Istanbul to host Turkey-GCC Economic, Investment Forum in Dec: Ambassador
Turkey will host the second Turkey-GCC Economic and Investment Forum in December in Istanbul, Turkish Ambassador Hatun Demirer said yesterday.
Speaking exclusively to DT News on the sidelines of the ‘Invest in Bahrain’ Forum yesterday, she said the event was expected to attract hundreds of businessmen from across the region.
The Turkish Ambassador said the bilateral trade between Turkey and Bahrain had increased tremendously in the recent years. “It reached almost $500 million in 2014,” she said, adding, “Reciprocal investments in both countries have also been enhancing to the higher levels.”
From 2006 onwards, Bahrain’s investment in Turkey has cumulatively exceeded $360m, mainly concentrated on financial services and real estate sectors. “Turkey’s investment in Bahrain amounted to $180m, according to the figures released by the Central Bank of Turkey,” she added.
She said Turkey had always considered relations with Bahrain crucial. Demirer said Turkish economy was the seventh largest economy in Europe and eighteenth largest in the whole world.
“As a reflection of international confidence on Turkish economy, Turkey has attracted $12.4 billion foreign direct investment in 2014 and around $150bn in a period of ten years,” the ambassador said.
She said the Turkish economy had all the necessary assets for sustainable economic growth such as a young and dynamic population, advanced industry, stable political environment and a unique geographical location. Turkey also plays key roles in many international fora. For instance, Turkey has assumed the term presidency of the G-20 this year and will host G-20 Leaders Summit in Antalya on November 15-16.
She said Turkey had engaged the Middle East through cooperation projects such as “Turkish-
Arab Economic Forum”, “Economic Cooperation Committee with the Gulf Cooperation Council” and “Turkey-GCC Economic and Investment Forum”.
Orta Anadolu Textile Company, the major Turkish investment in Bahrain, strengthens the non-oil sector and diversification of the Bahraini economy. As a financial hub in the region, Bahrain has branches of 9 Turkish banks. These Turkish banks mostly operate in wholesale banking and contribute greatly to the Bahraini banking sector.
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