Turkey’s President Recep Tayyip Erdogan met with Saudi Arabia’s Crown Prince Mohammed bin Salman and King Salman bin Abdulaziz al-Saud in Jeddah, marking the Turkish President’s first visit to the Kingdom since 2017.
Erdogan’s trip to Saudi Arabia is part of an effort to re-establish and re-affirm relations between the two countries.
The bilateral visit highlights the comprehensive strategic relations that exist between the two countries, especially amid the ongoing Russian war in Ukraine and its impact on the global economy, supply chains, and food markets.
The visit from Erdogan is an extension of the trade, investment, and economic relations, as well as the political relationships, between the Kingdom and Turkey.
Experts say that the Turkish president’s visit to the Kingdom will result in a package of understandings that will both restore and strengthen economic relations, as well as increase trade exchange, and lead to strategic partnerships that will bring opportunities to both nations.
Erdogan is seeking to boost Turkey’s economy, which is currently struggling with inflation rising above 50 percent, as well as the sharp devaluation of the Turkish Lira. The Lira has lost more than 40 percent of its value against the U.S. Dollar.
Russia’s war on Ukraine has had enormous global economic impacts. This is likely to add to Turkey’s financial issues, straining an economy already under pressure from years of the Covid pandemic.
Economists say that both Turkey and Saudi Arabia have a lot of potential to benefit from stronger relations and more economic partnerships.
In February, Erdogan visited the UAE, and the two countries formed together a $10 billion fund from the UAE to support investments in Turkey. The two nations began talks in Istanbul this week for a Comprehensive Economic Partnership Agreement to expand trade and investment ties and support economic recovery and regional growth.
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