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Saudi-Turkish business bridge launched

By GALAL FAKKAR & ROBERTA FEDELE JEDDAH: Deputy Prime Minister of Turkey Ali Babacan and Chairman of the Jeddah Chamber of Commerce and Industry ( JCCI ) Saleh Kamel jointly launched a bridge for business and investments between Saudi Arabia and Turkey in Jeddah on Wednesday.

The launch took place at a meeting of a Turkish business delegation led by Babacan and Saudi businessmen organized by the JCCI .

"One of the major features that makes Saudi Arabia attractive to investors abroad is its prompt response to international and regional economic developments. This fact has been attested by the Kingdom's spectacular jump in international business ratings," Babacan said, commending the business-friendly atmosphere in the Kingdom.

The deputy premier said his country's delegation would discover and offer more investment opportunities in both countries.

As members of the G20 and topmost economic powers in the Middle East and the Near East, cooperation between the two countries was of special significance, he said.

He added that both countries had proved their economic robustness during the global economic meltdown. He attributed the economic power of the two countries to their sustained and shrewd financial and monetary policies.

Babacan said the members of the Turkish delegation were specialized in areas of textiles, ready-made clothes, leather, construction and construction materials, infrastructure, property development, copper, plastic, iron and steel pipes, energy, natural gas, solar energy and packing. The delegation also represented investment companies in agriculture, fertilizers, mining, furniture, doors, carpets, glass and timber.

Besides, the delegation is interested in investments in foreign trade, retail trade and cattle, poultry and fish farms, paper industry, printing, publication, promotion, and banking besides areas of medicine, cosmetics, electrical appliances, automobile spare part, food material and vegetable oil.

"The best way to achieve further economic development in the Kingdom and Turkey is to invest and make use of the natural resources and human potential in an ideal manner besides boosting business and investment relations between the two countries," Saleh Kamel said on the occasion.

Kamel stressed the importance of strengthening channels of mutual cooperation and building a bridge of cooperation, especially in the face of challenges from various economic blocs in the world.

While Saudi Arabia exported $2.4 billion worth of products, Turkey's export to the Kingdom stood at $2.1 billion, he said.

"We hope to double the balance of trade between the two countries in the coming years," he added.

He said with Saudi investments in 200 companies in Turkey, the Kingdom had taken a front position among foreign investors in Turkey.

He said the Kingdom aimed to construct six economic cities that would contribute $150 billion to GDP and create 1.5 million job opportunities in 2020.

© Arab News 2012