Saudi Arabia's Finance Minister Ibrahim Abdul Aziz al-Assaf says the kingdom will invest USD 400 billion in Turkey over the next four years.

Assaf made the remarks at a joint news conference with the Turkish Finance Minister Mehmet Simsek in Ankara on Thursday, adding that the two countries planned to organize a forum for joint investments.

He said that the governments of the two states should provide opportunities for the private sector to use great potentials in the economy and commerce spheres.

Assaf noted that Turkey and Saudi Arabia were determined to boost their bilateral trade volume up to 10 billion dollars.

For his part, Simsek said Turkey wants to draw funds from the Persian Gulf countries to finance its deficit.

"The [Persian] Gulf is a region which has current account surplus. Turkey on the other hand is a dynamic fast growing country which relatively has a savings gap. Turkey and the [Persian] Gulf region can complement each other," said Simsek.

MGH/MMN