President Recep Tayyip Erdogan of Türkiye arrived in Saudi Arabia on Monday, kicking off his tour of the Gulf. His trip aims to bolster economic cooperation as he seeks investment opportunities. Erdogan’s visit comes at a critical time for Türkiye, as the nation grapples with a foreign currency crunch and a widening deficit.
Investing in the Gulf
On his trip, Erdogan said, “The primary agenda of our visits will be joint investment projects and commercial activities that we can carry out together with these countries.” During his meeting with Saudi Crown Prince Mohammed bin Salman, the discussions focused on enhancing bilateral trade and investment, with a particular emphasis on energy, infrastructure, and defense sectors.
Moreover, the visit highlights the deepening relationship between Türkiye and Saudi Arabia, transcending political differences. Both countries recognize the mutual benefits of economic collaboration and are keen to leverage their respective strengths to foster long-term economic partnerships.
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Saudi Arabia, the largest economy in the Gulf Cooperation Council (GCC), offers Türkiyekey ample opportunity to attract funds. The two leaders also discussed the ongoing geopolitical developments in the region. Erdogan reiterated Türkiye commitment to regional security and expressed the importance of maintaining open channels of communication in order to address shared challenges.
Combatting inflation
Not only does Erdogan hope to strengthen collaboration between Türkiye and its Gulf allies, but he also seeks financial support. Türkiye’s economy has faced significant challenges in recent years, including a growing deficit and inflationary pressures. The Gulf countries are potential sources of investment to support Türkiye’s economic recovery and mitigate these challenges. “Our bilateral trade volume with Gulf countries has increased from $1.6 billion to approximately $22 billion over the last 20 years,” Erdogan said.
Erdogan’s Gulf tour will continue through other GCC nations, including the United Arab Emirates, Qatar, and Kuwait. Each nation presents opportunities for cooperation and investment in industries such as construction, tourism, finance, and technology. These efforts could stabilize Türkiye’s economy and drive sustainable growth in the coming years.
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