KSA, Turkey to boost commercial ties

M. Mustafa Goksu

An apex commercial agency of the Turkish government — Investment Support and Promotion Agency (ISPAT) — has intensified efforts to promote investments in Turkey, and to work closely with Saudi Arabia within the framework of the Saudi Vision 2030. This was recently disclosed by Riyadh-based ISPAT representative, M. Mustafa Goksu.
Goksu said: “ISPAT has also been working to attract investment for Saudi Arabia to support the country to achieve objectives of Vision 2030. In that respect ISPAT and SAGIA are two partners that can help each other to realize the objectives ... Turkey needs a strong friend and an ally like Saudi Arabia to work with and to attract investment from.”
He added: “Considering the current geopolitical problems and their sharing a common destiny, as two Muslim countries, Saudi Arabia and Turkey are required to further promote their relations in every manner for their mutual benefits. Both countries can work together on every level and in different fields to reach their targets for the betterment of their societies. Huge potential is available to improve the bilateral trade and investment and deepen the special economic relationship between these two countries.”
Available statistics indicate that Saudi investors have expressed keen interest to invest in Turkey, which in turn will help Ankara accomplish its objectives. Currently, there are 1,036 companies in Turkey spread over 45 different sectors, which have Saudi investment.
Last year, there were only 744 companies, which means there has been a 40 percent increase in the number of such newly set up companies.
Goksu said both countries share similar vision to boost commercial ties. He said that Saudi Arabia and Turkey are regional partners as much as they are global powers in their special domains, which makes them unique in terms of their strengths. “Their leaders decided to further develop their countries by using their development plans. In addition to serving the two holy mosques, Saudi Arabia aims to extend its capabilities of being an investment powerhouse and a hub connecting three continents,” Goksu added.