President Recep Tayyip Erdoğan is embarking on a visit to the Gulf this week, marking his first post-reelection multicountry tour that’s anticipated to yield new agreements to additional diplomacy and financial cooperation with the area.
The three-day tour comes after Erdoğan secured reelection in late May and builds on Ankara’s diplomatic efforts since 2021 to normalize strained ties with Saudi Arabia and the United Arab Emirates (UAE) and can search to develop its already sturdy partnership with Qatar.
Erdoğan is scheduled to reach in Jeddah on Monday, the place he’ll meet Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman (MBS).
He is anticipated to journey to Doha on Tuesday and maintain talks with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani.
Erdoğan’s final cease would be the United Arab Emirates. He is scheduled to satisfy President Sheikh Mohamed bin Zayed Al Nahyan (MBZ) in Abu Dhabi on Wednesday.
The tour will goal at additional strengthening relations with the three nations, Erdoğan mentioned forward of the tour.
“We would like to further strengthen all kinds of relations between us by traveling to Saudi Arabia, Qatar and the UAE,” he instructed reporters final Wednesday whereas getting back from a NATO summit in Lithuania.
Ahead of the presidential runoff that finally prolonged his rule into the third decade, Erdoğan careworn his intention to satisfy and thank leaders of the Gulf international locations he mentioned had not too long ago despatched funding to Türkiye, serving to relieve the central financial institution and markets. He didn’t identify the international locations nor specify when or how a lot financing arrived in Türkiye.
Ankara has secured some $28 billion in foreign money swap offers in recent times with the United Arab Emirates, Qatar, China and South Korea, most of that are believed to be within the Turkish central financial institution’s reserves.
Turkish officers have mentioned they count on new investments from Gulf states quickly after Vice President Cevdet Yılmaz and Treasury and Finance Minister Mehmet Şimşek traveled to the UAE and Qatar forward of Erdoğan’s journey and held talks with high officers and their counterparts.
Şimşek and Hafize Gaye Erkan, the brand new governor of Türkiye’s central financial institution, final week traveled to Saudi Arabia to satisfy with officers and buyers.
“We have hope in this visit. I sent my friends ahead of time. They visited Saudi Arabia, Qatar and the UAE. We will visit (these countries) with a delegation,” Erdoğan mentioned final week.
“During the preliminary visits, our associates gave sure info. During our go to, we can have the chance to see and expertise the assist they may present Türkiye personally.
“In our previous meetings, they said: ‘We are ready to make significant investments in Türkiye.’ We will finalize this through this visit,” the president famous. He added that these investments may very well be in Türkiye, Saudi Arabia, Qatar or the UAE.
Türkiye expects Gulf international locations to make direct investments of about $10 billion initially in home belongings as a part of Erdoğan’s journey; two senior Turkish officers instructed Reuters earlier this month.
Overall investments of as much as $30 billion are anticipated over a extra prolonged interval in Türkiye’s vitality, infrastructure and protection sectors, the sources, who spoke on situation of anonymity, given the talks are non-public and offers will not be but finalized, mentioned.
Direct investments value about $10 billion “should come within a short time and this is crucial,” mentioned one of many officers. “Expectations are high for the Gulf visit. Some important agreements will be signed.”
Türkiye’s Trade Minister Ömer Bolat final week mentioned the UAE may make investments of as much as $30 billion in a number of areas.
More than 200 businesspeople will likely be accompanying Erdoğan on his Gulf journey this week, in line with the Foreign Economic Relations Board (DEIK), which will likely be organizing expansive business boards within the three international locations.
The business world anticipates discussing billions of {dollars} value of collaboration agreements in sectors corresponding to building, housing, digital applied sciences, vitality, tourism, well being care, meals, agriculture, transportation and finance, mentioned DEIK Chair Nail Olpak on Saturday.
Expressing optimism about revitalizing financial relations and forming stronger partnerships, Olpak additionally mentioned they count on a big enhance in mutual investments within the brief time period.
“Our relations with Qatar have always been good. The bridge of dialogue and friendship, which has changed positively with the UAE and Saudi Arabia since last year, has quickly started to reflect on our economic relations,” he famous.
“Now, as we open the doors to a new era together, we see that bilateral economic relations are reviving, and even stronger and more vigorous partnerships are being formed, leaving behind the old days.”
Olpak mentioned the cooperation they’re aiming at will carry bilateral commerce volumes with all international locations within the area a lot greater.
“We are hearing the footsteps of new export records for the coming period,” he famous.
Türkiye’s exports to Saudi Arabia reached $1.5 billion as of the top of 2022, with a complete commerce quantity of practically $6 billion. Olpak mentioned the aim is to succeed in $10 billion within the brief time period and finally $30 billion in the long run.
In phrases of Qatar, exports amounted to $1.5 billion on the finish of final yr, and the present whole commerce quantity is round $2.2 billion. Olpak careworn the goal of reaching $5 billion within the first stage.
Regarding the UAE, Olpak mentioned exports reached $5.3 billion in 2022, with a complete commerce quantity of roughly $10 billion, emphasizing the goal to quickly carry these figures additional.
Olpak mentioned whereas commerce was vital and had better potential, the aim this time was not restricted to that alone.
“We have made targeted initial contacts in areas such as mutual investments, partnerships in existing and new projects, acquisitions, takeovers and collaborations in third countries, as well as large-scale housing projects,” he famous.
“Our aim is to achieve good and high-volume results, and we believe that we will achieve it.”
Source: www.dailysabah.com
