ISTANBUL: President Tayyip Erdogan appointed a prominent member of Turkey’s ruling AK Party, Mehmet Mus, as trade minister on Wednesday and split the Family, Labour and Social Policies Ministry into two ministries.
In a presidential decree Ruhsar Pekcan was replaced as trade minister by Mus, who has been a lawmaker for Erdogan’s AK Party since 2011 and served as the party’s deputy chairman in charge of the economy.
The decree, published in the Official Gazette, gave no reason for the change, but it comes after opposition politicians accused Pekcan’s ministry of buying supplies from her family-owned company and called on her to resign.
The Trade Ministry confirmed that the purchase of sanitisers had been made, but said in a statement on Tuesday the choice was based on price alone and not due to “the name of the company making the sale.”
It said that the sale, worth some 500,000 lira ($62,000), had been carried out in line with relevant regulations.
Erdogan’s overnight changes come amid speculation over a wider cabinet reshuffle, after he changed the country’s top economic management in November, including the central bank governor.
The president established two new ministries by splitting the Family, Labour and Social Policies Ministry into two separate ministries, according to the decree.
He appointed Derya Yanik as Family and Social Policies Minister and Vedat Bilgin as the Labour and Social Security Minister, replacing Zehra Zumrut Selcuk.
Erdogan replaces Turkish trade minister, forms two new ministries
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Erdogan replaces Turkish trade minister, forms two new ministries
- In a presidential decree Ruhsar Pekcan was replaced as trade minister by Mus, who has been a lawmaker for Erdogan’s AK Party since 2011
Saudi investment hits 32% of GDP, non-oil fixed capital reaches 40%, minister says
RIYADH: Saudi Arabia’s investment now accounts for 32 percent of gross domestic product, with non-oil fixed capital at 40 percent, according to the minister responsible for portfolio.
Speaking during his visit to the Shoura Council, Khalid Al-Falih said that foreign direct investment is expected to grow fivefold, signaling strong Vision 2030 progress.
“Regarding cumulative performance, the Kingdom has exceeded all expectations, achieving high levels of investment,” Al-Falih said, according to a video posted on Al-Ekhbariya’s X account focused on economic matters.
The minister added: “Today, investment accounts for 32 percent of the total GDP. In terms of non-oil GDP, fixed capital represents 40 percent, compared with 41 percent in China, the highest globally.”
If we take the non-oil GDP, he said, fixed capital will make 40 percent. “China is the largest globally with 41 percent. So, we will rank second if we compare it to the non-oil economy and fourth when measured against total GDP,” Al-Falih said.
He emphasized that the Kingdom offers an investment-attractive environment, noting that when focusing on foreign direct investment rather than overall investment, Saudi Arabia ranks among the world’s highest.
The minister of investment added that FDI is expected to grow fivefold by the end of 2025, though these data require confirmation, stressing that this is “a big indicator for the success of Saudi Vision 2030.”
During his address to the session, Al-Falih emphasized that Saudi Vision 2030 prioritizes economic diversification and reducing dependence on oil, through boosting the private sector’s contribution to inclusive economic development, supporting national sectoral priorities, and driving growth in the Kingdom’s GDP.
He highlighted key initiatives enabling the private sector, including the establishment of the Ministry of Investment and the Saudi Investment Promotion Authority, the launch of the “Shareek” program, the development of the National Investment Strategy, and linking all stakeholders in the investment ecosystem.
“The Cabinet’s adoption of the National Investment Strategy, launched by Crown Prince in 2021 and implemented in 2022 as a comprehensive national framework, has played a major role in positioning investment as a driver of economic growth,” he said.
Al-Falih revealed that the ministry has identified more than 2,000 investment opportunities worth over SR1 trillion ($267 billion), noting that 346 of these opportunities have been converted into closed deals valued at over SR231 billion through the “Invest Saudi” platform.
He also highlighted the success of the regional headquarters attraction program, with licenses issued to more than 700 global companies by the end of 2025, surpassing the 2030 target of 500 companies, across diverse sectors that reinforce Saudi Arabia’s role as a regional business hub.
The minister revealed that active investment licenses have grown tenfold, rising from 6,000 in 2019 to 62,000 by the end of 2025, highlighting the role of companies in creating over one million jobs, including numerous positions for Saudi nationals.
Al-Falih noted the Kingdom’s success in attracting 20 of the world’s top 30 banks, as part of efforts to strengthen the presence of leading asset managers and international banks in support of the Saudi banking sector.
He also discussed reforms to enhance the business environment, such as the Civil Transactions Law, Companies Law, and the updated Investment Law issued in mid-2024, which contributed to Saudi Arabia moving up 15 places in the global competitiveness ranking.
The minister also announced the update of the National Investment Strategy in 2025, focusing on quality, productivity, and directing investments toward sectors with the highest economic impact, while developing financing solutions for SMEs.
