Saudi-Turkish Business Forum in Istanbul Yields 10 Agreements

Istanbul, November 04, 2024, SPA -- The Saudi-Turkish Business Forum, organized by the Federation of Saudi Chambers (FSC) and the Foreign Economic Relations Board of Türkiye, was held here yesterday, showcasing the investment opportunities available to Turkish investors under Vision 2030, specifically in tourism infrastructure, healthcare, digital services, and energy sectors.
Minister of Commerce Majid Al-Kassabi and Turkish Minister of Trade Ömer Bolat attended the forum, along with representatives of over 450 companies and of several government agencies from the two countries.
Al-Kassabi lauded the strong ties between Saudi Arabia and Türkiye and the quality of Turkish products, and highlighted the transformations witnessed by the Kingdom in many sectors, including mining, health, technology and communications.
Bolat said that Türkiye seeks to increase the volume of trade with the Kingdom to $30 billion in the medium and long term, focusing on tourism, health, infrastructure, information and defense industries.
FSC Vice President Fayez Al-Shuaili said that the Saudi-Turkish Business Council has “significantly enhanced economic relations”, positioning the Kingdom as a key economic partner for Türkiye, one of the country's top eight trade partners. He noted that the number of Saudi companies operating in Türkiye has surged from 11 in 2011 to over 1,400 in 2023, with total investments reaching SAR18 billion.
Chairman of the Saudi-Turkish Business Council Sami Al-Osaimi said that the Kingdom's favorable business environment has attracted 390 Turkish companies who invested in the Saudi market. He also said that the council aims to achieve a volume of trade of $10 billion in the near future.
The forum emphasized the potential for partnership and collaboration between the business sectors of the two countries, particularly in agriculture, food, tourism, advanced manufacturing, construction, infrastructure, technology, innovation, and logistics.
Representatives of Saudi and Turkish companies had several meetings on the sidelines of the forum, and 10 cooperation agreements were signed as a result. The Saudi-Turkish Business Council also convened to discuss its plans, initiatives, and the government support required to address the challenges faced by investors from their countries.
In 2023, the volume of trade between the Kingdom and Türkiye reached SAR25.4 billion, reflecting a growth of 15.5%. Saudi exports to Türkiye accounted for SAR15.6 billion, while imports from Türkiye to the Kingdom totaled SAR9.8 billion.
-- SPA