Turkish President Recep Tayyip Erdogan has commenced a significant three-state Gulf tour aimed at luring foreign investment into Turkey’s struggling economy. The tour began with Erdogan’s arrival in Saudi Arabia, where he will meet with King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman. The president will subsequently visit the United Arab Emirates and Qatar later this week. With joint investment and commercial activities at the top of the agenda, Erdogan seeks to strengthen ties and expand economic cooperation with these countries.
Rebuilding Ties and Expanding Trade Relations
Erdogan’s visit marks his second trip to Saudi Arabia since a period of strained relations caused by the 2018 murder of Saudi journalist Jamal Khashoggi. Turkey’s vigorous pursuit of the case, including opening an investigation and sharing gruesome details with the international media, had previously angered Saudi Arabia. However, ties have since improved, with Erdogan’s previous visit to Saudi Arabia in April 2022 and Prince Mohammed’s trip to Turkey in June of the same year. During the past two decades, two-way trade between Turkey and Gulf countries has surged from $1.6 billion to approximately $22 billion.
Economic Challenges Prompt Gulf Tour
As Turkey grapples with a currency collapse and soaring inflation, Erdogan’s Gulf tour holds significant importance. The country’s economy has been severely impacted, and the president aims to attract foreign investment to alleviate the economic difficulties. In March, Saudi Arabia deposited $5 billion into Turkey’s central bank. Erdogan’s re-election in May for another five-year term adds weight to his visit, highlighting the significance of Gulf states in Turkey’s foreign policy agenda.
Strengthening Ties with Qatar
Erdogan’s visit to Qatar is particularly noteworthy, highlighting the solid relations between the two countries. Sheikh Mohammed bin Nasser bin Jassim Al-Thani emphasized the importance of the visit and the agenda, which focuses on expanding investments between Turkey and Qatar. The growing interest of Gulf states in investing in various sectors provides a boost for Turkey, which aims to increase exports to address its economic challenges.
In summary, President Erdogan’s Gulf tour aims to enhance economic cooperation and attract foreign investment to revitalize Turkey’s ailing economy. The visits to Saudi Arabia, the United Arab Emirates, and Qatar demonstrate the importance of these Gulf states in Turkey’s foreign policy agenda. The tour also signifies the improving relations between Turkey and Saudi Arabia after a period of strain, with joint investment and trade expansion serving as key objectives. Furthermore, strengthening ties with Qatar and expanding investments between the two nations are crucial aspects of Erdogan’s visit.
