Turkey eyes Saudi Arabia trade deals

ISTANBUL - Anatolia News Agency

Turkey should increase trade relations with Saudi Arabia, Turkish Economy Minister Zafer Çağlayan said Nov. 25 at the eighth Trade and Corporate Client Conference organized by the Saudi Arabian National Trade Bank in Istanbul.

“Istanbul’s streets are paved with gold,” said Çağlayan, adding that the Turkish government was planning to enact a law that would make it easier for foreigners, including Saudi citizens, to purchase property in Turkey, in order to attract foreign investment to the country.

Çağlayan also expressed his desire for a free trade agreement, saying: “We would like to formulate a free trade agreement with friendly countries: Saudi Arabia and the Gulf countries. Such an agreement would really boost trade between our countries,” said Çağlayan, adding that current trade levels between the countries were inadequate.

“Our trade volume with Saudi Arabia is around $5 million. In the first nine months of this year, we achieved a $4.6 million external trade level. This will become $6 million by the end of the year. I say that two countries with such a close friendship, who share the same values and beliefs, should have trade levels that are not $6 million, but $16 million at the very least or $30 million. I am hoping today’s meeting will act as just such a catalyst,” said Çağlayan