First business forum to Turkey-Gulf cooperation council held in Istanbul

Turkey and the Gulf countries need to build a railway line to connect them to each other, said Deputy Prime Minister Ali Babacan during the first business forum of Turkey-Gulf Cooperation Council (GCC) in Istanbul yesterday. Stating that Turkey attaches special importance to establishment of a railway line interconnecting the Gulf countries, Babacan said that an extension of line to Turkey would shorten geographical distances and connect the Gulf not only with Turkey, but also with Europe and Central Asia. Babacan also stressed the need for rapidly improving the cooperation between Turkey and the Gulf countries, saying that gross domestic product of the GCC is estimated to surpass $4 trillion and Turkey’s economy is expected to amount to $6 trillion in 2050. Stating that Turkey’s position as a transit country in field of energy creates new investment areas for the Gulf capital, Babacan suggested that investors invest in the Ceyhan region. Babacan added that Turkey would also contribute to fulfilling defense industry needs of Gulf countries and that the government was working on a more flexible legal framework to make it easier for foreign nationals to purchase real estate in Turkey. Union of Chambers and Commodity Exchanges of Turkey (TOBB) Chairman Rifat Hisarciklioglu also made a speech at the at the business forum, saying that Turkey and the Gulf countries could establish cooperation in the contracting sector. Hisarciklioglu reiterated that Turkey has successfully completed 6,500 projects totaling $205 billion in 94 countries.