ANKARA

Steps to be taken in the Development Road Project, which will connect Türkiye to the Persian Gulf via a road and rail network, are of great importance for Turkish contractors, an industry leader told Anadolu on Thursday.

"With the improvement of our political ties with Gulf countries, we focused on activities that will increase our presence in the region, especially in Saudi Arabia and Iraq," said Erdal Eren, head of the Turkish Contractors' Association.

Eren noted that contractors can compensate for the loss in Russia with Saudi Arabia, which has a business potential of $10 billion annually, and the sector seeks to improve cooperation with the Saudis.

Once completed, the Development Road Project will shorten the time for logistics and reduce costs.

The international project portfolio size of Turkish contracting services has reached $500 billion with nearly 12,000 projects undertaken in 135 countries, said Eren.

The sector set a target of undertaking construction projects abroad worth $20 billion in the short term and $50 billion in the medium-term.