Turkey Urges Arabs to Boost Investments

Turkey Urges Arabs to Boost Investments

Friday, 12 January, 2018 - 14:15
A man leaves Turkey's Central Bank headquarters in Ankara, Turkey, April 19, 2015. REUTERS/Umit Bektas
Ankara- Said Abdul Razek
Turkey’s Development Minister Lutfi Elvan urged on Thursday Arab countries to make investments with Turkey for the benefit of everyone involved.

“We don't say, 'We produce and you buy.' Let's establish companies together,” Lutfi Elvan told the Turkish-Arab Economy Summit in Turkey's Mediterranean province of Mersin. “Come from Yemen, Saudi Arabia, Kuwait and Lebanon and other countries and let's work with Turkish firms and let's win and boost our welfare. Let's produce and market and win together,” he added.

Elvan said Turkish and Arab communities have strong social, cultural, religious and economic ties, adding that seventeen countries attended the summit, including Yemen, Lebanon, Iraq, Syria, Jordan, Algeria, Morocco, Tunisia, Kuwait, Saudi Arabia, Palestine, Bahrain, Qatar, Egypt, Libya, and the Turkish Republic of Northern Cyprus.

He also said Turkey’s economy showed the best growth performance worldwide in the third quarter of 2017 with 11.1 percent.

Turkey intends to issue US-pegged bonds through three banks during 2018, as part of the lending program in the country. The three banks are: Citigroup, Deutsche Bank and HSBC, knowing that the last issuance of US-bonds took place ten years ago -- it was worth USD3.25 billion with a revenue of 5.09 percent per day.

Fitch Ratings expected Turkey's economy to grow by 4.8 percent annually on average in the next five years. The country’s strong growth rate “hinges crucially on continued high investment rates, which could be vulnerable to a sustained slowdown in capital inflows,” the report said.

Further, the first line of the TurkStream natural gas project will reach the Turkish shore in May of this year and will be in service at the end of 2019.

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