Türkiye's Simsek to Meet Ratings Agencies, Investors on US Trip

Cargo ships are anchored in the Marmara Sea as they await to cross the Bosphorus, in Istanbul, Türkiye, Sunday, April 13, 2025. (AP)
Cargo ships are anchored in the Marmara Sea as they await to cross the Bosphorus, in Istanbul, Türkiye, Sunday, April 13, 2025. (AP)
TT

Türkiye's Simsek to Meet Ratings Agencies, Investors on US Trip

Cargo ships are anchored in the Marmara Sea as they await to cross the Bosphorus, in Istanbul, Türkiye, Sunday, April 13, 2025. (AP)
Cargo ships are anchored in the Marmara Sea as they await to cross the Bosphorus, in Istanbul, Türkiye, Sunday, April 13, 2025. (AP)

Turkish Finance Minister Mehmet Simsek said he will meet with rating agencies, investors and companies planning to shift supply to Türkiye during a visit to the United States this week.

"I will be in America this week for the IMF, World Bank and G20 meetings. We will meet with rating agencies in New York at the beginning of the week and then with direct investors based in America," Simsek told reporters during a weekend visit to Türkiye's Black Sea province of Giresun.

"We will meet with real sector representatives, especially US companies that plan to shift their supply to Türkiye, especially following recent developments," he said, referring to the tariffs imposed by US President Donald Trump.

Last Friday, Türkiye's overnight interest rate rose to the new upper band of the rate corridor, around 49%, a day after the central bank's surprise policy tightening.

Those moves followed weeks of market turmoil triggered by the March arrest of Istanbul Mayor Ekrem Imamoglu, President Recep Tayyip Erdogan's main political rival, and then the imposition of tariffs by Trump.

Simsek said he would attend around 15 bilateral meetings or meetings organized by investment banks each day in the United States, and would convey the message that Türkiye's economic program will not change.

"In all these meetings, we will say that there is no change in the program, that there is a very strong political will behind the program," Simsek said.



Saudi Arabia Ranks Second in G20 for ICT Regulatory Progress

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
TT

Saudi Arabia Ranks Second in G20 for ICT Regulatory Progress

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Saudi Arabia has secured second place among G20 countries in the UN International Telecommunication Union’s 2024 ICT Regulatory Tracker, marking a significant milestone in the Kingdom’s efforts to modernize its digital regulatory environment.

The achievement underscores Saudi Arabia’s progress in developing a robust regulatory framework for the telecommunications and information technology sectors.

It reflects the country’s commitment to fostering innovation, building advanced digital infrastructure, and implementing effective regulatory tools that support investment and fuel the growth of the digital economy.

The Communications, Space and Technology Commission said the index is designed to assist policymakers and regulators in keeping pace with rapid changes in the sector.

The index evaluates 194 countries based on 50 indicators across four key areas: regulatory authority independence, mandate, framework, and market competition.

The Kingdom’s performance in the ICT Regulatory Tracker adds to a string of international successes in the technology sector.

It has maintained its position as the second-highest ranking G20 nation in the ITU’s ICT Development Index for a second consecutive year. Saudi Arabia also ranked second among G20 countries in the UN’s Telecommunication Infrastructure Index.

Separately, the Ministry of Communications and Information Technology announced on Tuesday that Saudi Arabia was named “Country of the Year” and topped the global rankings for the fastest-growing tech startup ecosystem in the 2024 StartupBlink Index.

Riyadh was recognized as the world’s fastest-growing city in this category.

Saudi Arabia ranked first globally in healthtech, and second in both insurtech and investment tech, as well as in logistics and delivery applications. It placed third in digital payments, fifth in gaming, and seventh worldwide in edtech.

Riyadh also posted the highest global growth rate in innovation and entrepreneurship ecosystems. The capital ranked first in nanotechnology and transportation technology, and second in fintech.

As part of its broader strategic vision, the Saudi government is working to maximize the economic impact of the tech sector. The digital economy now contributes more than SAR495 billion ($132 billion) to GDP, representing 15% of the total. The ICT market size exceeded SAR180 billion ($48 billion) in 2024, creating over 381,000 quality jobs.

Women’s empowerment has been a cornerstone of this transformation. Female participation in the tech sector surged from 7% in 2018 to 35% in 2024, the highest in the region and above the G20 and EU averages.

In the realm of digital government, Saudi Arabia ranked fourth globally for digital services, second among G20 nations, and first in the region.