JEDDAH — There are some 143 Saudi companies operating in different sectors in Turkey, however, majority on investments are in real estate, said Lutfi Alwan, the Turkish Minister of Development. He added Saudi imports various products. Turkish businessmen and Saudi counterparts, he said, can make joint factories either in Turkey, in the Kingdom or in third county where they can produce goods that are in high demand in the Kingdom. He explained that this cooperation can be achieved because the kingdom has the raw material, while Turkey has the technology and experience needed. He added that the Saudi 2030 national vision matches Turkey's 2023 vision which will help boost economic cooperation. Asked about the new measurements they are taking to ease foreign investments in Turkey, he said "we have made a reform to provide an encouraging investment environment such as excluding some taxes, showing flexibility and allowing negotiations with investors who are keen to invest in the country. Foreign investment in Turkey, he added, is valued at $169 billion. Turkey's current import value is $150 billion, and its share is only $3 billion, he noted. He said that despite the various political issues that are happening in Turkey and in the region, Turkey managed to maintain a growing economy, adding "we can put hand in hand with Saudi Arabia to complete each other's efforts. The relation here is not a competition, but rather we have to trust our businessmen as they will lead this cooperation." Among the challenges that the country faces is the presence of 3 million Syrian refugees in the country, said the minister. Turkey has spent $25 billion on these refugees of which $12 billion are offered by the government, while the rest is presented by NGOs, local chambers and people. "Only a few million come from outside the country," said the minister. Ziyadh Al-Bassan, board member of the JCCI, said investment exchange between the two states have increased numerously particularly after the free trade agreement which the GCC is still negotiating. "The exchanged trade between the two countries have reached SR30 billion. The Saudi exportation to Turkey reached SR16.5 billion with an increase of 28% compared to last year. The Saudi exportations include oil, plastic and chemicals. The Turkish expirations to Saudi include iron, heavy machineries and cloths, these exportations value 13.8 billion with an increase of 33% compared to last year." Al-Bassam stressed that they are keen to enhance economic relationship with Turkey which, he said, is one of the "active" states in the region. "We share brotherhood and real friendship relations with the Turkish people and we share cultural and historic relations. In addition, we share the same religion and geography. The two states have great interest in protecting the piece, security and stability in the region," said the JCCI board member. The Turkish minister or development arrived along with a delegation of 60 members that include businessmen and members of the Turkish Parliament. The delegation met with Saudi businessmen here at Al-Masfaq Center at the Jeddah Chamber of Commerce on Thursday evening. The two parties agreed on the importance of enhancing cooperation and joint businesses, along with the importance of participating at the different exhibitions held in both countries.
