The 15th Arab-Turkish Economic Cooperation Forum took place in Istanbul on October 17, 2024, gathering senior officials from the Arab region and Türkiye.
Under the theme “Türkiye and the Arab World: A Global Corridor for Investment, Trade, and Technology,” the forum aimed to serve as a platform to enhance cooperation, explore new opportunities and discuss common economic challenges, according to Asharq Al-Awsat.
Wide Participation
The 15th Arab-Turkish Economic Cooperation Forum was organized with the support of the Turkish Ministry of Treasury and Finance, the Ministry of Foreign Affairs, and other key regional institutions, in collaboration with the Arab League and the Gulf Cooperation Council (GCC) and other institutions.
It brought together high-level officials from Arab countries, such as Saudi Arabia, Egypt, Kuwait, Iraq, Tunisia and Libya. The Saudi delegation was represented by the Federation of Saudi Chambers.
The event gathered ministers, economists, representatives of various institutions and the private sector to discuss issues of common interest. Topics on the agenda included exploring opportunities in emerging sectors, including green energy, fintech, logistics, and capital markets. It also included discussing ways to address the current regional and international economic challenges.
Enhancing Arab-Turkish Cooperation
During his speech at the forum, the Secretary-General of the Arab League, Ahmed Aboul Gheit, stressed the need to expand the Arab-Turkish economic cooperation beyond trade, to include broader areas that promote economic growth and sustainable development for both sides.
Aboul Gheit added that cooperation should involve infrastructure sectors, owing to both sides’ expertise in this field. Furthermore, Arab-Turkish collaboration should include clean energy, green technology, and services sector such as tourism and fintech, he said. The Arab League’s Secretary-General also pointed to the possibility of cooperation in scientific research and innovation to achieve mutual economic benefit.
In recent years, trade relations between the Arab World and Türkiye have thrived, according to Aboul Gheit. In 2022, Türkiye’s exports to Arab States reached $46bn, while Arab countries’ exports to Türkiye reached $36bn. These figures accounted for 18% of Türkiye’s total exports and 10% of its total imports.
Fostering Arab-Turkish Dialogue
Aboul Gheit highlighted the forum’s significance as a platform to discuss regional and international economic challenges that may affect the economic prosperity of Arab States and Türkiye, as it gathers politicians, economists, businessmen and investors from Arab countries and Türkiye.
Moreover, the forum provides an opportunity to explore new opportunities across various emerging sectors, in addition to harnessing the region’s strategic location as an important economic bridge connecting Asia, Europe and Africa, Aboul Gheit added.
Geopolitical Uncertainty
In his remarks, Türkiye’s Treasury and Finance Minister, Mehmet Şimşek, noted that the forum took place at a time of great uncertainty, which restricts growth. He also pointed out that global trade is currently experiencing a contraction.
Şimşek added that the global revolution in artificial intelligence (AI) would lead to a revolution in industry and reshape every aspect of our lives. Therefore, he urged the need for Türkiye and Arab countries to harness AI capabilities.
Furthermore, the Turkish Minister stressed that the forum offers a platform for cooperation that can lead to economic integration across several sectors, especially during times of uncertainty.
Regional Cooperation
The Egyptian Finance Minister, Ahmed Kojak, highlighted Egypt’s economic policies, which aim to achieve financial stability, production growth, and export competitiveness. He also pointed to Egypt’s active role to enhance regional cooperation in the face of global economic uncertainty.
In the light of this, the Egyptian Minister highlighted projects, such as the electricity grid connection with Saudi Arabia, as a powerful example of regional collaboration in the energy sector.
Similarly, Tunisia’s Minister of Economy and Planning, Samir Abdelhafidh, spoke about the benefits of developing economic corridors between Türkiye and the Arab World. This can be achieved through free trade agreements, particularly with Egypt, being the gateway to North Africa.
Meanwhile, the Kuwaiti Finance Minister, Noura Suleiman Al-Fusam, noted that removing trade barriers would increase interaction between the Arab World and Türkiye. She also emphasized the need to focus on promoting investment.