Turkish Finance Minister Mehmet Simsek said Thursday Turkey wanted to draw funds from the Gulf countries to finance its current account deficit.

Appearing at joint press conference with his Saudi counterpart Ibrahim Abd al-Aziz al-Assaf in Ankara, Simsek said they were working on financial instruments to draw Gulf funds.

"The Gulf is a region which has current account surplus. Turkey on the other hand is a dynamic fast growing country which relatively has a savings gap. Turkey and the Gulf
region can complement each other," said Simsek.

Simsek pointed out that the financial crisis increased the importance of regional cooperation adding that in this respect a free trade agreement between Turkey and the Gulf Cooperation Council should be signed at once. Simsek said he urged Al-Assaf to support Turkey in this matter.

Simsek underlined the need to increase the direct investments between the two countries adding that Turkey and Saudi Arabia could make joint investments in the areas of telecommunications.

Simsek said Turkish contractors undertook projects worth 7 billion USD in Saudi Arabia, adding that this figure could go up in the future.

Simsek said he also communicated the guaranty letter problem of Turkish businessmen in Saudi Arabia to Al-Assaf.

He said representatives of leading construction companies would meet with Al-Assaf after the meeting.



AA