The Gulf Cooperation Council (GCC) countries are keen to strengthen economic and trade cooperation with Türkiye based on the depth of the brotherly relations between the two sides, announced GCC Secretary-General Jasem Albudaiwi.
The GCC-Türkiye Economic Forum kicked off in Istanbul on Sunday with the participation of many Gulf and Turkish officials and business owners.
The Forum, organized by the Gulf Research Center and the Turkish International Cooperation Platform with the support of the GCC and the Federation of Council Chambers, aims to enhance bilateral cooperation and boost trade exchange between the two sides.
In his speech, Albudaiwi stressed that the Forum "creates an opportunity to adopt and promote a common understanding to deal with the challenges of the economy and global stability."
Enhancing cooperation
He pointed out that the Forum creates an opportunity to adopt and promote a common understanding to deal with the challenges of the economy and global stability.
He added that it boosts future opportunities and confronts current challenges through cooperation, innovation, and a focus on overcoming difficulties between sectors and industries.
He stressed that the Forum works towards achieving sustainable economic growth, noting that the trade exchange between the GCC countries and Türkiye amounted to $22 billion in 2021.
The Forum focuses on economic issues and benefits from significant investment opportunities and potentials in many fields on both sides, remarked Albudaiwi.
The event targets several economic fields related to trade, investment, industry, logistics services, infrastructure, agriculture, food, and sports with the participation of several senior officials, decision-makers, and businessmen in the GCC countries and Türkiye.
The Forum will be an ideal opportunity to explore potential areas of cooperation and raise the value of trade exchange between the two sides, which will benefit the economies of the GCC countries and Türkiye and increase the well-being of their people, asserted Albudaiwi.
He stressed that the GCC Ministerial Council, in its 155th session held in March 2023, resumed the strategic dialogue between GCC and Türkiye, where the Joint Action Plan between the two sides (2023-2027) was adopted.
Benefit from diversity
Meanwhile, Turkish Minister of Treasury and Finance Mehmet Simsek said at the Forum that the risk premium index in Türkiye fell to less than 400 basis points, which stood at 700 points in May.
The level of decline means that investor confidence is increasing, which will lead to capital inflow.
Moreover, he stated that his country boasts advanced capabilities in the industry field due to production diversity and Türkiye being in a vital position to access European and Central Asia markets.
Increasing cooperation between parties through ways such as free trade agreements will contribute to diversifying the production of the GCC countries, accelerating mutual trade and investments, and increasing the potential of other sectors such as tourism and construction, Simsek added.
He explained that the medium-term economic program made significant progress in the past few months.
He pointed out that economic authorities are implementing firm reforms to ensure price stability and reduce inflation to single digits to attract more investors and create lasting financial stability.
