Middle-east Arab News Opinion | Asharq Al-awsat

Turkish Officials: State of Emergency will not Affect Gulf Investment | ASHARQ AL-AWSAT English Archive 2005 -2017
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Media ID: 55355071

People react near a military vehicle during the attempted coup in Ankara, Turkey. REUTERS/Tumay Berkin

Riyadh-In light of the recent abortive coup, Turkey’s government confirmed that foreign investment in the country remains unaffected. Gulf and Saudi investment in Turkey continues to flow undisturbed by the newly raised state of emergency.

Turkish authorities state that investment laws will not be subject to change despite the announced state of emergency and its entailed measures.

Senior Turkish Adviser Dr. Mustafa Kokso told Asharq Al-Awsat newspaper that emergency measures affect local citizens solely and not tourists. Only those who partook in the unsuccessful coup will be, especially ranking officials, will be afflicted.

Saudi investment mounts to 75 percent of the total of Gulf investment in Turkey.

Saudi shares in Turkish companies overweigh those of which the latter owns in Saudi markets. A $1.6 billion Saudi investment is pumped into 350 Turkish companies facing a $938 million worth of Turkish investment flowing in Saudi economy.

On that note, the size of Saudi-Turkish trade exchange has witnessed sustainable development over the last decades. In the 2002-2012 interval, bilateral commercial trade increased six folds reaching $8.1 billion. But it retracted in 2009 to $3.5 billion due to the world economic crisis.

Turkish exports to Saudi Arabia increased at an annual 21 percent rate throughout 2002-2012.

Turkish imports from Saudi Arabia also increased during that interval, reaching $4.4 billion, which is equal to a 19 percent annual increase.

Kokso added that the Turkish investment law remains unaffected by the failed coup, and that the raised state of emergency was a necessary evil to protect the country’s political stability. And that doesn’t project itself in any manner onto Turkey’s commerce or tourism.

“Life remains normal in Turkey, airports are receiving tourists from around the world; hotels and resorts have their gates open for guests,” said Kokso.

Deputy Prime Minister of Turkey Numan Kurtulmus also reiterated that the economy’s dynamics will remain untouched.

“This is a measure which will not influence Turkey’s economy, all economic systems will continue to work unpretentiously; there will be no government interference in the free market system, and the subject is not even relevant.”

Kurtulmus expressed his anticipation for the state of emergency coming to an end as soon as possible.“We hope that the raised state of emergency in Turkey ends in the shortest time possible, and that life in the country returns to its norm.”

“I do not know, it could last from 30 to 45 days, yet we are spending all efforts to end the state of emergency in the closest time possible,” he added.

The Turkish Deputy Minister highlighted that the country will refer to its entitled right by article 15 of the European Convention on Human Rights, proving and reassuring that state action in Turkey concerning emergency will not violate the convention.