The Turkish government hopes to open another door as US and European markets continue to struggle against the global financial crisis. A committee formed by top Turkish officials is set to tour the Gulf countries, seeking to secure liquidity by luring in much needed investment funds. In an environment where global external financing conditions are getting tougher by the minute, Turkey will focus on investment funds in the Gulf countries, estimated to be worth $2.5 trillion. A committee formed by Turkey's top-level officials in search of luring in investment and liquidity is planning to tour the Gulf countries, mainly Saudi Arabia, Kuwait and the United Arab Emirates. The committee will invite Saudi Arabia's investment fund, which is considered to be the world's largest sovereign wealth fund, as well as other investment funds in the Gulf to invest in Turkey. Besides the giant investment fund Saudi Arabia is expected to set up, Turkey also aims to lure in an annual investment of at least $10 billion to $15 billion. Officials will highlight the fact that Turkey, a country that is implementing many structural reforms during its accession process to the European Union, is also a “corridor” in transporting energy sources to the West, reported Anatolia News Agency. The committee will also inform investment funds of the opportunities in Turkey and propose that Turkish firms, in collaboration with Gulf capital, can create new joint investment ventures in the area. Meanwhile, Gulf investment funds have shown interest in the telecommunications, energy, retail and logistics sectors in Turkey. Asset-backed securities, or VDMK, are also an area of interest for Gulf investment funds seeking joint investment opportunities. Gulf investment funds could provide a lot of benefit to Turkey in meeting its liquidity needs, said the officials.
