Ashmawi: Turkey is door to Europe for Arab world

Egyptian Head of Banks Federation and Director of United Bank Mohamed Ashmawi, stating that Turkey's calls are a result of strategy, has said, "Turkey is a door opening to Europe for the Arab world." Ashmawi who attends the Second Turkish-Arab Banking and Finance Forum told AA on Friday that Egyptian investors have to invest in Turkey in order to reach the European markets. He said, "Turkey, the door opening to Europe for the Arab world, is above the European standards in production and health services." Ashmawi evaluated the Egyptian economy and stated that the banking sector was successful in conducting the crisis and supporting the national economy. Ashmawi added that the economy would take a leap forward in near future and said that Egypt was working on a draft law about the Islamic bond issue, which was important to attract the local and foreign investors, refreshing the national economy. Board Chairman of Arab Union of Banks, Adnan Ahmed Yusuf Abdulmalek, said, "sound economy can even help overcome the political problems."   Abdulmalek stated that countries like Egypt and Tunisia in the center of revolution benefited from Turkey's experiences. The banking system was not affected by the revolutionary transformation of the countries, where Arab spring took place and that especially Egyptian and Tunisian banks continued to operate normally during the revolution, he stated. Saying that tourism sector became stagnant in the countries where revolution took place, Abdulmalek emphasized the financial loss since the start of the revolution and said that they would compensate it with new projects in coming years to revive tourism. "After the statement of Turkish Deputy Prime Minister Ali Babacan in last year's Turkish-Arab Banking and Finance Forum, the problems about regulations, taxes and several subjects like Islamic banks were solved. Last year's and this year's forums show that Egypt is on the right path together with Turkey. This initiative of the Turkish government and the Central Bank of Turkey has revived the bilateral relations, which boosted exports," Abdulmalek stated.