RIYADH: Turkish President Recep Tayyip Erdogan arrived in Saudi Arabia on Monday, commencing a three-state Gulf tour with the aim of attracting foreign investment to bolster Turkey’s struggling economy.
Erdogan’s first stop was in the Red Sea city of Jeddah, where he is scheduled to meet King Salman and Crown Prince Mohammed bin Salman. The leaders will discuss joint investment and commercial activities between the two nations.
As part of his agenda, Erdogan will participate in the Saudi-Turkish Business Forum, which aims to drum up investment in Turkey’s faltering economy. The Turkish president stressed the significance of fostering economic ties with Gulf countries, highlighting that two-way trade between Turkey and the Gulf region has surged from $1.6 billion to approximately $22 billion over the past two decades.
“With the business forums to be organised, we will look for ways to move this figure much further,” Erdogan stated before departing from Istanbul.
During his Gulf tour, Erdogan will also travel to the United Arab Emirates (UAE) and Qatar, where similar business forums are planned to boost investment prospects in Turkey.
Erdogan’s Visit to Saudi Arabia Comes Amidst Economic Challenges for Turkey
The Turkish president’s visit to Saudi Arabia comes amidst significant economic challenges for Turkey, including a currency collapse and soaring inflation that have severely impacted the nation’s economy.
To seek financial support and explore opportunities with non-Western partners, Turkey aims to sign several accords with Saudi Arabia during Erdogan’s trip, according to a senior Saudi official speaking to AFP on the condition of anonymity.
At the Forum, Saudi Minister of Investment Khalid Al-Falih emphasized the Kingdom’s distinguished economic and investment environment, underscoring the immense potential for investment between Saudi Arabia and Turkey. Al-Falih also highlighted that 1,140 companies operate in Turkey with Saudi capital, showcasing the existing economic cooperation between the two nations.
President Erdogan’s Gulf tour seeks to strengthen economic ties and attract investment in Turkey’s economy, while offering an opportunity for Saudi Arabia and other Gulf countries to explore collaborative prospects and deepen bilateral partnerships.
