The office of the Turkey Prime Ministry Investment Support and Promotion Agency (ISPAT) is the official agency for promoting Turkish investment opportunities on the regional and international levels.
"ISPAT will render all support to the Saudi business community and provide assistance to investors before and after their entry into Turkey," said Alpaslan Korkmaz, ISPAT president, who was in Riyadh to attend the official inauguration of ISPAT's chapter on Sunday. The opening ceremony was attended by a number of Saudi and Turkish officials and businessmen including Turkish Ambassador Ahmet Muhtar Gun and ISPAT representative for Gulf countries Aydin Aydoga.
Speaking on the occasion, Ambassador Gun said there was a need to encourage the private sectors of the two countries to use "their great potentials and forge closer ties" in the commercial sector.
"The trade volume, which is still not satisfactory, can be increased to $10 billion within a few years from now, if the two sides work together," said the diplomat, while calling on Saudis to invest in Turkey. On the other hand, he said, Turkey is "a dynamic fast growing country," an ideal location for Saudi investment.
Korkmaz called on Saudi businessmen to invest in a range of sectors, including agro-business, food processing and housing. "We need every year about 100,000 new housing units in Turkey," said the ISPAT chief, calling on Saudis to join hands in the housing sector.
On the other hand, Turkish contractors and companies can work together in the Saudi defense sector, the high-tech industry as well as infrastructure projects, he added.
"Turkish contracting firms have completed projects worth $7 billion in Saudi Arabia thus far," said Korkmaz, emphasizing the importance of healthy and sustainable bilateral commercial cooperation.
Saudi investments in Turkey have been minimal so far. Korkmaz said communication and construction industries are two promising sectors in which the two countries could work more intimately. He said Turkey was developing modules for agro-business to be presented to the Saudi side within the next two months.
On the investment front, he said, "Seventy percent of the FDI came to Turkey from the EU in a few years, the rest from the US and Japan, but very low investment from the GCC countries."
Korkmaz said ISPAT operates with a network of 15 representatives in 21 countries, offering an extensive range of services to investors through a one-stop shop approach and assists them in obtaining optimum results from Turkey.
Turkey opens office to attract Saudi investors
Publication Date:
Mon, 2010-04-05 23:12
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