Saudi Arabia to invest $400 billion in Turkey
03 Apr 2010
Saudi Finance Minister Ibrahim Abdul Aziz al-Assaf said that Saudi Arabia would invest $400 billion in Turkey in four years, Turkey's semi-official Anatolia news agency reported on Friday.
Al-Assaf made the remarks at a joint press conference with Turkish finance minister Mehmet Simsek in the Turkish capital of Ankara.
The ministers noted that the two countries will organise a forum for joint investments.
"The two countries had great potential in the areas of economy and commerce," Al-Assaf said, adding that the governments of two countries should provide opportunities for the private sector.
According to Al-Assaf, Turkey and Saudi Arabia were determined to boost their bilateral trade volume to $10 billion.
Turkey and Saudi Arabia saw their $5 billion bilateral trade in 2008 drop to $3 billion following the global financial crisis last year.