Jeddah – Saudi Turkish Cooperation Council revealed that it had begun discussing several agreements that were inked during the two-day visit of Crown Prince Mohammed bin Nayef to Ankara, which concluded on Friday.
Head of the council Mazen Rajab told Asharq al-Awsat newspaper that the council will conduct a series of meetings to discuss possible opportunities in the Saudi-Turkish business sector.
The endorsed agreements were mainly in the fields of manpower cooperation, science, culture, cooperation among mass communication channels like radio and television, and a memorandum of understanding in the cultural field.
Rajab added that the agreements will increase the trade exchange between the two countries which reaches $8.5 billion. He also stated that Saudi investments in Turkey have increased 300% last year.
For his part, vice president of Jeddah Chamber of Commerce Ziad al-Bassam told Asharq al-Awsat that the agreements signed will enhance cooperation and increase the opportunities in the Saudi business sector.
He explained that signing agreements at the official level will eliminate obstacles that were limiting joint agreements.
Turkish investors are expected to visit Saudi Arabia with the goal to increase cooperation between companies of the private sector and boost trade exchange.
Economic reports expect Saudi investments in Turkey to exceed $500 billion. In addition, 88% of Turkish exports to Saudi Arabia are industrial products. Turkey depends on Saudi oil to meet its demands.
The council issued recently “Investor’s Guide” that showed investment opportunities and a preview of the industrial projects.
The council works on enhancing cooperation, strengthening cultural ties, and bolstering economic ties between Saudi Arabia and Turkey.