Saudi Arabia and Turkey signed a memorandum of understanding on cooperation in the mining sector during a meeting between Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef and Turkish Energy and Natural Resources Minister Alb Arslan Bayraktar on Monday in Ankara. .
Bayraktar said in statements after the meeting that he hosted al-Qorayeb at the ministry’s headquarters in the capital Ankara and discussed mutual investments in the energy and mining sectors, and they signed a memorandum of understanding. For cooperation between the two countries in the field of mining.
He explained that the MoU covers cooperation on key minerals needed in sectors such as making electric cars and solar panels, pointing out Saudi Arabia’s interest in green hydrogen, wind power and solar panels in particular.
On Monday, the Minister of Industry and Mineral Resources began an official visit to Turkey to promote cooperation opportunities in the industrial and mining sectors.
Last month, Bayraktar expressed Turkey’s willingness to increase cooperation in the energy sector with Saudi Arabia, pointing out that there is serious interest from Saudi Arabia and other Gulf countries to invest in Turkey’s renewable energy sector.
He added, “An agreement has been signed with Saudi Arabia and we aim to establish important and intensive cooperation. Because they are familiar with Turkey and there is a lot of interest from the Arab Gulf countries in investing in the renewable energy sector in Turkey, which ranks 12th in the world and fifth in Europe, our country has huge potential in this sector. And we want to increase it as much as possible.
“Revolutionary measures have been taken in the energy sector in Turkey in the past 21 years and have succeeded in attracting 100 billion dollars of electricity investments,” Pirekter pointed out.
According to data from the Saudi Ministry of Industry and Mineral Resources, non-oil exports to Turkey are worth about 13.5 billion riyals, while imports are worth 2.9 billion riyals, with an additional $26 million worth of financing export credit insurance. From the Saudi Export-Import Bank.
The Saudi Industrial Development Fund is sponsoring a joint project with Turkey worth 3.5 million riyals, while Turkish investments have entered into 3 projects in the cities of the Saudi Commission for Industrial Cities and Technology Zones.
On the other hand, Turkish e-shopping company “Trendiol” announced that it is accelerating its efforts to launch its operations in the Gulf countries and to showcase Turkish products in the Gulf market, starting with Saudi Arabia and the United Arab Emirates.
The head of “Trendol” Group, Caglayan Chetnik, said: The company will pay more attention to Turkish brands in the Gulf countries, and electronic export activities have been established in the region from Saudi Arabia and the Emirates, and its use was there. It was launched in English last week, and an Arabic language feature is due to be added at the end of August. We aim to reach 4.5 million customers in the region by 2024.
Last October, Trendiol signed a cooperation agreement with Saudi partner company Fawaz Al-Hogair, which provides cooperation in supplying Turkish products to Saudi market customers, in addition to cooperation to exploit other development opportunities. Authentic stores for Turkish company in Saudi Arabia.
At a different level, Central Bank of Turkey Governor Hafiza Kaya Ergan confirmed that the bank will continue to gradually and decisively implement the roadmap shared with the public at the quarterly inflation report meeting announced last July. Steps to Lay the Groundwork for a Sustainable Start to Reduce Inflation in 2024
On Monday, Kaya Ergan discussed developments closely related to the jewelry industry with more than 250,000 jewelers in the presence of Treasury and Finance Deputy Minister Osman Celik with representatives of the Jewelry Exporters Association.
In particular, the recent situation arising from the practice of not imposing quotas on gold imports and not imposing additional duties on imports of finished goods from countries that have free trade agreements with EU members was discussed in a statement after the meeting.
Representatives of the Jewelery Exporters Association pointed out that the corona pandemic has reached a critical distance as the jewelery industry has doubled its share of the world market in the last two decades, competing with the world’s leading countries. in 2020, but their ability to purchase gold to manufacture jewelry remains unsatisfactory.68 points ahead of their Italian rivals.
During the meeting, Kaya Ergan pointed out that there has been a significant increase in gold imports in Turkey recently, which has had a negative impact on the current account deficit, and that macro-precautionary measures have been taken to improve financial stability. Present Intermediate Period.
Deputy Minister of Treasury and Finance, Othman Celik, confirmed that the government has started work by establishing macro balances and intends to improve the competitiveness of export-related sectors by carefully following the side effects of the new measures. Real sector and taking necessary steps, promising continued support to manufacturing sectors such as jewelery exporters.
The central bank governor presented solutions that would facilitate the work of industrial sectors and not harm inflation, and these solutions will be implemented soon in collaboration with the relevant ministries, especially the treasury and finance ministries.
He confirmed that the “Central Bank of Turkey” will continue the policy of tightening monetary policy and quantitative easing measures to control inflation and its expectations and increase market stability, after raising the interest rate from 17.5 percent to 25 percent in the past. Monetary Policy Committee meeting last Thursday.
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