Saudi-Turkish Business Forum In Istanbul Leads To Ten New Trade Agreements

The Saudi-Turkish Business Forum, organised by the Federation of Saudi Chambers (FSC) and Türkiye's Foreign Economic Relations Board, took place recently. The event highlighted investment opportunities for Turkish investors under Vision 2030, focusing on tourism infrastructure, healthcare, digital services, and energy sectors. Attendees included Minister of Commerce Majid Al-Kassabi, Turkish Minister of Trade Ömer Bolat, and representatives from over 450 companies and various government agencies from both nations.

Al-Kassabi praised the robust relationship between Saudi Arabia and Türkiye. He emphasised the quality of Turkish products and noted the significant transformations in Saudi sectors like mining, health, technology, and communications. Bolat expressed Türkiye's ambition to boost trade volume with Saudi Arabia to $30 billion in the medium and long term. Key areas of focus include tourism, health, infrastructure, information technology, and defence industries.

FSC Vice President Fayez Al-Shuaili highlighted that the Saudi-Turkish Business Council has "significantly enhanced economic relations," making Saudi Arabia a crucial economic partner for Türkiye. He pointed out that Türkiye ranks among the top eight trade partners for Saudi Arabia. The number of Saudi companies operating in Türkiye has grown from 11 in 2011 to over 1,400 in 2023, with total investments amounting to SAR18 billion.

Sami Al-Osaimi, Chairman of the Saudi-Turkish Business Council, stated that Saudi Arabia's favourable business environment has attracted 390 Turkish companies to invest in its market. He also mentioned that the council aims to achieve a trade volume of $10 billion soon. The forum underscored potential partnerships between both countries' business sectors in agriculture, food, tourism, advanced manufacturing, construction, infrastructure, technology innovation, and logistics.

In 2023, trade between Saudi Arabia and Türkiye reached SAR25.4 billion, marking a 15.5% increase. Saudi exports to Türkiye were valued at SAR15.6 billion while imports from Türkiye totalled SAR9.8 billion. Representatives from both nations' companies held numerous meetings during the forum's sidelines resulting in ten cooperation agreements being signed.

The Saudi-Turkish Business Council also met to discuss plans and initiatives alongside government support needed to tackle challenges faced by investors from both countries. This collaboration aims to strengthen economic ties further while addressing any obstacles encountered by businesses operating across borders.

The forum successfully showcased opportunities for partnership and collaboration between Saudi Arabian and Turkish businesses across various sectors. It provided a platform for dialogue on enhancing bilateral trade relations while exploring new avenues for growth under Vision 2030.

With inputs from SPA