TLDR:
Saudi Arabia and Turkiye sign agreements
Business forum draws 450 companies
Trade volume hits $6.76 billion
ISTANBUL/RIYADH (The Thursday Times) — Saudi Arabia and Turkiye have fortified their economic alliance, signing ten cooperation agreements at a landmark event in Istanbul. The Saudi-Turkish Business Forum, attended by over 450 companies and various government representatives, showcased a strategic push to deepen commercial ties across multiple sectors. Organised by the Federation of Saudi Chambers and Turkiye’s Foreign Economic Relations Board, the forum highlighted lucrative investment opportunities in agriculture, food, tourism, and other critical sectors such as advanced manufacturing, construction, and infrastructure. Technology, innovation, and logistics were also front and centre, reflecting a modern outlook on the evolving Saudi-Turkish partnership.
This event comes amid a burgeoning trade relationship. In 2023, bilateral trade volume reached SR25.4 billion ($6.76 billion), reflecting a 15.5% increase. Saudi Arabia’s exports to Turkiye accounted for SR15.6 billion, while Turkish imports to the Kingdom were valued at SR9.8 billion. Both nations see this as a stepping stone towards ambitious future targets, with Turkish Minister of Trade Omer Bolat revealing aspirations to elevate bilateral trade to $30 billion over the medium and long term. He pointed to key areas such as tourism, health, infrastructure, IT, and defence as potential catalysts for growth.
Strategic investments
The forum underscored the robust and growing Saudi presence in Turkiye. The number of Saudi companies operating in the country has surged significantly, from a mere 11 firms in 2011 to over 1,400 in 2023. Total Saudi investments have reached SR18 billion, underscoring the strategic importance of Turkiye to the Kingdom’s diversified investment portfolio. The event also shed light on the contributions of Turkish firms to the Saudi economy. Currently, 390 Turkish companies are active in Saudi Arabia, with the Saudi-Turkish Business Council targeting a trade exchange volume of $10 billion in the near future.
Turkish Minister of Trade Omer Bolat praised the strength and quality of Turkish products and services, highlighting the potential for these to meet growing demands in the Saudi market. His Saudi counterpart, Majid Al-Qasabi, echoed this sentiment. In a post on X, Al-Qasabi emphasised the significance of these agreements, pointing to the Kingdom’s broader economic transformations in mining, health, technology, and communications, all of which open new avenues for collaboration.
Vision 2030
The Saudi-Turkish Business Forum also aligned with Saudi Arabia’s Vision 2030, a comprehensive economic diversification strategy. Turkish investors were briefed on opportunities within this framework, particularly in developing tourism infrastructure, industrial zones, healthcare, digital services, and renewable energy projects. The event emphasised how Turkiye could play a pivotal role in helping Saudi Arabia achieve these ambitious goals, given its established expertise in these areas.
A meeting of the Saudi-Turkish Business Council took place on the forum’s sidelines, with members deliberating on strategies to overcome investment barriers and ensure smooth business operations. The council discussed various initiatives and highlighted government support as a crucial enabler of successful cross-border investments. This strategic dialogue is expected to pave the way for more robust economic ties, benefiting both nations.
