Turkey & Saudi Arabia to Develop Connections in Construction
Turkey and Saudi Arabia authorized a memorandum of understanding (MOU) in Riyadh for assistance in the construction division.
The Turkish Economy Minister Zafer Caglayan also requested businessmen of Saudi Arabia to invest more in Turkey. Mr. Caglayan invited Saudi Arabia to quicken discussions to support an FTA (free trade agreement) with the GCC (Gulf Cooperation Council).
The Turkish Economy Minister stated that the private division of MOU in construction will support both sides to build closer connections in this field..
Saudi Arabian Investments Growing in Turkey
The Turkish Economy Minister attended the signing ceremony along with officials of Saudi Arabia. Approximately 30 Turkish companies such as leading companies in the country like Gama and Yuksel are active in Saudi Arabia.
On the field of the free trade agreement, Zafer Caglayan requested Saudi Arabia to advocate the immediate free trade agreement's conclusion with the Gulf Cooperation Council.
The Turkish Economy Minister said that his country appreciates the contribution of Saudi Arabia in the procedure. Zafer Caglayan stated that he mentioned the concern of boosting visa requirements for the Turks with the officials of Saudi Arabia.
He added that Turkey expects to draw sizeable investments from major companies in Saudi Arabia. Mr. Caglayan also sees a better cut in the substantial multi-billion dollar construction and infrastructure projects in Saudi Arabia.
The Turkish Economy Minister stated that companies in Saudi Arabia have Turkish investments which are equal to $1.4 billion. Zafer Caglayan mentioned that his country is primed to free up property and land sales to foreign investors including Saudi Arabians. The draft regulation is in the legislative body, and will be adopted in a little while. Zafer Caglayan reffered that it will allow better flexibility concerning this matter.
On the concern of trade and investments, Zafer Caglayan stated that the two-way deal grew 30% in 2010, attaining $4.5 billion. In the primary 10 months of 2011, the amount had already attained $5.1 billion. Caglayan concluded that he assumes the amount to get to $6 billion next year by emphasizing that he likes to eye a larger part of Turkish goods in Saudi Arabia's imports.
He said that his country is the ideal destination for having lasting investments. Zafer Çağlayan has noticed that buying property in Istanbul will be the new trend in Gulf Countries.
That is the reason why several European Union companies make investments in Turkey to maximize the active economy. They use the new workforce and develop third industries in nearby countries.
See the investment in Turkey page.