JEDDAH: Chairman of the Jeddah Chamber of Commerce and Industry (JCCI) Saleh Kamel demanded Saudi and Turkish businessmen settle any disputes between them through arbitration without recourse to law courts. Speaking at a meeting of the Saudi-Turkish Business Council at the headquarters of JCCI recently, Kamel, who is also chairman of the Islamic Chamber of Commerce and Industry, urged businessmen of both countries to utilize the Islamic chambers to settle their disputes.
“The Islamic chambers have arbitration committees that resolve commercial issues between the member countries on the basis of the Islamic Shariah in a speedy manner while court proceedings to decide on such issues will require a long time,” Kamel said.
The chairman said the trade between the two countries had not grown to match the economic status of the two countries.
“Transport facility is a major factor in the growth of investment and commercial relations between two countries. The shipping lines between Saudi Arabia and Turkey are inadequate for large-scale trade. So the transport facilities, particularly shipping lines, should be supported,” Kamel said.
The JCCI chairman also lamented the poor exchange of trade information between the two countries. “The Saudi-Turkish Business Council should fill that gap by making available a full list of exhibitions, forums and other business promotion activities in the two countries,” he said.
He said he was convinced from his business experience with Turkey over the past 30 years that there were plenty of good investment opportunities there but the obstacle in exploiting them was the lack of information available for the businessmen in the two countries. “Saudi Arabia also has plenty of large and attractive opportunities for foreign investors particularly Turkish companies with their vast potentials and expertise.”
In addressing the meeting, chairman of the Saudi-Turkish Business Council Ghassan Al-Suleiman said relations between the two countries were excellent. “The two countries possess large energy and tourism industries, and could have extensive partnership in these fields particularly with the excellent reputation Saudi petrochemical and metal products enjoy in Turkish markets,” Al-Suleiman said.
Demanding the business council to end all disputes between the businessmen of the two countries, Al-Suleiman stressed the need to increase the volume of trade between the two countries, which grew to SR3.6 billion last year from SR1.3 billion in 2002.
He added that there were 89 joint investment projects in the two countries.
