Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu briefed the press in regards to the 2^nd TOBB-FGCCC Business and Investment Forum held in the capital of Bahrain, Manama.

Reporting that 700 Turkish and Gulf country business people were present during the meeting, Hisarcıklıoğlu stated that fruitful bilateral meetings have been held during the forum.

Stating that there are two obstacles which must be overcome in regards to trade with Gulf countries, Hisarcıklıoğlu said one is the matter of signing the Free Trade Agreement (FTA) between Turkey and Gulf Countries, which he urged be hastened on the ministry level.

Another issue is the need for removing obstacles to trade among Islamic countries; reciprocal lowering of customs taxes via the Preferential Trade Agreement, Hisarcıklıoğlu stated that once the list of concessions are presented by member states the agreements can enter into effect.

Hisarcıklıoğlu said, “If these two issues can be resolved, I believe that economic relations with the Gulf and Islamic countries will rise to the highest level.”

Drawing attention to the fact that political relations are peak levels between Turkey and the Gulf states, Hisarcıklıoğlu stated that efforts are underway to form joint platforms aiming to further develop investment and trade between Gulf and Turkish companies.

- “Gulf countries are rich in resources; Turkey in experience.”

Stating that 40% of all petroleum and finance reserves are held by Gulf countries, Hisarcıklıoğlu said, “The resources are here, in the Gulf. We have business opportunities. Gulf countries are aiming for economic transformation. They want to transition from petroleum- and natural gas-based economies to economies based on industry and trade. Turkey has a lot of experience to share with this region; with our brothers.”

Reporting that they’ve received feedback from the business meetings which took place during the Forum, Hisarcıklıoğlu stated that presently business agreements which equal 380mn USD in trade have been conducted; a clear indicator of how fruitful the meetings have been.

Hisarcıklıoğlu said, “Hopefully both Turkey and Gulf Countries will enjoy the fruits of this visit.”

- Other speakers

Federation of Gulf Cooperation Council Chambers (FGCCC) Secretary General Al Naqi stated that the Forum has been fruitful for both business communities and that bilateral trade volume between Turkey and Gulf countries would increase with the signing of an FTA.

Naqi stated that cooperation in the fields of agriculture, food, healthcare and education would prove productive for both sides.

Bahrain Chamber of Commerce and Industry Chair Halit Al Moayyed also emphasized the success of the forum, stating that the success of the forum should be turned into further developing relations and investments.

Stating that they are excited to invest in Turkey, Moayyed extended their wishes for Turkey’s stability and security.