Turkish Economy Minister Zafer Çağlyan signed a memorandum of understanding (MoU) with the members of the Islamic Development Bank (IDB) on March 2 during a recent visit to Saudi Arabia, in a move to build more economic bridges in the Islamic world by boosting trade and investment among the parties. Çağlayan called for Turkish contractors to take a share from Saudi Arabian infrastructure investments in order to reach $1 trillion in 20 years reports Hurriyet.

The MoU signed by Çağlayan and the head of the IDB, Ahmed Muhammed Ali El Medeni, includes the detection of fields of cooperation between the countries to encourage bilateral trade and investments. The trade finance instruments and compliant insurance products will be developed to introduce new trade opportunities between financial institutions of IDB members and Turkey. The Turkish investors’ insurance against political risks in IDB member countries will be incented, according to the protocol. 

In a bid to enhance the bilateral relationship further, Çağlayan also gathered with Saudi businessmen, making the opening remarks at the Turkey-Saudi Arabia Business Forum on March 2.