Gulf Investments: Can they be enough to rescue Turkey from its crisis? Turkish journalist answers
After Turkish President Recep Tayyip Erdoğan concluded his three-day Gulf tour with the signing of several agreements to revive his country’s struggling economy due to inflation and currency depreciation, Turkish journalist Mustafa Karaalioglu said that Erdoğan’s agreements in Gulf countries are not enough to rescue the Turkish economy.
In his article titled “A Tour More Important Than the Gulf Tour,” Karaalioglu stated that “Turkey needs a specific economic program that should be linked to rational diplomacy and a firm belief in change. The first step towards that is to abandon the previous costly choices and return to traditional policies that have recently started to emerge.”
He added, “Turkey needs foreign currency deposits for its central bank. Although investments will be good, due to the financial crisis facing Turkey, we need direct debts or swaps.”
Karaalioglu emphasized that “it is not enough for Turkey to rely on mysterious investments or sell assets to get out of the situation it is facing.”
Erdoğan’s Gulf tour resulted in the signing of memoranda of understanding and agreements with Abu Dhabi worth $50.7 billion. The two presidents, UAE’s Sheikh Mohamed bin Zayed Al Nahyan and Turkey’s Recep Tayyip Erdoğan, discussed regional and international issues and stressed the importance of dialogue and diplomacy in resolving regional crises.
In Qatar, Erdoğan met with Prince Tamim bin Hamad Al Thani, and both sides emphasized the desire to deepen bilateral cooperation by enhancing trade exchange and economic relations.
Meanwhile, Saudi Arabia signed several agreements with Turkey after talks between Saudi Crown Prince Mohamed bin Salman and Turkish President Erdoğan, focusing on cooperation in investment and defense fields, notably the purchase of a Turkish drone deal. Mohammed bin Salman and Erdoğan also discussed bilateral relations and regional and international developments.
Observers believe that Erdoğan’s Gulf tour sheds light on efforts by Turkey and Gulf countries to turn the page on their disputes after years of tension due to contradictions regarding various contentious issues, most notably Libya, gas exploration in the Mediterranean Sea, and Turkey’s support for Islamist groups, particularly the Muslim Brotherhood.
