The Saudi-Turkish Business Forum, which took place in Istanbul, highlighted the various investment opportunities available to Turkish investors under Saudi Arabia’s Vision 2030. The focus was on sectors such as tourism infrastructure, healthcare, digital services, and energy. Representatives from over 450 companies and various government agencies attended the forum, leading to the signing of 10 cooperation agreements. Saudi Minister of Commerce Majed Al-Qasabi and Turkish Minister of Trade Ömer Bolat were in attendance, emphasizing the strong ties between the two countries and the potential for increased trade volume.
The forum showcased the deepening economic relations between Saudi Arabia and Türkiye, with the Kingdom emerging as one of Türkiye’s top eight trade partners. The number of Saudi companies operating in Türkiye has significantly increased in recent years, with total investments reaching SR18 billion. The Saudi-Turkish Business Council has played a key role in enhancing economic relations between the two countries, aiming to achieve a trade volume of $10 billion in the near future. The forum emphasized the potential for partnership and collaboration between the business sectors of the two countries in various key industries.
At the forum, discussions revolved around the need for government support to address challenges faced by investors from both countries. The volume of trade between the Kingdom and Türkiye reached SR25.4 billion in 2023, showing a growth of 15.5 percent. Saudi exports to Türkiye were valued at SR15.6 billion, while imports from Türkiye totaled SR9.8 billion. The Saudi-Turkish Business Council convened to discuss its plans and initiatives, focusing on areas such as agriculture, food, tourism, advanced manufacturing, construction, technology, and logistics.
Saudi Minister of Commerce Majed Al-Qasabi highlighted the transformations taking place in Saudi Arabia across various sectors like mining, health, technology, and communications. Türkiye aims to increase the trade volume with the Kingdom to $30 billion in the medium to long term, with a focus on tourism, health, infrastructure, information, and defense industries. The forum brought together representatives from both countries to explore investment opportunities and strengthen economic ties, with a particular emphasis on the business sectors of agriculture, food, tourism, manufacturing, technology, and innovation.
The Saudi-Turkish Business Forum drew attention to the Kingdom’s favorable business environment, attracting 390 Turkish companies to invest in the Saudi market. The forum facilitated meetings between Saudi and Turkish companies, resulting in the signing of 10 cooperation agreements. Representatives from various sectors discussed the potential for collaboration in key industries like agriculture, food, tourism, manufacturing, construction, technology, and logistics. The forum also emphasized the importance of government support in addressing challenges faced by investors in both countries, paving the way for increased economic cooperation and growth.
The Saudi-Turkish Business Council has played a crucial role in enhancing economic relations between the two countries, positioning Saudi Arabia as a key economic partner for Türkiye. The number of Saudi companies operating in Türkiye has seen significant growth in recent years, with total investments reaching SR18 billion. The council aims to achieve a trade volume of $10 billion in the near future, with a focus on areas like agriculture, food, tourism, manufacturing, and technology. The forum highlighted the potential for partnership and collaboration between the business sectors of Saudi Arabia and Türkiye, showcasing the breadth of investment opportunities available.
