One of an important growth areas of bilateral relations between Türkiye and Saudi Arabia is the monetary sector, Treasury and Finance Minister Nureddin Nebati mentioned Thursday, inviting Saudi buyers from everywhere in the world, in addition to worldwide buyers investing in Turkish monetary markets, to reap the benefits of the alternatives within the markets.
Nebati was talking on the Türkiye-Saudi Arabia Business and Investment Forum, hosted by the Ministry of Treasury and Finance and arranged by the Foreign Economic Relations Board (DEIK).
He identified that Türkiye’s finance and banking sector is extremely built-in with international monetary markets, has a powerful regulatory and supervisory infrastructure, robust human capital, serves as a pioneer in modern functions and has carried the financial system a lot additional. Nebati added that the sector, which has efficiently handed essential stress checks equivalent to the worldwide monetary disaster and pandemic, was appreciated by international monetary circles and attracted growing curiosity from international buyers.
Stating that this integration with the worldwide monetary markets is definitely some of the essential pillars in boosting the financial system a lot additional, Nebati mentioned: “Our stock market, which has an important place among the emerging markets, continues to offer attractive return opportunities to domestic and foreign investors with its market depth and high liquidity. The strong investor interest in Borsa Istanbul, whose indices have reached historically high levels recently, brings with it daily trading volume records.”
Pointing out that Borsa Istanbul has ranked excessive worldwide in risk-adjusted returns over the previous 12 months, Nebati mentioned: “In addition to its deep-rooted bond tradition, our ministry has been issuing lease certificates, namely ‘sukuks,’ in both domestic and foreign markets since 2012.”
The “sukuk” particularly is an Islamic monetary certificates, just like a bond in Western finance.
Nebati, additional commenting on Türkiye-Saudi Arabia business relations, mentioned, the bilateral commerce quantity, which was $3.7 billion in 2021, elevated to $4.3 billion within the January-October interval of 2022.
“This is pleasing, but we need to act faster to reach our goals,” he mentioned, noting that the commerce quantity is anticipated to succeed in $10 billion in a really quick time they usually goal to extend this determine to $30 billion shortly.
