Turkey has set up a commercial center in Riyadh to extend help to Saudi businessmen seeking to invest in the country and serve as a point of contact for all Saudi and Turkish institutions engaged in promoting investments. The office of the Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT) is the official agency for promoting Turkish investment opportunities on the regional and international levels. "ISPAT will render all support to the Saudi business community and provide assistance to investors before and after their entry into Turkey," said Alpaslan Korkmaz, ISPAT president, who was in Riyadh to attend the official inauguration of ISPAT's chapter on Sunday. The opening ceremony was attended by a number of Saudi and Turkish officials and businessmen including Turkish Ambassador Ahmet Muhtar Gun and ISPAT representative for Gulf countries Aydin Aydoga, according to a report published today by Saudi Gazette. Speaking on the occasion, Ambassador Gun said there was a need to encourage the private sectors of the two countries to use "their great potentials and forge closer ties" in the commercial sector. "The trade volume, which is still not satisfactory, can be increased to $10 billion within a few years from now, if the two sides work together," said the ambassador while calling on Saudis to invest in Turkey. On the other hand, he said, Turkey is "a dynamic fast growing country," an ideal location for Saudi investment. Korkmaz called on Saudi businessmen to invest in a range of sectors, including agro-business, food processing and housing. "We need every year about 100,000 new housing units in Turkey," said the ISPAT chief, calling on Saudis to join hands in the housing sector.
