Turkey seeks Gulf investment at summit

Friday, April 11, 2014

ISTANBUL - Addressing attendees at the International Investment Summit in Istanbul, Ahmet Aksu, chief of Turkey's privatization administration, said the country expects foreign investment in the energy and real estate sectors.

The summit, mainly hosting businessmen from Gulf countries, is showcasing opportunities in Turkey including three thermal plants, a hydropower station and real estate as part of a policy to revive unproductive governmental corporates and to earn from sales of land holdings.

Turkey privatized assets have been estimated at nearly US$60 billion for the first time since 1986. According to Aksu, US$52 billion has been earned from privatization in the last 11 years under Turkey's ruling AK Party government while Saudi Arabia's former deputy of commerce commented that the trade volume between Saudi Arabia and Turkey has reached US$9 billion annually as bilateral relations have been boosted.

Abdulrahman Al Zamil, chief executive of the Zamil Industry Group, believes Turkish investors should consider Saudi Arabia's food sector as imports make up 90 percent of the country's US$70 billion food market.

At the opening ceremony of the summit, Turkish Finance Minister, Mehmet Simsek, called on the attendees to consider investing in Turkey, promising a stable economy and growth in a calming political atmosphere, despite side-effects of regional tensions and financial shift from emerging market to developed countries, which troubles Turkish economy. 

Last week, Turkish President Abdullah Gul called on investors from Kuwait, Qatar, Saudi Arabia and the United Arab Emirates to boost their investments and cooperation with Turkey.

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