Attending the Jeddah Economic Forum for the third time, Turkish Prime Minister Recep Tayyip Erdoğan has called on Arab investors to invest in Turkey.
In his speech Sunday, Erdoğan said annual gross domestic product in Turkey has tripled in the past eight years, from $230 billion to $730 billion. He also described the government’s success in cutting inflation and interest rates.
“We wish to see all our Arab brothers in our country,” Erdoğan said. “We want them to invest in every area, from health care to tourism, from energy to construction and from industry to agriculture. The doors will be fully open for you, do not have any concerns.”
The Turkish government aims to put Turkey among the biggest 10 economies in the world by the year 2023, the 100th anniversary of the Turkish Republic, the prime minister said, adding that the number of Saudi-partnered companies in Turkey has surpassed 200, while the total volume of Saudi capital has reached $2.5 billion.
Erdoğan also told Saudi businesspeople and officials that visa requirements have been abolished between Turkey and Syria, Jordan and Libya. “I hope we will abolish the requirements with Saudi Arabia,” he said.
Sourceh: Hurriyet Turkish news
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What does this mean? Obviously pro-Islamic state leader wants to get more funds from Arabs instead of the World Bank.
Turkey which needed about $53 billion in loans from the IMF, declined IMF's funding last year based on their solid economic growth factors, Turkey's gross domestic product explanded 6 percent on an annual basis during final three months of 2009, even though Turkey used to get funding from IMF an annual basis prior years. It is clear country needs some sort of investment but chooses to get it from Arab brothers. Now the question is whether Arab brothers would want to invest in booming Turkey's economy or not after the crisis burn in Dubai of 2008-09. The fact that visa requirements were abolished between Saudis and Turkey is a big move towards collaboration and it could very well serve the best interests of both countries.
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