Ankara: The Turkish Union of Chambers and Commodity Exchanges (TOBB) and the Federation of Saudi Chambers (FSC) have recently signed a memorandum of understanding aimed at enhancing bilateral trade and economic cooperation. This agreement was formalized during a gala dinner hosted by the Islamic Chamber of Commerce and Development (ICCD), with notable attendance from 20 representatives and Turkish Vice President Cevdet Yilmaz. The agreement outlines the establishment of a joint action plan to share institutional expertise, initiate sectoral platforms, and create a Trkiye-Saudi Arabia Joint Chamber Forum.

According to Anadolu Agency, TOBB President Rifat Hisarciklioglu emphasized the need for Islamic countries to integrate their capital reserves with Trkiye's manufacturing capabilities. He highlighted Trkiye's status as the region's leading industrial producer, with exports amounting to $275 billion annually across 12,600 product categories. Hisarciklioglu pointed out that 60% of Turkish exports are directed towards the EU and the US, underscoring the high quality and competitive pricing of the country's goods. Additionally, the substantial foreign direct investment of over $290 billion in the past two decades signifies Trkiye's robust investment climate.

Hisarciklioglu also remarked on Trkiye's emergence as a hub for innovation, housing over 740 global firms within its technoparks. He urged business leaders to leverage the ICCD as a key platform to advance economic integration from North Africa to East Asia. Furthermore, he encouraged lobbying efforts to persuade governments to remove trade barriers, implement structural reforms, and cultivate an environment conducive to cross-border entrepreneurship.