Saudi Arabia: Turkish President Mr. Recep Tayyip Erdogan has successfully secured a deal with Saudi Arabia for the purchase of Turkish drones in an effort to strengthen Turkey’s economy. This agreement marks a significant milestone for Turkey as it strives to achieve stability amidst economic challenges.
According to the Foreign Economic Relations Board of Turkey, President Mr. Erdogan arrived in Saudi Arabia on 17th July 2023, accompanied by an entourage of some 200 businesspeople as part of a three-stop tour of the region. Both countries signed several memoranda of understanding (MoUs) in many fields, including energy, direct investments, and defence industries.
Mr. Erdogan and Saudi Crown Prince Mohammed bin Salman were present at the signing ceremony between Turkish defence firm Baykar and the Saudi defence ministry, as per the statement. Defence Minister Prince Khalid bin Salman Al Saud tweeted that Saudi Arabia will acquire the drones “with the aim of enhancing the readiness of the kingdom’s armed forces and bolstering its defence and manufacturing capabilities.”
With the support of HRH the Crown Prince and Prime Minister, I signed today a defense cooperation plan with HE Yaşar Güler, the Turkish National Defense Minister, in line with the military and defense cooperation efforts between our two friendly countries. pic.twitter.com/BAuETGR8m6
— Khalid bin Salman خالد بن سلمان (@kbsalsaud) July 18, 2023
Turkey is facing a dreadful economic crisis, including sales and fuel tax hikes that Finance Minister Mr. Mehmet Simsek has stated are necessary to restore fiscal discipline and bring inflation down. In an attempt to address Turkey’s soaring current account deficit, which reached a record level of $37.7 billion in the first five months of this year, President Mr. Erdogan is seeking assistance from the oil and gas-rich Gulf states. The official annual inflation rate, which reached a peak of 85 percent in October 2023, has now decreased to 38 percent as of last month.
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