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Erdogan Reveals Gulf Pledges for Large Investments in Türkiye

Turkish President Recep Tayyip Erdogan will visit Saudi Arabia, UAE, and Qatar (AFP)
Turkish President Recep Tayyip Erdogan will visit Saudi Arabia, UAE, and Qatar (AFP)
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Erdogan Reveals Gulf Pledges for Large Investments in Türkiye

Turkish President Recep Tayyip Erdogan will visit Saudi Arabia, UAE, and Qatar (AFP)
Turkish President Recep Tayyip Erdogan will visit Saudi Arabia, UAE, and Qatar (AFP)

Turkish President Recep Tayyip Erdogan has revealed receiving pledges from several Gulf countries to make significant investments in the country.

Erdogan hoped Thursday investment deals would be reached with Saudi Arabia, Qatar, and the United Arab Emirates during his visit to the Gulf countries next week.

Erdogan spoke to journalists who accompanied him on his return trip from Lithuania, where he participated in the North Atlantic Treaty Organization (NATO) summit.

“There are pledges from Gulf countries ... to pump large investments in Türkiye, and we will put the finishing touches during our next tour. He pointed to several visits by Turkish officials to Saudi Arabia, Qatar, and the UAE to prepare for his visits to the three countries.

Erdogan reiterated willingness to strengthen his country’s ties with Saudi Arabia, Qatar, and the UAE during his visit to the region.

On Wednesday, the Turkish President received a phone call from his Emirati counterpart, Sheikh Mohammed bin Zayed, who said they would discuss the recent developments during their meeting.

The Turkish Finance Minister, Mehmet Simsek, concluded a two-day visit to Saudi Arabia, during which he was accompanied by the Governor of the Central Bank, Hafize Gaye Erkan.

Saudi Arabia and Türkiye signed 16 cooperation agreements worth more than SR2.3 billion in several fields and investment sectors on the sidelines of the Saudi-Turkish Business Forum, which started in Istanbul on Wednesday.

The Forum reviewed the Saudi-Turkish investment opportunities and the enhanced partnership between the two sides in the fields of urban development, building, contracting, and smart cities in cooperation with the Federation of Saudi Chambers (FSC) and the Council for Foreign Economic Relations of Türkiye (DEIK).

The Forum was attended by the Saudi Minister of Municipal and Rural Affairs and Housing, Majed al-Hogail, and Turkish Minister of Trade Omer Polat.

Hogail said the Forum is an opportunity to enhance cooperation, joint work, and exchange expertise in the municipality and housing sectors.

He pointed out that Saudi Arabia is witnessing qualitative progress in different economic and development sectors, of them the municipality and housing sectors, which was achieved through effective strategic planning to realize the goals of Vision 2030.

The Minister expressed his aspiration to strengthen the cooperation between the two sides in real estate development, automation, and infrastructure projects.

Hogail confirmed that Saudi Arabia provides several diverse and promising investment opportunities in a qualitative environment suitable for investment.

Saudi Arabia has started building more than 300,000 housing units in an area exceeding 150 million square meters, with an investment value exceeding SR100 billion, Hogail stated, calling on Turkish companies to invest in real estate development in the Kingdom.

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Japan Says No Plan for Big Concessions in Talks on US Tariffs 

Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)
Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)
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Japan Says No Plan for Big Concessions in Talks on US Tariffs 

Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)
Japanese Prime Minister Ishiba Shigeru speaks at a joint press briefing after his meeting with NATO Secretary General Mark Rutte (not pictured) at the Prime Minister's Office in Tokyo, Japan, April 9, 2025. (Reuters)

Japanese Prime Minister Shigeru Ishiba said on Monday his country does not plan to make big concessions and won't rush to reach a deal in upcoming tariff negotiations with US President Donald Trump's administration.

Japan, a long-time US ally, has been hit with 24% levies on its exports to the United States though these tariffs have, like most of Trump's sweeping "reciprocal" tariffs, been paused for 90 days.

But a 10% universal rate remains in place as does a 25% duty for cars, which is set to be particularly painful. The US is Japan's biggest export destination and automobile shipments account for roughly 28% of its exports there.

The two countries will begin trade talks on Thursday in Washington that are expected to cover tariffs, non-tariff barriers and exchange rates.

"I'm not of the view that we should make big concessions for the sake of wrapping up negotiations quickly," Ishiba said in parliament, though he ruled out slapping Japanese tariffs on US imports as a countermeasure.

"In negotiating with the United States, we need to understand what's behind Trump's argument both in terms of the logic and the emotional elements behind his views," Ishiba said, noting that US tariffs have the potential to disrupt the global economic order.

Bank of Japan Governor Kazuo Ueda warned of forthcoming pain.

"US tariffs will likely put downward pressure on the global and Japanese economies through various channels," Ueda told the same parliament session.

In addition to its large trade surplus with the US, Trump has also accused Japan of intentionally maintaining a weak yen - leading to expectations that Tokyo could come under pressure to strengthen its currency - even though a broad dollar sell-off has pushed up the yen of late.

The slow pace at which the Bank of Japan is raising borrowing costs from ultra-low levels could also come under fire in the talks, sources have previously said.

Economy Minister Ryosei Akazawa, who will lead Japan's delegation, said any discussion on currency rates will be held between Japanese Finance Minister Katsunobu Kato and US Treasury Secretary Scott Bessent.

"Both countries share the view that excessive market volatility would have adverse effects on the economy," Kato said.

Any discussion on the yen may spill over to monetary policy and complicate the BOJ's decision on how soon, and by how much, it should raise still-low interest rates.

Akira Otani, a former top central bank economist who is currently managing director at Goldman Sachs Japan, said the BOJ could consider halting interest rate hikes if the yen were to approach 130 to the dollar.

Conversely, a yen slide below 160 could bring forward or accelerate future rate hikes, he said.

The dollar fell 0.62% to 142.62 yen on Monday.

Japan has historically sought to prevent its currency from rising too much, as a strong yen hurts its export-reliant economy. But a weak yen has become the bigger headache in recent years as it has boosted import costs and hurt consumer spending.

Ruling and opposition party lawmakers have escalated calls for the government to cut tax or offer cash payouts to cushion the economic blow from rising living costs and Trump's tariffs.

Ishiba said the government is not thinking of issuing a supplementary budget now, but stood ready to act in a timely fashion to cushion any economic blow.