Riyadh: The bilateral trade volume between Trkiye and Saudi Arabia is poised for growth, with expectations to reach $10 billion in the near term, as announced by the Turkish trade minister. During his speech at the Saudi Arabia-Trkiye Investment Forum in Riyadh, Minister Omer Bolat emphasized that President Recep Tayyip Erdogan's visit would catalyze numerous agreements between ministries and business organizations from both countries.
According to Anadolu Agency, Erdogan's official visit to Saudi Arabia on Tuesday included a delegation comprising First Lady Emine Erdogan and several Turkish ministers, such as Foreign Minister Hakan Fidan, Treasury and Finance Minister Mehmet Simsek, Trade Minister Omer Bolat, and Defense Minister Yasar Guler. Bolat underscored that these agreements are expected to elevate Trkiye-Saudi Arabia relations, further strengthening their economic ties. The countries have set ambitious trade targets, aiming for $10 billion in the short term and $30 billion in the long term, with hopes to achieve the short-term target by 2026.
Currently, the trade volume between the two nations has already surpassed $8.6 billion. Bolat noted that cooperation is also intensifying in the defense industry, particularly in procurement and joint production. Additionally, he highlighted the potential for significant cooperation agreements with third countries for the reconstruction of Gaza and Ukraine, expressing readiness to collaborate with Saudi companies on these initiatives.
Saudi Arabia's Minister of Investment, Khalid bin Abdulaziz Al-Falih, expressed enthusiasm about the presence of the Turkish private sector in Saudi Arabia. He noted that Saudi investments in Trkiye have exceeded $2 billion, with a focus on construction and real estate. Al-Falih emphasized that both countries are prominent economies in the Middle East and important economic and investment destinations. The Turkish and Saudi private sectors, he remarked, have immense potential for opportunities in both nations.
Nail Olpak, President of Trkiye's Foreign Economic Relations Board (DEIK), stated that over 800 Turkish companies operate in Saudi Arabia. He highlighted the importance of Saudi Arabia's Vision 2030 and other projects, noting that the meeting would cover all sectors, including contracting and commercial relations. Olpak pointed out that Trkiye is a central hub for investment, production, and technology between Western Europe and China, with significant investments in energy, industry, agriculture, infrastructure, and the defense industry.
During the forum, an agreement was signed between the Turkish Contractors Association (TMB) and the Saudi Contractors Authority, the official body regulating and representing the construction and contracting sector in Saudi Arabia.