2023-07-18 09:30:02
Riyadh: Turkey’s move to strengthen ties with Gulf countries is seeing success. President Recep Tayyip Erdogan’s GCC tour signs deals worth billions. The Turkish media reported that the expected agreements from Saudi Arabia, which arrived first, became a reality.
Saudi Arabia has decided to buy unmanned aircraft (drones) from Turkey. The information regarding how much the contract is worth and how many drones are being purchased has not been released. The new defense and energy deals come in addition to recent multibillion-dollar investments in Turkey by Saudi Arabia, the UAE and Qatar. Trade agreements have also been signed.
Erdogan set out with the aim of visiting three countries in the GCC. He arrived in Saudi Arabia on Monday and will arrive in Qatar today and UAE tomorrow. Erdogan is hoping to receive huge investments from all countries. Erdogan’s new tour is a big hope for Turkey, which is experiencing economic pressure.
A group of 200 people, including big businessmen and high-ranking officials, is with Erdogan. The drone contract was signed by Turkish defense company Bayker and the Saudi Ministry of Defense. The MoU was handed over in the presence of Saudi Crown Prince Mohammed bin Salman. Defense Minister Prince Khalid bin Salman responded that the new drones will strengthen the Saudi army.
Turkey’s current situation is deplorable
Turkey’s inflation was 85 percent last October. The Turkish government is taking strict disciplinary measures in the face of such high inflation. Inflation reached 38 percent as of last month. Fuel tax has been increased with the aim of reducing it further. It has been increased by 200 percent.
Turkey’s trade deficit has also widened. According to the figures for the first five months of this year, the trade deficit is 37.70 billion dollars. This is a situation where imports increase and exports decrease. The value of Turkey’s lira currency has collapsed. In this situation, recovery can be achieved only if foreign investment comes. This is the reason for Erdogan’s Gulf tour.
Turkey’s relations with the Gulf countries have not been good until recently. Turkey supported the Arab revolution in 2011. This is the reason Saudi and UAE turned once morest Turkey. In 2017, Turkey stood by Qatar when the Saudi coalition announced sanctions once morest Qatar, which caused Saudi displeasure. The killing of Saudi journalist Jamal Khashoggi in Turkey also worsened relations.
Realizing that alliances with the rich Gulf countries would do harm, Erdogan held consensus talks two years ago. Then the GCC countries were ready to invest billions in Turkey. Qatar and UAE recently exchanged $20 billion with Turkey. Saudi Arabia also gave 5 billion dollars to the Turkish central bank. Weeks ago, the UAE and Turkey signed a $40 billion trade deal for the next five years.
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