RIYADH: Saudi Arabia and Turkey have signed eight agreements in Istanbul in the presence of Commerce and Investment Minister Majid Al-Qassabi and Turkish Economy Minister Nihad Zabka to boost bilateral trade. The signing of agreements took place during the Saudi-Turkish Joint Business Council meeting in Istanbul on Wednesday.
Speaking after the signing of the agreements, Zabka said that Turkey has set up an investment-friendly climate for foreigners to do businesses with a sense of security, which would protect their interests in the country. “We have removed all obstacles and facilitated smooth investment procedures in Turkey,” Zabka noted, adding that Saudi and Turkish businessmen can harness these incentives for mutual interests. Responding to Zabka’s speech, Al-Qassabi said that such incentives are important for the two countries to forge ahead.
Mazen Rajab, head of the Saudi side of the business council, said that Saudi investments in Turkey have reached $10 billion which is a healthy growth of bilateral trade. Saudi companies mainly invest in the industrial sector in Turkey in collaboration with the Turkish private and public sectors. They can also increase their investments in agricultural, finance, tourism and communications sectors. Turkey, on the other hand, has had a sizable number of highly qualified and technologically superior contractors who are present today in every part of the globe, including the Arabian Gulf states.
