Today.Az » World news » Arab- Turkish trade ties bear more potential
07 December 2011 [13:13] - Today.Az
Trade and business relations between Turkey and the Arab world is below the desired level, says Turkish Minister Nihat Ergün. Conflicts and wars has costed trillions of loss for countries in the region, adds a top business representative.
Despite a recent acceleration in the last decade, trade and business ties between Turkey and Arab countries bear greater potential, according to the Turkish industry minister who said trade with Syria will improve when unrest settles.
“We should work to bring the [mutual trade] figure up to $100 billion in the next five years,” said Turkey’s Science, Industry and Technology Minister Nihat Ergun during his speech at the Turkish-Arab Industrialist Cooperation Conference in Istanbul.
Turkish-Arab trade volume has reached approximately $33 billion annually, Ergun said. The improvement in relations between Turkey and Arab states was of great importance in terms of stability in the region, Ergün said, adding that parties may reach common regional goals thanks to stronger ties.
Countries in the Middle East, including Turkey, lost nearly $12 trillion due to chronic conflicts, clashes and wars in the region in the last 20 years, according to Rifat Hisarcıklıoglu, head of the Turkish Union of Chambers Commodities Exchanges (TOBB).
“If we could promote entrepreneurship in our countries, improve democracy, then the people shouting in Tahrir Square, Tunisia and Libya would calm down,” Hisarcıklıogu said during the Istanbul event. These great losses could rather be used in developing infrastructure, education and employment in Muslim countries, he said.
Turkey attracted nearly $7 billion in Arab investments between 2002 and 2010 and “this should not be considered enough,” said Hisarcıklıoglu. “The investment by Arabs is still not at a desirable level yet.” The total number of Arab tourists visiting Turkey increased to 2 million last year from 348,000 in 2000, he said.
/Hurriyet Daily News/
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