Saudi-Turkish Business Forum in Istanbul Yields 10 New Cooperation Agreements

KSA, 5 November, 2024 : The Saudi-Turkish Business Forum held in Istanbul on Sunday marked a milestone for economic cooperation, with the signing of 10 cooperation agreements. Key Saudi and Turkish officials, including Saudi Minister of Commerce Majed Al-Qasabi and Turkish Minister of Trade Ömer Bolat, attended the event, which was organized by the Federation of Saudi Chambers (FSC) and Türkiye's Foreign Economic Relations Board.

The forum brought together representatives from over 450 companies and several government agencies, focusing on investment opportunities in line with Saudi Arabia’s Vision 2030, especially in tourism infrastructure, healthcare, digital services, and energy.

Highlighting the forum, Al-Qasabi praised the strong Saudi-Turkish relations and Turkish product quality, while Bolat underscored Türkiye’s goal of raising bilateral trade volume to $30 billion, with a focus on sectors like tourism, health, infrastructure, and defense industries.

FSC Vice President Fayez Al-Shuaili pointed to a robust growth in economic relations, noting that Saudi investments in Türkiye have surged from 11 companies in 2011 to over 1,400 today, with an investment total of SR18 billion. The Saudi-Turkish Business Council, led by Sami Al-Osaimi, is targeting a trade volume of $10 billion soon.

The forum underscored collaboration potential in agriculture, food, tourism, manufacturing, technology, and logistics. In 2023, Saudi-Turkish trade reached SR25.4 billion, a 15.5% growth, with Saudi exports accounting for SR15.6 billion.

Source : www.saudigazette.com.sa