High-level officials from the region and Türkiye gathered in Istanbul on Thursday, as the 15th Turkish-Arab Economic Forum (TAF 2024) kicked off, serving as a significant platform to promote cooperation and discuss current issues.
The one-day event gathers ministers, experts, representatives and economists from various institutions and the private sector to discuss key agenda items.
Treasury and Finance Minister Mehmet Şimşek also attended the event, delivering a speech in which he evaluated the current global trade picture, Türkiye's progress in inflation and topics such as artificial intelligence.
Officials from countries, including Kuwait, Iraq, Egypt, Libya and Tunisia, attended the forum held under the theme "Türkiye and the Arab World: A Global Corridor for Investment, Trade and Technology."
Speaking at the panel, Şimşek noted that this meeting was being held at a time when the world was experiencing great uncertainty, and said that uncertainty restricts growth, although trade generally fuels growth, but that global trade is currently experiencing a contraction.
"As if this were not enough, we are also experiencing a global artificial intelligence revolution. As a result, there will not only be a revolution in industry but every aspect of our lives will be affected by this," Anadolu Agency (AA) quoted the minister as saying.
He also drew attention to the likelihood of monetary easing globally, underscoring however the impact of the speed and coordination in the process.
"But if there is one thing we know, global trade will continue at the same limited level in the coming years and growth of more than 3% is not expected," he said.
"Therefore, there are difficulties, but there are also opportunities. We need to look at it this way," he added.
Şimşek noted that very beneficial collaborations could be signed between Türkiye and the Arab world thanks to the forum and emphasized that the parties have the potential to complement each other in many sectors.
Ahmet Burak Dağlıoğlu, the head of the Presidency's Investment Office, at the opening of the event, drew attention to the importance of regional investments and stated that their office is in constant contact with its counterparts in the relevant countries.
Dağlıoğlu noted that they are constantly consulting with the investment ministries or investment agencies in the countries and working together, and said: "I would like to give an example from fintech. A fintech company from Türkiye bought a fintech company from Dubai. They will grow their investments in different Arab countries in this way."
Arab League Secretary-General Ahmed Aboul Gheit emphasized 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.