Saudi Arabia and Turkey signed a memorandum of understanding for cooperation in the field of mining during a meeting between Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, and Alp Arslan Bayraktar, Turkish Minister of Energy and Natural Resources, in Ankara on Monday.
Bayraktar said, in statements after the meeting, that he hosted Al-Khorayef at the ministry’s headquarters in the capital, Ankara, and they discussed mutual investments in the field of energy and mining, adding that they signed a memorandum of understanding that paves the way for cooperation between the two countries in the field of mining.
He explained that the memorandum of understanding includes cooperation on vital minerals needed in areas such as the manufacture of electric cars and solar panels, pointing to Saudi Arabia’s interest in green hydrogen, wind energy and solar panels in particular.
On Monday, the Minister of Industry and Mineral Resources began an official visit to Turkey to enhance cooperation opportunities in the industrial and mining sectors.
Last month, Bayraktar expressed Turkey’s desire to strengthen its cooperation with Saudi Arabia in the field of energy, pointing out that there is a very serious interest from Saudi Arabia and other Gulf countries in investing in the field of renewable energy in Turkey.
He added, “An agreement was signed with Saudi Arabia, and we aim to establish important and serious cooperation. Because they know Turkey well, and there is great interest from the Arab Gulf countries in investing in the field of renewable energy in Turkey, and our country has enormous capacity in this field, as it ranks 12th in the world and fifth in Europe, and we want to increase it as much as possible.”
Bayraktar pointed out that “revolutionary steps were taken in the field of energy in Turkey during 21 years, and they succeeded in attracting $100 billion in electricity investments.”
According to data from the Saudi Ministry of Industry and Mineral Resources, the value of non-oil exports to Turkey amounted to about 13.5 billion riyals, while the value of imports amounted to 2.9 billion riyals, in addition to export credit insurance financing worth $26 million from the Saudi Export-Import Bank.
The Saudi Industrial Development Fund also contributes to financing a joint project with Turkey worth 3.5 million riyals, while Turkish investments entered into 3 projects in the cities of the Saudi Authority for Industrial Estates and Technology Zones.
On the other hand, the Turkish online shopping company Trendyol announced the acceleration of its efforts to launch its operations in the Gulf countries and display Turkish products in the Gulf market from Saudi Arabia and the Emirates.
The head of the Trendol Group, Çağlayan Çetink, said: The company will attract more attention in the Gulf countries to Turkish brands, and electronic export operations have been established in the region from Saudi Arabia and the Emirates, and its application was launched in English last week, and will be added. Arabic language feature end of August. We aim to reach 4.5 million customers in the region by 2024.
Last October, Trendyol signed a cooperation agreement with the Saudi joint-stock company Fawaz Al-Hokair, stipulating cooperation in displaying goods produced in Turkey to customers in the Saudi market, in addition to establishing cooperation to take advantage of other growth opportunities, including opening real stores. For the Turkish company in Saudi Arabia.
On a different level, the head of the Central Bank of Turkey, Hafiza Kaya Erkan, confirmed that the bank will continue implementing the road map, which it shared with the public at the quarterly inflation report meeting announced last July, with gradual and decisive steps in order to lay the foundation for a sustainable start to reducing inflation. In 2024.
Gaia Erkan held a meeting, on Monday, with representatives of the Jewelry Exporters Union, in the presence of Deputy Minister of Treasury and Finance, Osman Celik, during which developments closely related to the jewelry industry, which concern more than 250,000 jewelers, were discussed.
A statement following the meeting said that, in particular, the recent situation resulting from the practice of not imposing quotas on gold imports and not imposing additional taxes on imports of finished products from countries that have concluded free trade agreements with EU members was discussed.
Representatives of the Jewelry Exporters Union pointed out that the jewelry industry has come a very important distance in the past twenty years, as it competed with the leading countries in the world and doubled its share in the global market despite the outbreak of the Corona epidemic in 2020, but their ability to buy gold to produce jewelry is in a state of decline. Favorable compared to their Italian rivals by 68 points.
Gaia Erkan pointed out, during the meeting, that there has been a noticeable increase in gold imports in Turkey recently, and that this situation has also had a negative impact on the current account deficit, and that macro-precautionary measures have been implemented to enhance financial stability during the current transitional period.
Deputy Minister of Treasury and Finance, Osman Celik, confirmed that the government has begun work by establishing overall balances, and that they want to improve the competitiveness of the relevant sectors in exports by carefully monitoring the side effects of the new measures on the real sector and taking the necessary measures, pledging continued support for manufacturing sectors such as Jewelry Exporters.
The President of the Central Bank presented solutions that would facilitate the work of the industrial sectors and not harm inflation. These solutions will be worked on as soon as possible, in conjunction with the relevant ministries, especially the Ministry of Treasury and Finance.
She confirmed that the Turkish Central Bank will continue the policy of tightening monetary policy and quantitative simplification measures in order to control inflation and its expectations and enhance market stability, after the interest rate was raised from 17.5 percent to 25 percent at the last meeting of the Monetary Policy Committee last Thursday.