Saudi Finance Minister Ibrahim Abdul Aziz Al-Assaf said Thursday Saudi Arabia would invest a total of $400 billion in Turkey in four years, the semi-official Anatolia news agency reported. Al-Assaf made the remarks at a joint press conference with Turkish Finance Minister Mehmet Simsek in the Turkish capital of Ankara, noted that the two countries planned to organize a forum for joint investments. He said the two countries had great potential in the areas of economy and commerce, adding the governments of two countries should provide opportunities for the private sector. Turkey and Saudi Arabia were determined to boost their bilateral trade volume up to $10 billion, Al-Assaf said. Al-Assaf invited Turkish businessmen to make investments in Saudi Arabia, vowing to solve the problems faced by businessmen in investments. For his part, Simsek said Turkey wants to draw funds from the Gulf countries to finance its current account deficit. “The Gulf is a region which has current account surplus. Turkey on the other hand is a dynamic fast growing country which relatively has a savings gap. Turkey and the Gulf region can complement each other,” Simsek said. He added that the financial crisis increased the importance of regional cooperation.
