RIYADH: Saudi Arabia and Turkiye deepened commercial ties by signing 10 cooperation agreements at an event in Istanbul, advancing strategic initiatives across diverse sectors.
The Saudi-Turkish Business Forum spotlighted opportunities for joint ventures in agriculture, food, and tourism, along with potential collaborations in advanced manufacturing, construction, and infrastructure. Other key areas included technology, innovation, and logistics, the Saudi Press Agency reported.
Organized by the Federation of Saudi Chambers and the Foreign Economic Relations Board of Turkiye, the event attracted over 450 companies and several government agencies from both nations.
This comes as the trade volume between Riyadh and Ankara reached SR25.4 billion ($6.76 billion) in 2023, marking a 15.5 percent growth. Saudi exports to Turkiye represented SR15.6 billion, while Turkish imports to the Kingdom accounted for SR9.8 billion.
Turkish Minister of Trade Omer Bolat said: “Turkiye aims to raise the volume of its bilateral trade with the Kingdom to $30 billion in the medium and long term, and diversify its fields, especially tourism, health, infrastructure, information technology, and the defense industry.”
The minister praised the strong bilateral relationship, the quality of Turkish products, and the success of the country’s services sector, encouraging mutual benefit from these strengths. He also highlighted the Kingdom’s transformations across sectors such as mining, health, technology, and communications.
“Today in Istanbul, I met with my brother, His Excellency the Turkish Minister of Trade Omer Bolat, and we discussed strengthening relations and expanding trade partnerships for the good and interest of the two brotherly countries,” Saudi Minister of Commerce Majid Al-Qasabi said in a post on X.
Fayez Al-Shaili, vice president of the Federation of Saudi Chambers, noted a qualitative shift in Saudi-Turkish relations. He stated that the establishment of the business council has played a critical role in enhancing economic relations, positioning the Kingdom among Turkiye’s eight largest trading partners.
The number of Saudi companies operating in Turkiye has surged from 11 in 2011 to over 1,400 in 2023, with total investments reaching SR18 billion, according to Al-Shaili.
Sami Al-Osaimi, chairman of the Saudi-Turkish Business Council, highlighted that around 390 Turkish companies are now investing in the Saudi market, with the council targeting a trade exchange volume of $10 billion in the short term.
The forum showcased investment prospects for Turkish investors within the framework of Saudi Vision 2030, particularly in tourism infrastructure, industrial zones, healthcare, digital services, and energy.
Additionally, the business council met on the sidelines of the forum to discuss plans, initiatives, and the government support needed to address challenges faced by investors from both countries.
