{"id":101257,"date":"2023-07-17T19:38:56","date_gmt":"2023-07-17T19:38:56","guid":{"rendered":"https:\/\/npasyria.com\/en\/?p=101257"},"modified":"2023-07-17T19:40:06","modified_gmt":"2023-07-17T19:40:06","slug":"erdogan-seeks-gulf-investment-on-tour-to-ease-economic-woes","status":"publish","type":"post","link":"https:\/\/npasyria.com\/en\/101257\/","title":{"rendered":"Erdogan seeks Gulf investment on tour to ease economic woes"},"content":{"rendered":"\n

QAMISHLI, Syria (North Press) \u2013<\/strong> Turkish President Recep Tayyip Erdogan landed in a Saudi Arabia on Monday in a Gulf tour that will also include the UAE and Qatar, seeking investment to boost Turkey’s struggling economy.<\/p>\n\n\n\n

“This visit has two main topics: investments, and a financial dimension. We have high hopes for both,” Erdogan told a news conference at an Istanbul airport before flying to Saudi Arabia.<\/p>\n\n\n\n

Erdogan is looking to non-Western partners for financial support as the country is facing budget problems, inflation, and a strained currency.<\/p>\n\n\n\n

He expects Gulf countries to make direct investments of about $10 billion initially in domestic assets as a result of his trip to the region, Turkish officials told Reuters<\/a>.<\/p>\n\n\n\n

The Turkish economy has been under pressure since 2021, when Ankara launched a diplomatic effort to repair ties with Saudi Arabia and the United Arab Emirates. Turkey’s budget deficit surged to $8.37 billion in June, seven times the deficit a year earlier, with annual inflation close to 40 percent in June, while the lira has dropped by nearly 29 percent this year.<\/p>\n\n\n\n

Erdogan appointed Vice President Cevdet Yilmaz and Finance Minister Mehmet Simsek after the elections, in part, to execute a U-turn after years of unorthodox economic policy that sent inflation soaring and net foreign reserves to a record low in May. The central bank also raised interest rates.<\/p>\n\n\n\n

The visit is Erdogan’s second to Saudi Arabia since a rapprochement, as ties between the two countries were strained by the 2018 murder of Saudi journalist Jamal Khashoggi in the kingdom’s Istanbul consulate.<\/p>\n","protected":false},"excerpt":{"rendered":"

Turkish President #Erdogan commences a Gulf tour, starting with #Saudi_Arabia, eying investments to help #Turkey\u2019s strained economy.<\/p>\n","protected":false},"author":8,"featured_media":101258,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pgc_sgb_lightbox_settings":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post-101257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-middle-east"],"yoast_head":"\nErdogan seeks Gulf investment on tour to ease economic woes<\/title>\n<meta name=\"description\" content=\"Turkish President #Erdogan commences a Gulf tour, starting with #Saudi_Arabia, eying investments to help #Turkey\u2019s strained economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/npasyria.com\/en\/101257\/\" \/>\n<meta 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