Saudi-Turkish Business Forum Strengthens Economic Relations, Opens New Investment Avenues

The Riyadh Chamber of Commerce recently played host to the Saudi-Turkish Business Forum and Turkish Products Fair, a significant event that took place on March 4, 2024, at the Riyadh International Convention and Exhibition Center. This gathering underscored the robust ties and burgeoning collaboration opportunities between Saudi Arabia and Turkiye, spotlighting the Kingdom's dynamic economic landscape and its readiness for further international partnerships.

Dr. Majid Al-Qasabi, the Saudi Minister of Commerce, delivered a compelling address during the forum, emphasizing the "unprecedented transformation" underway in Saudi Arabia. Underpinning this transformation is the Kingdom's visionary leadership and its youthful demographic, with 80% of its population being young people. Dr. Al-Qasabi also highlighted the significant role of Saudi Arabia's vast oil and mineral resources, valued at an estimated $1.5 trillion, in driving the nation's ambitious economic overhaul.

Eng. Khalid Al-Falih, Minister of Investment, engaged with representatives from Turkish construction firms, pointing out the thriving Saudi economy and the wealth of investment prospects it presents. With a particular focus on the construction sector, valued at $152 billion, he noted that targeted capital expenditure is expected to surpass $3.3 trillion from 2022 to 2030. Potential construction contracts are projected to range between $1.6 trillion and $1.8 trillion, indicating a fertile ground for future projects.

Boosting Trade and Economic Relations

On his part, Turkish Minister of Trade Dr. Omer Bolat underscored the forum's critical role in enhancing trade and economic relations between the two countries. He brought attention to the impressive $6.2 billion trade volume achieved in 2023 and expressed optimism for continued growth in this area. Dr. Bolat also highlighted Turkish companies' eagerness to leverage investment opportunities stemming from Saudi Vision 2030.

Building on Established Partnerships

Naif Al-Rajhi, Second Vice Chairman of the Riyadh Chamber, reflected on the forum's significance in reinforcing partnerships initiated at the previous Saudi-Turkish Business Forum held in Istanbul last October. That event had culminated in several cooperation agreements, laying a solid foundation for future collaborations.

The forum concluded with the signing of new agreements between Saudi and Turkish companies, marking another milestone in the strengthening economic ties between the two nations. This event not only showcased the potential for increased collaboration but also highlighted both countries' commitment to fostering a conducive environment for business growth and investment.

With inputs from SPA