Saudi Arabia and Turkey have strengthened their economic partnership by signing 10 new cooperation agreements at the Saudi-Turkish Business Forum in Istanbul. This event signifies a major expansion of strategic collaborations in various sectors, including agriculture, food production, tourism, advanced manufacturing, construction, infrastructure, and technology. The agreements highlight the growing cooperation between Riyadh and Ankara as they aim for economic growth and diversification.
The forum, organized by the Federation of Saudi Chambers and Turkey’s Foreign Economic Relations Board, attracted participation from over 450 companies and officials, demonstrating a strong mutual interest in enhancing bilateral relations. Saudi Arabia’s commitment to economic transformation is evident, with a reported trade volume of $6.76 billion in 2023, alongside an increasing demand for Turkish products. In 2023, Saudi exports to Turkey reached $4 billion, while imports from Turkey amounted to $2.6 billion, marking a 15.5% rise in trade between the two countries.
The number of Saudi companies operating in Turkey has dramatically increased, from just 11 in 2011 to over 1,400 today, with total Saudi investments surpassing $4.7 billion. This growth aligns with Saudi Arabia’s Vision 2030, which focuses on expanding opportunities in sectors such as tourism, industrial zones, healthcare, digital services, and energy. The forum also showcased new opportunities for Turkish investments, especially in infrastructure projects aimed at boosting Saudi Arabia’s tourism sector.
Fayez Al Shaili, vice president of the Federation of Saudi Chambers, commended the strengthening ties and the role of the Saudi-Turkish Business Council in fostering economic collaboration. He expressed hope that Saudi Arabia will soon become one of Turkey’s top eight trading partners, reinforcing the commitment of both nations to build a strong commercial partnership based on shared objectives and a long-term vision.
