The “Turkish-Saudi Business Forum” witnessed the signing of ten cooperation agreements covering sectors such as tourism
furniture, services, textiles, home furnishings, hotel accessories, urban development consulting, distribution, and agency services.
The forum also discussed the business projects of entrepreneurs from both countries, investment opportunities,
and the objectives of business councils. This took place during the joint roundtable meeting
of the Turkish-Saudi Business Council,
held in Istanbul on Sunday, organized by the Turkish Foreign Economic Relations Board,
with the presence of Saudi Minister of Commerce Majid Al-Qasabi and Turkish Minister of Commerce Ömer Bolat.
Al-Qasabi announced on his “X” account that he discussed with the Turkish Minister of Commerce
ways to strengthen relations and expand trade partnerships for the benefit of the two brotherly countries.
He added, “With the participation of 277 Saudi and Turkish companies,
the Saudi-Turkish Business Forum was held to develop trade cooperation and explore opportunities in promising sectors to maximize their benefits.”
In his opening speech at the forum, Al-Qasabi praised Turkey’s position and success story in the services sector,
noting that Turkish products hold a unique appeal among the citizens and businesspeople of Saudi Arabia.
He also emphasized that mutual trust between the two countries is an indispensable foundation,
adding, “There is much we can learn from Turkey’s success story, especially in the services sector.”
Al-Qasabi highlighted the importance of exploring joint opportunities in sectors such as mining,
healthcare, and tourism, inviting Turkish companies and businesspeople
to join Saudi Arabia’s transformation journey within the framework of “Vision 2030.”
He stressed the significance of sharing expertise between the two countries
and addressing mutual challenges through these forums, noting that deepening the partnership between
the private sectors and increasing mutual investments contribute significantly to strengthening bilateral relations.
For his part, Turkish Minister of Commerce Ömer Bolat praised the continuous advancement in
Turkish-Saudi relations in areas such as economy, trade, energy, and defense, thanks to the contributions of both countries’ leadership.
Bolat said, “This year, we will set a historic record in mutual trade,
exceeding $8 billion, with a target of reaching $10 billion by 2025.”
He added, “In this context, we believe that ‘Turkey’s Century Vision’ and ‘Saudi Vision 2030’
will open up new horizons for cooperation between the two countries in various fields,
including defense industry, green economy, digitization, and innovation.”
Bolat noted that Turkey is working to strengthen its trade relations with the Gulf countries
in general and Saudi Arabia in particular, highlighting that the share of Islamic countries in
Turkey’s foreign trade has risen from 10% in 2002 to 30% today.
He added that the free trade agreement negotiations between Turkey and the “Gulf Cooperation Council,”
which began last March, are progressing well, with expectations that these developments
will strengthen economic ties between Turkey and Saudi Arabia.
Bolat spoke about Turkey’s broader economic goals,
projecting that per capita income will reach $15,000 by the end of the year, with a national income of $1.2 trillion and exports of $375 billion.
He noted that Turkish contractors have so far completed 420 projects in Saudi Arabia,
valued at $30 billion, and in the first nine months of this year alone,
they secured the largest number of construction tenders worldwide in Saudi Arabia, with the total value of contracts reaching $2.3 billion.
He expressed hope that this figure will exceed $3 billion by the end of the year.
He also mentioned that there are currently 1,400 Saudi investors operating in Turkey,
with a total investment of $2 billion distributed across the industrial, trade, and service sectors.
The President of the Turkish Foreign Economic Relations Board, Nail Olpak,
stated that the trade volume between Turkey and Saudi Arabia reached $5.6 billion
in 2023 and rose to $6.4 billion as of September, with expectations to exceed $10 billion next year.
Olpak noted that the “Turkish-Saudi Business Forum” witnessed the signing of ten cooperation agreements between the two sides,
adding that these agreements will add significant momentum to the transition toward new areas of cooperation between the countries.
He expressed optimism that the free trade agreement negotiations between Turkey and
the Gulf Cooperation Council will mark a turning point in relations between Turkey, Saudi Arabia, and the region.
Olpak encouraged Turkish and Saudi businesspeople to increase investments in joint projects,
including collaboration with third countries, especially in Africa,
emphasizing that the agreements signed during the forum will help facilitate new cooperation opportunities.
