Saudi-Turkish Business Forum in Istanbul Results in 10 Key Agreements

Photo : SPA

The Saudi-Turkish Business Forum took place yesterday in Istanbul, organized by the Federation of Saudi Chambers (FSC) and Türkiye's Foreign Economic Relations Board. The forum aimed to highlight the investment opportunities for Turkish investors aligned with Saudi Arabia's Vision 2030, particularly in sectors such as tourism infrastructure, healthcare, digital services, and energy.

In attendance were Minister of Commerce Majid Al-Kassabi and Turkish Minister of Trade Ömer Bolat, along with representatives from over 450 companies and various government agencies from both nations. Minister Al-Kassabi praised the strong bilateral ties and the quality of Turkish products, noting the significant transformations occurring in the Kingdom across multiple sectors, including mining, health, technology, and communications.

Minister Bolat expressed Türkiye’s ambition to elevate trade with Saudi Arabia to $30 billion over the medium to long term, focusing on sectors such as tourism, healthcare, infrastructure, information technology, and defense industries. The FSC's Vice President, Fayez Al-Shuaili, highlighted the Saudi-Turkish Business Council's role in significantly enhancing economic relations, positioning Saudi Arabia as a crucial economic partner for Türkiye. He noted that the number of Saudi companies operating in Türkiye has grown dramatically from 11 in 2011 to over 1,400 in 2023, with total investments reaching SAR 18 billion.

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Chairman of the Saudi-Turkish Business Council, Sami Al-Osaimi, pointed out that Saudi Arabia's favorable business environment has drawn in 390 Turkish companies that have invested in the Kingdom. He indicated that the council has set a target to reach a trade volume of $10 billion in the near future.

The forum underscored the vast potential for partnership and collaboration between Saudi and Turkish businesses, particularly in agriculture, food, tourism, advanced manufacturing, construction, infrastructure, technology, innovation, and logistics. Representatives from both countries engaged in several meetings on the sidelines of the forum, resulting in the signing of 10 cooperation agreements. Additionally, the Saudi-Turkish Business Council convened to discuss its future plans, initiatives, and the necessary government support to tackle the challenges faced by investors from both nations.

In 2023, trade volume between Saudi Arabia and Türkiye reached SAR 25.4 billion, reflecting a robust growth of 15.5%. Saudi exports to Türkiye amounted to SAR 15.6 billion, while imports from Türkiye into the Kingdom totaled SAR 9.8 billion, showcasing a flourishing economic relationship between the two countries.

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