Saudi Arabia and Turkey are looking to develop closer economic and investment ties as they explore new trading opportunities.
The volume of trade between Saudi Arabia and Turkey reached SR22bn ($5.9bn) in 2022, recording a growth rate of 32.6 per cent.
At a business council meeting between the nations, plans were discussed to expand this to $30bn in the long term.
Saudi-Turkey trade
Saudi and Turkish companies signed eight trade agreements to strengthen trade and investment between the two countries.
The agreements were signed during the Saudi-Turkish Business Council’s round table, which was attended by Governor of the Saudi Standard, Metrology, and Quality Organisation Dr. Saad Bin Othman Al-Kasabi, Turkish Minister of Trade Dr. Omar Bolat, a delegation of the Federation of Saudi Chambers of Commerce, headed by Ahmed Bin Salem, head of Yanbu Chamber, and several other officials from the two sides.
Co-organised by the Federation of Saudi Chambers, Saudi General Authority of Foreign Trade, and Turkish Foreign Economic Relations Board, the meeting discussed the available trade and investment opportunities in the two countries.
The Turkish minister said that the strategic objective is to increase the volume of trade to $10bn, in the medium term, and $30bn in the long term, adding that Turkish construction companies have pledged to carry out 400 projects, valued at $28bn, in Saudi Arabia while 1,400 Saudi companies were established in Turkey.
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