Saudi Crown Prince Mohammad bin Nayef, along with his entourage, has begun a two-day visit to Turkey to hold talks on strategic cooperation.
The visit, which ends on 30 September, is described as a platform where the groundwork for strategic cooperation among Turkey, Saudi Arabia and the Gulf region will be laid. According to the Investment Support and Promotion Agency of Turkey (ISPAT), Turkey will also address free trade agreements both with Saudi Arabia and other Gulf countries during the meetings. In addition to being the leading oil-producing country in the world, Saudi Arabia is the largest economy in the Gulf region.
Turkey-Saudi Arabia Business Council President of the Foreign Economic Relations Board (DEİK) said a strategic workshop will be established between the two countries, adding that a delegation from DEİK and the Turkish Exporters’ Assembly (TİM) will visit Saudi Arabia from Oct. 5 to Oct. 6 under the auspices of the Development Ministry. Stressing that Turkey’s innovative facilities and strong economy coupled with Saudi Arabia’s strengths in finance complement each other in the current regional conjuncture.
As part of the visit, Prince Mohammad will meet with the CEOs of Turkey’s leading companies to discuss possible investments to be made in Saudi Arabia.
Having run a record budget deficit of $98 billion due to falling oil prices last year, Saudi Arabia set an economic and social roadmap for major change by 2030. Thus, the Saudi authorities aim to reduce the country’s economic dependency on oil to a large extent. Titled “The Vision 2030,” the reform package includes privatization and the reduction of incentives.