A meeting took place in Istanbul between the Saudi and Turkish business sectors, represented in the Saudi-Turkish Business Council, sponsored by the Foreign Economic Relations Board of Turkey. The meeting resulted in signing eight memorandums of understanding in the industrial, real estate, finance, and military industries sectors.

The meeting included speeches by the Saudi Minister of Commerce and Investment, Dr. Majid Al Qasabi, and the Turkish Minister of Economy, Mr. Nihat Zeybekci. The latter Minister stressed that Turkey aims at creating a business environment that is free of obstacles, especially as far as Saudi investors are concerned, adding that he looks forward to more joint ventures between the two countries, which he stated will have the support of the Turkish government. He additionally noted that the Turkish government seeks to remove all obstacles facing the Kingdom in regards to petrochemicals and their derivatives, as well as the increasing tariffs and other taxes, adding that the two countries complement each other in a unique way as they both possess their own distinct resources.

For his part, Dr. Al Qasabi stated that the Kingdom dedicates its full capacities to enhance its investment relations with Turkey, noting the significance of raising bilateral investments. He promised that the process of obtaining a business visa shall be facilitated for Turkish businesspeople, in addition to other significant facilitations.

Chairperson of the Saudi side of the Saudi-Turkish Business Council, Mr. Mazen Rajab, commended the special relations joining the two countries, and their efforts to enhance their trade and investment for the benefit of their respective nations. He predicted that the upcoming period will see more developments following the signing of the eight memorandums of understanding between the two sides, which he stated will enhance the private sector’s trend towards acquiring bigger shares of joint investments, noting that Saudi investments in Turkey are estimated at USD 10 billion.

Chairperson of the Turkish side of the joint council, Mr. Yousef Johar, mentioned that Saudi Arabia and Turkey seek to create enterprises on a deeper strategic level, predicting that more investors will be attracted – in the medium and long run – to implement stronger investments in the industrial infrastructure sector, and create engineering and real estate companies.

The meeting included a presentation by Chairperson of the Makkah Chamber of Commerce and member of the Executive Committee of the joint business council, Mr. Maher Jamal, which highlighted the main investment opportunities in Makkah. In addition to a presentation by the Turkish side highlighting the country’s own economy. Vice Chairperson of the Saudi side, Mr. Ziad Farsi, presented a working paper on the goals of having the private sector develop Hajj and Pilgrimage services. On the same note, Executive Director of Iman for Tourism and Hajj and Pilgrimage, Mr. Yousef Halif, gave a presentation, which focuses on Hajj and Pilgrimage from the point of view of the Turkish private sector.

Source: CSC