Istanbul hosts Turkish-Arab Economic Forum for further cooperation

The 15th Turkish-Arab Economic Forum has commenced in Istanbul with the theme “Türkiye and the Arab World: A Global Corridor for Investment, Trade, and Technology.”

The one-day event on Thursday gathers ministers, experts, representatives, and economists from various institutions from Kuwait, Iraq, Egypt, Libya, and Tunisia, focusing on enhancing economic ties between Türkiye and the Arab world.

Moderating a key panel, Turkish Finance Minister Mehmet Simsek addressed the global uncertainties affecting growth and trade, highlighting that the world is experiencing significant challenges.

“At a time when the world faces great uncertainties, these issues are restricting growth. While trade generally drives growth, global trade is currently experiencing a slowdown,” said Simsek.

Despite these challenges, Simsek remained optimistic, stating that there are also significant opportunities for collaboration. "Although there are difficulties, there are also opportunities. We need to view things from this perspective," he said, emphasising the potential for Türkiye and the Arab world to complement each other across various sectors.

He also pointed to the rapid development of technology, specifically artificial intelligence (AI), as a transformative force. "We are witnessing a global AI revolution that will not only bring an industrial revolution but will impact every aspect of our lives. This is a revolution we cannot afford to miss," he noted.

Simsek expressed hope that the forum would foster beneficial partnerships between Türkiye and the Arab world, highlighting the strong potential for cooperation in various industries.

Aiming to reach $150 billion

Arab League Secretary-General Ahmed Aboul Gheit emphasised the forum’s significance as a platform for trade relations between the parties.

This event strengthens dialogue and provides an opportunity to debate problems he noted, highlighting the growing economic relations between Türkiye and the Arab world.

Aboul Gheit reflected that Türkiye is uniquely positioned, bridging Europe and the Arab world. He acknowledged past misunderstandings affecting relations over the last decade but asserted that significant opportunities exist for further development.

He pointed out that Türkiye possesses substantial know-how that can leverage opportunities arising from the Arab world.

Recently, Türkiye's exports to the Arab world totaled $46 billion annually, while imports amounted to $36 billion, he observed. He also highlighted the Arab world's substantial economic size, estimated at around $3 trillion.

Aboul Gheit stated that Türkiye and the Arab world could achieve a bilateral trade volume of $150 billion, underscoring Türkiye's well-developed infrastructure, including Turkish contractors who are involved in infrastructure projects across Asia and Arab countries.