Turkish-Saudi trade volume should be expanded: Saudi minister

The Turkish-Saudi Business Forum meetings, bringing Turkish and Saudi businessmen, firms and officials together, began in Istanbul yesterday.

Turkey's Minister of Economy Nihat Zeybekçi and the Minister of Trade and Investment of Saudi Arabia Dr. Majid bin Abdullah al-Qasabi were present at the meeting as top level officials.

Al-Qasabi, who visited İstanbul on Thursday to participate in the Turkish-Saudi Business Forum, during an interview with Yeni Şafak daily, made some evaluations pertaining to new investment opportunities in Turkey and bilateral trade relations.

''We held a couple of meetings during which we have established our priorities and determined our work methods. I am optimistic towards this new spirit between the two countries. We have already struck 7 – 8 deals today,'' al-Qasabi explained.

Answering a question regarding whether or not Saudi companies are interested in investing in Turkey, he responded, ''Saudis are always ready to invest. The oil firms we had talks with are eager to invest in Turkey. Turkey is a country in which we trust. There might be many investment opportunities between the two countries. Turkey is a huge culture, directed to the West.''

Giving information on which sectors the Saudi firms are planning to invest, he said, ''As far as I can see, numerous Saudi investors have already been operating in the Turkish market, especially in tourism, trade, technical issues, cable plants and service sectors. Turkey is a huge and vivid market and a significant country to invest in. Over 500,000 Saudi tourists arrived in Turkey only last year.''

He spoke hopefully about participation banking, which would be an important part of the Istanbul Finance Center project in which Turkey attributes great importance.

Pointing out that the Islamic participation banks are holding meetings in Turkey, al-Qasabi underlined that new investments would be made on that matter.

''Islamic banks are preparing to launch many investment projects. Thus it would be possible to reach bilateral development and support via banks.''

Stressing that the bilateral trade volume between both countries should be increased, he said they are contemplating 3 important issues.

''We are in the preparatory stage in the matter of mutual investment. There are three key issues which we really need to address in order to boost the bilateral trade volume. The first is to remove trade problems and tackle customs issues. Secondly, we really want to realize the bilateral investments of substantial products that are listed by the Islamic Cooperation Organization. The third important point is the Free Trade Area. I believe we can make it happen between our countries,'' he explained.

''When we successfully carry out those operations, there is no reason not to expect a great trade boom,'' the Saudi Trade minister added.