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15 July 2024

GCC, Turkey to discuss investment

By Staff

Scores of officials and businessmen from Gulf hydrocarbon producers and Turkey will gather in Istanbul at the end of January for a conference that will cover economic links and joint investment.

Turkish Prime Minister Recep Tayyib Erdogan will open the January 30-31 forum which will attract government delegates, businessmen and industrialists from the six-nation Gulf Cooperation Council (GCC) and Turkey.

The meeting will include several debates and workshops on ways to expand trade between the two sides and explore fresh investment opportunities for both GCC and Turkish businessmen.

“Investment projects to be discussed at the conference cover many sectors, including oil and gas, transport, banking, farming, industry, construction, real estate, and Islamic finance,” said a statement by the Saudi-based Federation of the GCC Chambers of Commerce and Industry.

Turkey, the world’s 15th largest economy, already has strong commercial and investment ties with the GCC, with two-way trade exceeding $15bn in 2010. The balance has remained largely in favour of Turkey, with its exports to the region peaking at nearly $15bn last year.

“GCC investments in Turkey have remained relatively low compared to the size of FDI flow into that country, estimated at $12.5bn last year,” said the statement, sent to ‘Emirates24|7’.

In a recent study, National Commercial Bank of Saudi Arabia estimated the GCC’s total investment in Turkey at around $10bn. It said the UAE is the largest GCC investor in Turkey, with its assets standing at $4bn.