In a significant step to enhance bilateral trade, Saudi Arabia and Turkey have recently signed 10 cooperation agreements during a prominent event in Istanbul. It shows their dedication to improving commercial relations across various sectors.
This development comes as the trade relationship between Riyadh and Ankara reached an impressive $6.76 billion in 2023. It reflected a 15.5% increase from the previous year. The Saudi-Turkish Business Forum drew over 450 businesses and government officials from both countries.
This mutual business provided a platform to explore collaborative opportunities in key industries, including agriculture, food, tourism, and advanced manufacturing. Important sectors such as construction, infrastructure, technology, innovation, and logistics were also discussed.
Saudi exports to Turkey totaled $4 billion, while imports from Turkey were $2.6 billion. This indicated a balanced trade dynamic. Fayez Al Shaili is the vice president of the Federation of Saudi Chambers. He noted a significant evolution in Saudi-Turkish relations.
The vice president focused on the crucial role of the business council in excelling economic ties with Saudi Arabia as one of Turkey’s top eight trading partners. The landscape of Saudi investments in Turkey has changed dramatically.
Several Saudi companies operating in Turkey increased from just 11 in 2011 to over 1,400 in 2023. The total investment by Saudi firms in Turkey has reached $4.7 billion (approximately Dh17.2 billion). It shows the strong economic integration between the two nations.
The forum highlighted investment opportunities for Turkish businesses under Saudi Arabia’s Vision 2030 initiative. This initiative includes areas such as tourism infrastructure, industrial zones, healthcare, digital services, and energy. This initiative aims to strengthen the Saudi economy and promote sustainable growth.
