Saudi Arabia, Turkey strengthen their commercial ties with the signing of 10 cooperation agreements
This development comes as trade between Riyadh and Ankara reached $6.76 billion
Dubai: Saudi Arabia and Turkey strengthen their commercial ties with the signing of 10 cooperation agreements during an event held in Istanbul on Sunday, furthering strategic initiatives across various sectors.
The Saudi-Turkish Business Forum highlighted opportunities for joint ventures in agriculture, food, tourism, and advanced manufacturing, as well as potential collaborations in construction, infrastructure, technology, innovation, and logistics, according to the Saudi Press Agency.
The event, organised by the Federation of Saudi Chambers and the Foreign Economic Relations Board of Turkey, drew over 450 companies and government representatives from both countries.
This development comes as trade between Riyadh and Ankara reached $6.76 billion (Dh24 billion) in 2023, reflecting a 15.5 per cent year-on-year increase.
Saudi exports to Turkey totalled $4 billion (Dh14.6 billion), while Turkish imports to Saudi Arabia stood at $2.6 billion (Dh9.5 billion).
The Saudi minister pointed to Saudi Arabia's ongoing transformations across industries such as mining, health, technology, and communications.
Fayez Al Shaili, vice president of the Federation of Saudi Chambers, noted a significant shift in Saudi-Turkish relations, emphasising the important role of the business council in enhancing economic ties and positioning Saudi Arabia among Turkey’s top eight trading partners.
The number of Saudi companies operating in Turkey has grown from 11 in 2011 to over 1,400 in 2023, with total investments reaching $4.7 billion (Dh17.2 billion, Al Shaili reported, according to Saudi news agency Arab News.
The forum spotlighted investment opportunities for Turkish investors under Saudi Arabia’s Vision 2030, particularly in tourism infrastructure, industrial zones, healthcare, digital services, and energy.