ANKARA: Turkey and Saudi Arabia have a common will to “reactivate a great economic potential” between the two countries, Turkish President Tayyip Erdogan said on Saturday, after his first trip to the kingdom since 2017.
Speaking to reporters on a flight back from Saudi Arabia, where he sought to mend frayed ties, Erdogan said the sides were determined to accelerate efforts for the common interests and stability of the region, Turkish media reported.
The media readout did not mention a possible currency swap line nor specifics of any other planned investments that could help relieve Turkey’s economic strains.
“We agreed with Saudi Arabia to reactivate a great economic potential through organisations that will bring our investors together,” Erdogan said.
On his two-day visit, Erdogan met Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, and discussed various international, regional and bilateral issues.
“We announced that we, as Turkey, would support them in their bid to host EXPO 2030 in Riyadh,” he added.
Erdogan’s visit marks the culmination of a months-long rapprochement drive that included dropping a trial over the killing of Saudi journalist Jamal Khashoggi in Istanbul in 2018. Erdogan’s office said the Saudi king invited him.
Analysts and officials say Saudi funding could help Turkey alleviate its economic woes, including soaring inflation, ahead of tough elections for the president next year. They said a swap line could help boost depleted Turkish reserves.