Turkey grants Saudis more investment opportunities

JEDDAH: Turkey has granted several investment advantages to Saudis, including exemptions from customs duties and value added tax, tax cuts, support of social security premiums for employers and employees and the allocation of land for investments.
Dr. Mustafa Köksal, an adviser to the Turkish prime minister, said in a press statement quoted by a local Saudi publication that the most promising sectors for investment in Turkey included the automotive sector where Turkey aims to produce 2 million vehicles in 5 years. Other sectors include the energy sector which is in need of $130 billion in investments until 2030 and the real estate sector, especially in Istanbul, the most advanced market in real estate since 2009.
He also pointed to other projects for investment in the agricultural-sector including the southeastern project in Anatolia, and the transport sector which plans to double the capacity of the highway by 2023 by implementing 12 projects. Also included is the banking sector which increased its profits by 50 percent compared to 2008 and information communication technology which has grown by 220 percent over the past 10 years with revenues amounting to $28 billion.
He said that Turkey ranked 6th position globally in terms of tourism in 2015 with tourism revenues amounting to more than $35 billion annually.
On future prospects for the Turkish economy, he said the country would rank 16th in the industrial world and 2nd in Europe as a result of a series of structural reforms including the enactment of the foreign investment law, freedom of investment in the country, national treatment, protection against expropriation and other reforms.
Ahmad Rizeq, an economist, said the current development opportunities in the two countries have seen the granting of many facilities that should be taken advantage of.
“Turkey has granted Saudi investors many customs exemptions which could lead to further economic moves between the two countries during the coming years,” he added.
The chairman of an import and export group, Abdulaziz Al Mousa, mentioned the establishment by the Saudi Embassy in Turkey of 13 offices to issue visas and related services as well as the advantages given by Turkey to Saudi investors which would be a substantial benefit to them.