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Saudi-Turkish Agreement to Increase Commercial, Investment Cooperation | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi Minister of Commerce and Investment Dr. Majed Al-Qasabi. SPA

Ankara- The Kingdom of Saudi Arabia and Republic of Turkey have officially signed eight cooperation agreements encompassing a number of investment areas.

Collaboration was decided during the Saudi-Turkish Joint Business Council held on the sidelines of the seventh Bosphorus summit being hosted at Turkey’s Istanbul.

The Saudi delegation, headed by the Minister of Commerce and Investment, Dr. Majed bin Abdullah Al-Qasabi, participated at the meeting– while the Turkish delegation was led by Minister of Economy Nihat Zeybkekci.

Qasabi pointed out that the Kingdom’s Vision 2030 is ambitious, where the Kingdom works on attracting qualitative investments to venture level, support job creation and promote trade between the states, their allies and partners.

The Minister said in a statement to the Saudi state news agency SPA on the sidelines of the Bosporus Summit that “there are many Saudi investments in Turkey as well as there are many Turkish companies operating in the Kingdom.”

He stressed that the participation of ministers and leading figures from at least 90 countries in this summit will bolster the chances of this summit coming out with a future global economic vision to address global challenges.

Turkish President Recep Tayyip Erdogan had launched the summit under the theme “An International Goal an International Future” along with official delegates participating from 70 different countries. Political attendance was taken in labels of heads of state, prime ministers, senior officials and businessmen with the Kingdom of Saudi Arabia invited as guest of honor.

The Kingdom’s delegation to the three-day event was led by Qasabi.

Addressing the gathering, Qasabi voiced Saudi plans to occupy an advanced economic rank by the year 2030 despite the world economic recession, citing key economic reforms projected by the Saudi economy over the coming few years.

He cast light on the Kingdom’s plan to launch a number of oil-independent economic reforms including promising economic sectors and government services, thanking organizers of the event for choosing the Kingdom as guest of honor.

Erdogan disclosed that his country is facing exceptional circumstances that need to be met with exceptional support from partners and international financial institutions.

He drew the attention that the government is launching a package of economic and financial reforms to attract investment.