ISTANBUL

Türkiye and the Arab world can do business together in Africa and Central Asia and contribute to the region, the Turkish treasury and finance minister said on Thursday. 

Speaking at the International Arab Banking Summit in Istanbul, Mehmet Simsek said Türkiye and the Arab world have strong presence but are not utilizing their full potential.

The two-day event that ends on Friday is organized by the Union of Arab Banks under the auspices of President Recep Tayyip Erdogan.

Simsek said Türkiye serves as a gateway to the EU and Central Asia and the Arab world also has a great potential to serve as the sole linkage for Türkiye between Asia and Africa.

"So, how can we take advantage of this? We have excellent political relations ... how can we leverage to do more together as mutually beneficial in terms of trade investments?" he said.

First of all, the wholesale solution is to have free trade agreements that create more wealth and prosperity, he said, adding: "I think free trade agreements would certainly help boost trade and investment between to get an airport."

He said there are natural partnerships in certain sectors such as tourism, construction, defense and tourism. "Whether we are talking about Africa, Central Asia, or anywhere around the world, I think all companies should work together to see how they can create value," Simsek said.

Türkiye can also help bring tourism and it can provide human resource for the Arab world, this is a sector where Türkiye and the Arab world could do a lot together, the minister suggested.

Recalling that Türkiye has the second largest construction sector after China with projects on a global scale, he said it is also a prospective field for partnership.