30 September 2016

RIYADH: Close on the heels of Crown Prince Mohammed bin Naif’s visit to Turkey, Lutfi Elvan, Turkish minister of development will arrive in the Kingdom on Tuesday to pursue the agenda of cooperation in a more intensive manner. “Elvan will hold meetings with Saudi businessmen in Jeddah and Riyadh next week,” said M. Mustafa Goksu, senior adviser at the Riyadh-based Investment Support and Promotion Agency of Turkey (ISPAT) via phone from Turkey on Thursday.

Goksu said that “the visit of Crown Prince Mohammed, minister of interior, and his wide-ranging talks with top Turkish officials will go a long way in boosting cooperation on key regional issues besides promoting commercial collaboration further.” He disclosed that the two-way trade between the Kingdom and Turkey exceeded SR20.5 billion last year.

Elvan will also be seeking to hammer out a free trade agreement with the Gulf countries, according to a statement issued by the Investment Support and Promotion Agency of Turkey (ISPAT). “Turkey will also address free trade agreements both with Saudi Arabia and other Gulf countries during the meetings,” said the statement.

In addition to being the leading oil-producing country in the world, Saudi Arabia is the largest economy in the Gulf region.

Referring to the growing ties between the Kingdom and Turkey, Yusuf Cevahir, an official of the Turkey-Saudi Arabia Business Council, said that a strategic workshop will be established between the two countries. The workshop in the form of the business meetings will take place in different Saudi cities. This plan follows the meeting of Crown Prince Mohammed with top business leaders of Turkey during his visit.

He said that Saudi Arabia has been a business hub for the entire Gulf region. He added that more than 700 Saudi companies were currently investing in Turkey, with investments amounting to more than SR7.5 billion. He added that the Turkish government would also discuss with the Saudi crown prince the signing of a free trade agreement between Turkey and GCC States.

On the other hand, he pointed out that the Turkish government would announce by the end of this year new incentives and facilities to encourage Saudi and Gulf businessmen to invest in that country.

Commenting on the visit of the crown prince, a Turkish diplomat said that Saudi-Turkish ties are poised to scale new heights following the composition of the high-profile Strategic Cooperation Council which has the mandate to strengthen military, economic and investment cooperation between the two countries.

The council, whose maiden meeting will be held later this year, has constituted eight working groups entrusted with the task to map out plans and projects in specific fields.

Referring to the post-coup attempt situation in Turkey, the diplomat called on businessmen and tourists from the Gulf countries to visit Turkey, where peace and normalcy has fully returned.

“In fact, Turkey has become more politically stable, more peaceful and even more business-friendly after the coup attempt,” said the Turkish diplomat, while commenting on the visit of Crown Prince Mohammed. No doubt, ties between the Kingdom and Turkey in particular as well as relations between the GCC and Turkey in general are all set to improve further as their interests align on a whole range of key regional and international issues.

© Arab News 2016