Bloomberg: Erdogan will tour the Gulf to attract investment

President Recep Tayyip Erdoğan is preparing to travel to the Gulf countries to attract investment and financial resources.

After Treasury and Finance Minister Mehmet Şimşek announced yesterday that Erdoğan will go to the United Arab Emirates (UAE), it has become known that Saudi Arabia and Qatar are also on the travel list.

Turkish officials, who spoke to Bloomberg and did not disclose their names, said Erdogan plans to travel to Saudi Arabia and Qatar after the United Arab Emirates.

Vice President Cevdet Yılmaz and Minister Şimşek went to the United Arab Emirates on June 22. Subsequently, a high-level delegation from the United Arab Emirates paid a return visit to discuss the details of investment cooperation between the two countries.

TARGET INPUTS OF $25 BILLION

According to the report, the Turkish government has set itself the goal of attracting $25 billion in investment from Gulf countries through various channels, including privatization and acquisitions.

The United Arab Emirates, Saudi Arabia and Qatar already provide a significant source of foreign exchange to the Central Bank through swap agreements.

LOOKING FOR MONEY

President Recep Tayyip Erdoğan changed the management of the economy after the elections. It is known that the priority of Yılmaz and Şimşek, who were appointed for economic management, is to provide inflows of foreign hot money to the Turkish economy, which is experiencing difficult times due to high current account deficit and low reserves.

President Recep Tayyip Erdoğan made a statement on a television program he attended on May 25, just before the second round of the elections, pointing to money coming from the Gulf, saying: “There were countries that deposited money from the Gulf into our system . This inevitably relieved our Central Bank and our market, albeit for a short time”.