The Federation of GCC Chambers announced that the second Gulf–Turkey Economic Forum would take place on November 1 and 2 to strengthen economic relations between Turkey and the Gulf Cooperation Council states and increase trade.
The Emirates News Agency quoted the federation’s secretary-general, Abdulrahim Naqi, at a press conference at the Bahrain Chamber of Commerce and Industry. He said the forum, organized with the Bahrain chamber and the Union of Chambers and Commodity Exchanges of Turkey, would also promote investment and commercial opportunities on both sides and strengthen communication between Gulf businesspeople and their Turkish counterparts.
Naqi said the federation and its Turkish partner had successfully organized the first Gulf–Turkey forum in Istanbul on February 5–7, 2012, with 500 businesswomen and businessmen from GCC countries across different sectors and their counterparts from Turkey.
The second forum aims to strengthen relations between Gulf and Turkish investment institutions, bring together officials and businesswomen and businessmen from both sides, and introduce investors to Turkey’s available incentives and opportunities. It also seeks to strengthen the private sector’s role in sustainable development, remove obstacles, diversify Gulf investments abroad, and open new markets for Gulf exports.
Naqi said Gulf–Turkish relations had developed across all economic fields. Gulf states continually seek to benefit from successful economic experiences, including Turkey’s, which has positively influenced the relationship.
He said trade between the GCC states and Turkey rose from $1.5 billion in 2002 to $16 billion in 2014. Direct investment flows from GCC countries into Turkey totaled $2.8 billion between 2010 and 2014.
Turkish exports to the UAE accounted for 3.3% of Turkey’s total exports, and those to Saudi Arabia for 2.1%. They consisted of consumer goods, textiles, clothing, glass and stone. Saudi Arabia supplied 10% of Turkey’s total oil imports in 2014, ranking third after Iraq and Iran.
Naqi added that most Gulf investment in Turkey came from the private sector, including Dubai Towers, Bahrain’s Investcorp, Qatar’s Doha Bank and Al Mana, the UAE’s Emaar, and Saudi Oger Telecom.
He said construction projects carried out by Turkish companies in the Gulf totaled about $40 billion in 2014, including $12.5 billion in Saudi Arabia, $112 billion in Qatar, $8.5 billion in the UAE and $5.5 billion in Oman.
He also noted the presence of several Gulf banks in Turkey, including Burgan Bank, Commercial Bank of Qatar, Al Baraka, Kuwait Finance House and the National Bank of Kuwait.