Istanbul, Turkey – The 15th Turkish-Arab Economic Forum (TAF 2024) concluded its discussions at the Four Seasons Hotel Istanbul at the Bosphorus, with the participation of over 500 delegates, including ministers, senior government executives, business leaders, and investors from Turkey and Arab countries. The event was organized by Al-Iktissad Wal-Aamal Group and the Ministry of Treasury and Finance of Turkey, in cooperation with the Ministry of Foreign Affairs of Turkey, the League of Arab States, the Gulf Cooperation Council (GCC), the Union of Arab Chambers, Invest in Turkey, and the Union of Chambers and Commodity Exchanges of Turkey (TOBB).

The forum brought together high-profile participants, including Mehmet Şimşek, Minister of Treasury and Finance of Turkey; Ahmed Aboul Gheit, Secretary-General of the League of Arab States; Ahmed Kouchouk, Minister of Finance of Egypt; Taif Sami Mohammed, Minister of Finance of Iraq; Samir Abdelhafidh, Minister of Economy and Planning of Tunisia; Noora Suleiman Salem Al-Fassam, Minister of Finance of Kuwait; and Fatih Karahan, Governor of the Central Bank of Turkey. The forum provided a platform for key discussions on the evolving economic landscape, investment opportunities, and the future of Turkish-Arab economic ties.

 The conference put in focus the potential of developing a shared vision for regional integration through a Turkish-Arab economic corridor that can connect Europe, Asia and Africa leveraging on Turkey and the Arab world strategic locations, ambitions and potential.

In his keynote speech, Mehmet Şimşek emphasized Turkey's commitment to enhancing economic ties with Arab countries. He called for deeper collaboration across strategic sectors, focusing on trade, investment, and energy corridors. He laid out a bold vision for deeper cooperation in trade, investment and technology and encouraged more FTAs to be concluded between Turkey and the Arab countries while highlighting Turkey fiscal plans and reform agenda which evolves around achieving price stability and fiscal sustainability and unlock growth potential with the help of structural reforms. The Secretary-General of the League of Arab States, Ahmed Aboul Gheit, highlighted the importance of partnerships in achieving economic growth and stability. He emphasized the role of regional cooperation in addressing economic challenges and fostering sustainable development. He particularly focused on the potential of tripling the trade between Turkey and the Arab countries to a new height of $150 billion annually.

Ministerial Panel: Strategic Insights on Fiscal and Economic Policy

The Ministerial Panel, moderated by Mehmet Şimşek, featured key discussions among ministers from Turkey and Arab countries. The panel addressed pressing topics, including navigating fiscal policy amid global economic uncertainty, strengthening the Turkish-Arab economic corridor, and leveraging shared experiences in crisis management and economic reforms. The panel explored ways to enhance bilateral and multilateral trade agreements, promote investments in key sectors, and capitalize on strategic geographic positioning.

Banking and Fintech Panel: Digital Transformation and Financial Integration

The forum also featured a Banking and Fintech Panel, which explored the transformative potential of digital technologies in banking and finance. Panelists discussed key issues such as financial inclusion, digital payment systems, and cross-border banking collaborations. The session highlighted how the Arab world and Turkey can capitalize on fintech and financial innovation to drive economic growth and enhance financial stability and inclusion. Panelists emphasized the importance of developing regulatory frameworks that encourage innovation while protecting the financial system.

Focus on Economic Cooperation and Future Growth

Throughout the event, various panels delved into topics such as regional trade, technology, energy, and finance. Key sessions featured discussions on enhancing public-private partnerships (PPPs), green energy investments, and leveraging digital transformation for economic growth. The forum highlighted the importance of diversifying economic partnerships to drive regional stability and prosperity.

Looking Forward: The 16th Edition of TAF

With its high-level ministerial engagements, focused discussions, and strategic meetings, TAF 2024 has once again solidified its position as the premier platform for fostering Turkish-Arab economic ties. The outcomes of the forum will serve as a foundation for new initiatives aimed at enhancing economic growth and partnerships between Turkey and the Arab nations.

The forum’s success highlighted the importance of this platform in strengthening relations between Turkey and Arab countries. Building on this, the organizers are already preparing for the 16th edition, which is scheduled to take place in the second half of 2025 in Istanbul, Turkey. A confirmed date will be announced shortly.

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