Riyadh, Saudi Arabia (Updated) – Turkish President Recep Tayyip Erdogan arrived Monday in Saudi Arabia at the start of a three-state Gulf tour as he looks to attract foreign investment in his country’s ailing economy.
Erdogan landed in Jeddah and met King Salman and Crown Prince Mohammed bin Salman before heading for the United Arab Emirates (UAE) and Qatar later this week.
A Saudi-Turkish business forum was held to drum up investment in Turkey’s faltering economy.
Saudi Minister of Investment Eng. Khalid bin Abdulaziz Al-Faleh and Turkish Minister of Trade Omer Bolat were present at the forum, which also witnessed the participation of companies and the private sector from both sides.
#TurkeySaudiTies#Saudi Crown Prince Mohammed bin Salman and Turkish President @RTErdogan held official #talks and a bilateral meeting.@KSAmofaEN
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Video credit: @Spa_Eng pic.twitter.com/ZzJ2QRHPdg
In his opening remarks, Eng. Al-Faleh hailed the Saudi-Turkish economic partnership as having great potential, stressing that the private-sector partnerships and business ties between the two countries are key drivers for strengthening their bilateral economic relations.
The forum aims at ensuring cooperation and partnership and reviewing the investment opportunities available in the two countries, Al-Faleh affirmed.
The minister underscored that the National Investment Strategy (NIS) is one of the main enablers of achieving the objectives of the Saudi Arabia Vision 2030 by enhancing the future of investment in the Kingdom.
Such enhancement includes developing investment opportunities, improving the business environment, and strengthening the Kingdom’s competitive position on the global investment map.
On the other hand, the Turkish Minister of Trade stated that the Kingdom of Saudi Arabia and Turkey are rising economic powers with significant competitive advantages.
He expressed his country’s aspiration to increase the volume of trade between the two countries in the coming years.
The minister said that the Turkish economy is growing rapidly, with a comprehensive investment incentive system, the free-trade zone, and a vast consumer market.
He noted that the volume of investment in Turkiye reflects the suitability of the investment environment.
Moreover, the Minister invited Saudi companies to enter the Turkish market and take advantage of the available investment opportunities and incentives.
During the forum, discussions addressed strengthening cooperation and investment partnerships in major projects related to Saudi Vision 2030.
Specialized discussion sessions were held, covering areas such as tourism, housing, construction, food, agriculture, mining, manufacturing, and defense and military industries.
The sessions reviewed the most significant investment opportunities provided by the Kingdom for companies and investors worldwide, including Turkish investors.
The Forum also saw the signing of nine MoUs, covering energy, real estate, construction, education, digital technologies, healthcare, and media. The MoUs aim to develop and strengthen investment and economic relations between the two countries.
Similar business forums are planned for his trips to the UAE and Qatar.
“During our visits, our primary agenda will be joint investment and commercial activities with these countries in the upcoming period,” Erdogan said before leaving Istanbul.
He said two-way trade with Gulf countries has shot up from $1.6 billion to approximately $22 billion over the past 20 years.
“With the business forums to be organised, we will look for ways to move this figure much further,” Erdogan said.
The visit is his second to Saudi Arabia since a rapprochement. Ties between the two countries were strained by the 2018 murder of Saudi journalist Jamal Khashoggi in the kingdom’s Istanbul consulate.
Erdogan had visited Saudi Arabia in April 2022, and Mohammed bin Salman travelled to Turkey in June last year. In March, Saudi Arabia deposited $5 billion into Turkey’s central bank.
Erdogan’s latest Saudi trip comes as Turkey battles a currency collapse and soaring inflation that has battered its economy. His Gulf tour follows his re-election in May for another five-year term.
“Erdogan’s visit to the Gulf after the critical elections held in Turkey itself reflects the importance of the Gulf states in the Turkish foreign policy agenda,” Sinem Cengiz, a researcher at Qatar University, told AFP.
“Growing Gulf interest in investing in diverse sectors is a boost for Turkey, which is trying to increase exports to help ease its economic problems,” said the expert on Gulf-Turkish relations.
Ankara has embarked on a charm offensive to improve relations with Gulf states including the UAE and Saudi Arabia after years of rivalry following the 2011 Arab Spring uprisings.
Turkey’s support for organizations linked to the Muslim Brotherhood initially spurred the break with Gulf states, which view the group as a terrorist organization. (With AFP inputs)