World Economy

Turkey Eyes $70b Trade With Arabs

Turkey Eyes $70b Trade With ArabsTurkey Eyes $70b Trade With Arabs

Turkey is seeking to increase the trade volume with Arab countries to $70 billion in 2017. The head of the Turkish-Arab Countries Business Association, Sabuhi Attar, said on the sidelines of a fair in West Turkey’s Izmir city that Turkish-Arab relations are witnessing strong collaboration since 2003, which reflects positively on economic cooperation.

The trade volume between Turkey and Arab countries stood at $9 billion in 2003 and increased fivefold. This figure will be $70 billion in 2017, he said, Albawaba reported.

Attar said that Turkey and Arab countries have strong relations with ongoing partnerships, recalling that Ankara has collaborated with many Arab countries, especially Saudi Arabia, Qatar, Bahrain and Kuwait.

According to Turkish Economy Minister Nihat Zeybekci, trade between Turkey and Arab countries reached $53 billion at the end of 2014, and is expected to increase to $70 billion in 2017.

The minister said his country is working on establishing a Turkish industrial zone in Iraq and is seeking to create economic zones in all Arab countries.

Turkey is also seeking to improve economic relations with (Persian) Gulf Cooperation Council Arab states and culminate them with a free trade agreement as soon as possible.

“When it comes to trade, investment and industry, stability is required,” he said, adding, “If there is no stability, investments will slow down. In such times, we are trying for more collaboration and guidance with our businesspeople so that this tempo will not fall. We are trying to create more projects.”

Noting that Arab countries mostly invest in the construction sector, Attar said the investment projects in the tourism, food, and textile industries have also been drawn up.


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