<\/p>\n
The head of the Turkish Contractors Association, Medhat Yenig\u00fcn, called for cooperation between Turkish contractors and real estate developers in the Kingdom, noting that these demands came as a result of the failure to activate the agreements signed between Turkish and Saudi contractors three years ago, which did not result in any projects on the ground.<\/p>\n
For his part, Turkish Development Minister L\u00fctfi Elvan noted the great opportunities for economic integration between the Kingdom and Turkey, given the size of the foreign trade of both countries, which totals approximately $700 billion, while the trade exchange between them only amounts to $6.5 billion. He emphasized that Turkish technology can be brought to the Kingdom to help establish industries that meet the needs of the Saudi market, which is in line with the Kingdom\u2019s Vision 2030.<\/p>\n
This came during the meeting of Saudi and Turkish contractors held on the sidelines of the Saudi-Turkish Business Council, which addresses the obstacles faced by Saudi investors in Turkey, including bureaucracy and legal issues. The Turkish side\u2019s demands focus on facilitating visa procedures.<\/p>\n
In addition, Turkish Development Minister L\u00fctfi Elvan, during the meeting, pointed to the great convergence in the policies of the two countries regarding various issues, stating that the Kingdom and Turkey possess a strong economic infrastructure, but the volume of trade between them is below expectations. He called for the establishment of joint industries and the construction of factories for the production of automobiles and spare parts using Turkish technology, instead of importing these industries from abroad by the Kingdom.<\/p>\n
He promised to work to resolve all the obstacles that hinder the progress of the trade and investment relations between the two countries and to support the signing of the free trade agreement between Turkey and the Gulf Cooperation Council countries.<\/p>\n
The meeting emphasized the need for the Kingdom and Turkey to work to strengthen their economic cooperation to confront the surrounding circumstances and to increase competitiveness and take advantage of the great opportunities available for cooperation and the political will in various economic fields such as tourism, agriculture, industry, real estate, and others.<\/p>\n
On the other hand, the Secretary-General of the Saudi Chamber of Commerce and Industry, M. Omar Al-Habliyah, said that the investment environment in the Kingdom is open to all partners and friends, noting that there are opportunities for cooperation between the Kingdom and Turkey, and that Turkish technology can meet many of the needs of the Saudi market, and in turn, Vision 2030, which focuses on attracting foreign investments, represents a great opportunity to increase Turkish investments in the Kingdom.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span> The President of the Turkish Contractors Union, Medhat Yenigun, called for the necessity of cooperation between Turkish contractors and real estate developers in the Kingdom, pointing out that these demands came as a result of the failure to activate the agreements signed between Turkish and Saudi contractors three years ago, which did not result in any projects on the ground. For his part, Turkish Development Minister Lotfi Alwan ... 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