaking at a meeting of the Turkey-Saudi Arabia Joint Economic Committee in Ankara yesterday, Unakıtan focused primarily on the importance of enhancing mutual commercial relations and improving cooperation between Turkey and Saudi Arabia. “In these sensitive days, it has become more important to boost cooperation and increase trade between the two countries,” he said. He urged entrepreneurs to come and invest in Turkey rather than putting their money in European and US markets, since Turkey has become a safe haven for entrepreneurs by having so far stayed clear of the adverse effects of the turbulence. “You will not regret investing in Turkey,” he stressed.
Unakıtan said the trade volume between the two countries had reached $4.6 billion in the first nine months of 2008, a 69 percent rise over the same period of 2007. The minister predicted that the year-end bilateral trade volume would total around $5 billion and expressed determination to raise this figure to $15 billion in the medium term. He said Turkey should sign a free trade agreement with the Cooperation Council for the Arab States of the Gulf (GCC) as soon as possible. He proposed that a preferential trade system be set up among the members of the Organization of the Islamic Conference (OIC).
He said the trade volume between the two countries could be boosted through mutual investment and that he welcomed Saudi Arabia’s desire to invest in Turkey’s agriculture industry. “We can also invest and cooperate in tourism, education and health,” he added, noting that Turkish contractors could take on part in the King Abdullah Economic City project. He emphasized that the opening of the İstanbul-Mecca railway would greatly help improve trade relations between Turkey and Saudi Arabia. Also speaking at the meeting, Saudi Arabian Transportation Minister Jubarah Al-Suraiseri said his country could sign cooperation agreements with Turkey on maritime affairs, tourism and the fight against terrorism.
Suraiseri said he was accompanied by a large group of officials and businesspeople who were interested in agricultural investments in Turkey. He added that Saudi Arabia was waiting for Turkish investments, especially in infrastructure projects, calling on Turkish contractors to participate in tenders for infrastructure projects and university buildings.
At a separate event yesterday, Turkish Foreign Trade Minister Kürşad Tüzmen also spoke to the Saudi delegation. He said Saudi Arabia’s current account surplus was around $100 billion and that Turkey was eager to draw in part of that in the form of investment. He stressed that Turkey and Saudi Arabia should cooperate more, saying: “There is a cloud of investment in Saudi Arabia and it is seeking a place to pour its rain on. We want to attract it to our country,” he said.
source: Today’s Zaman
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