ISTANBUL – Turkish Economy Minister Zafer Ca?lyan signed a memorandum of understanding (MoU) with the members of the Islamic Development Bank (IDB) on March 2 during a recent visit to Saudi Arabia, in a move to build more economic bridges in the Islamic world by boosting trade and investment among the parties. Ca?layan called for Turkish contractors to take a share from Saudi Arabian infrastructure investments in order to reach $1 trillion in 20 years. The MoU signed by Ca?layan and the head of the IDB, Ahmed Muhammed Ali El Medeni, includes the detection of fields of cooperation between the countries to encourage bilateral trade and investments. The trade finance instruments and compliant insurance products will be developed to introduce new trade opportunities between financial institutions of IDB members and Turkey. The Turkish investors' insurance against political risks in IDB member countries will be incented, according to the protocol. In a bid to enhance the bilateral relationship further, Ca?layan also gathered with Saudi businessmen, making the opening remarks at the Turkey-Saudi Arabia Business Forum. In his speech, the Turkish minister said Turkish businesspeople should seek opportunities in infrastructure projects in Saudi Arabia, where investments reaching $1 trillion for the next 20 years are planned. In his remarks, he praised the work of Turkish contractors in projects around the world and said they would bring and use their expertise in Saudi Arabian projects as well. Ca?layan also invited Saudi businesspeople to come to Turkey for investment, saying that his country had made major improvements in the investment environment with a new package of incentives. – Agencies
