{"id":88257,"date":"2024-07-30T00:00:00","date_gmt":"2024-07-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/30\/saudi-delegation-in-ankara-as-gcc-and-turkey-kick-off-trade-talks\/"},"modified":"2024-07-30T00:00:00","modified_gmt":"2024-07-30T00:00:00","slug":"saudi-delegation-in-ankara-as-gcc-and-turkey-kick-off-trade-talks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/30\/saudi-delegation-in-ankara-as-gcc-and-turkey-kick-off-trade-talks\/","title":{"rendered":"Saudi delegation in Ankara as GCC and Turkey kick off trade talks"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a workaday issue for you this morning \u2014 there\u2019s nothing unremarkable in the headlines as we inch toward the 2034 World Cup, look to close in on lithium from Chile, join regional trade talks with Turkey, and mull the growth potential of the Kingdom\u2019s food delivery industry.<\/p>\n

UP FIRST- Saudi Arabia is particularly interested in importing lithium from Chile<\/strong>, Mining and Industry Minister Bandar Al Khorayef said yesterday<\/a> while on the Chilean leg of a long tour through South America. Chile\u2019s industry is attractive because there are players of all sizes in the lithium market, which Saudi is hoping to tap as we continue our push into renewable energy and the electric vehicle industry. <\/p>\n

The Kingdom is also interested in exporting fertilizers <\/strong>to \u201cbolster Chile\u2019s farming activities and food security,\u201d Bloomberg writes. Reuters<\/a> also has the story.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

#1- The GCC and Turkey are laying the groundwork for a trade agreement<\/strong>, with the first round of talks kicking off yesterday in Ankara, state news agency SPA<\/a> reports. Negotiators will keep at it today and tomorrow before taking a breather. Representatives from the Saudi ministries of investment, economy, industry, energy, and environment are in Turkey for the talks.<\/p>\n

What\u2019s the timeline? <\/strong>We\u2019ve seen no official guidance on how long talks could last beyond this week, but trade agreements are never pulled together quickly.<\/p>\n

BACKGROUND- <\/strong>The two sides said in March<\/a> that they were looking to liberalize trade \u201cin goods and services, facilitate investment and trade, and increase [Turkey\u2019s] trade with the region.\u201d<\/p>\n

The hometown angle:<\/strong> The Kingdom accounted for 25% of Turkey\u2019s imports from the GCC in April 2024 with Saudi exports valued at USD 201.6 mn. That\u2019s down 33% from USD 301 mn in April of last year. Saudi\u2019s imports from Turkey were up 44% y-o-y to USD 297.6 mn in April. <\/p>\n

<\/a> #2- A Saudi-Korean business forum got underway yesterday in Seoul<\/strong>, featuring a delegation of 55 executives from local government and private companies led by Commerce Minister Majid Abdullah Al-Qasabi, SPA<\/a> reports. The minister met separately with Korean Prime Minister Han Duck-soo, the country\u2019s minister of SMEs and startups, and the CEO of Naver, South Korea's largest internet company. The visit wraps up tomorrow. <\/p>\n

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Are you planning to be in Egypt on 24 September? <\/strong>You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n

Why attend? We\u2019re in the early days of a generational realignment of power in our <\/strong>industry<\/strong> \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen<\/strong>. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in Egypt and the wider region. Among the questions we\u2019ll be asking:<\/p>\n