JEDDAH, 27 March 2006 — Investment opportunities in Saudi Arabia and Turkey, and potential areas for further expanding bilateral trade were highlighted at a Saudi-Turkish businessmen’s meeting at the Jeddah Chamber of Commerce & Industry yesterday.
Presentations on the role of Saudi Arabian General Investment Authority (SAGIA) and the ambitious King Abdullah Economic City marked the event that was attended by a 50-member Turkish business delegation from the Istanbul Chamber of Commerce (ICC). The visiting team includes representatives from construction, textile, banking, trade, tourism, automotive, manufacturing, and food and beverages sectors. Saudi-Turkish Business Council Chairman Dr. Ghassan Al-Sulaiman and Ali Bayramoglu, chairman of the council’s counterpart organization in Turkey, spoke about growing bilateral relations and outlined how they could be exploited for furthering business and commercial interests.
“The Kingdom’s image remains strong,” Dr. Al-Sulaiman said and added that the buoyancy in its economy and strong image worldwide had enabled it to enjoy the role of leadership, especially in the Gulf and the region. “The Kingdom has been exporting food items, particularly dairy products all over the Gulf and has emerged as a food processing hub,” he said, adding that the food sector offered promising opportunities for investment and partnerships for Turkey.
Al-Sulaiman recalled the visit of a Saudi business delegation to Istanbul that he headed in the recent past as the JCCI chairman and mentioned the projected visit of another Saudi mission to Turkey in September. He urged Turkish businessmen to liaison through the JCCI for all their business needs including finding their local partners.
Dogan, who was his country’s consul general here in the late ‘90s, said he had been working as a catalyst to bring the business communities of the two countries closer. “Both countries can complement each other and promote stronger commercial interests,” he said. “We’ve been offering five-year multiple visas for Saudi businessmen. There has been no change in the Turkish visa procedure and anyone having problem should get in touch with him in Riyadh and the consul general here,” the ambassador added.
ICC Chairman Murat Yalcintas is leading the Turkish delegation, which also had individual meetings with Saudi investors and businessmen at the chamber.
The trade volume between the two countries reached $2.59 billion in 2005 (until November). The Kingdom’s exports to Turkey were $1.75 billion, while its imports from Turkey totaled $840 million.
Additionally, a separate group of Turkish experts form relevant governmental bodies are in the city in an effort to furnish to local investors and businessmen with extensive and practical information regarding business and investment opportunities in their country. The group includes high-ranking officials from Turkish Privatization Authority, Turkish Treasury (Directorate-General of Foreign Investments), Administration for Southeastern Anatolian Project, Turkish Contractors’ Association and Foreign Economic Relations Board.
