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20-03-23

Turkiye Aims for USD10 Billion in Bilateral Trade with Saudi Arabia

(MENAFN) Turkish Trade Minister Mehmet Mus has stated that Turkiye expects bilateral trade with Saudi Arabia to reach USD10 billion in the coming years. The minister made the comments at the Saudi-Turkish Business Forum in Riyadh on Sunday. He also stated that several Turkish companies are keen on exploring investment opportunities in the Kingdom, particularly in the construction and manufacturing sectors.

The economic transformation currently underway in Saudi Arabia has led to a boom in the construction and manufacturing sectors, which presents significant investment opportunities for Turkish companies. Minister Mus attributed this economic growth to the successful implementation of the Vision 2030 program. He also highlighted Turkiye's impressive economic growth, with a current volume of foreign investments in the country standing at USD285 billion.

The minister stated that Turkiye's EU Customs Union membership, a population of 85 million, and an impressive growth rate of 6 percent make it an attractive investment destination. These factors, coupled with the growing bilateral trade between Saudi Arabia and Turkiye, indicate a positive outlook for the economic relationship between the two countries.

Hassan Al-Huwaizi, the president of the Federation of Saudi Chambers, highlighted the strong economic ties between Saudi Arabia and Turkiye, stating that Saudi-Turkish relations are among the best global models for international trade. The formation of the Saudi-Turkish Coordination Council last year has greatly boosted these ties. Al-Huwaizi noted that 1,140 Saudi companies have invested in Turkiye, while 390 Turkish companies have invested in the Kingdom, and the bilateral trade volume has jumped from SR17 billion (USD4.52 billion) in 2017 to SR23 billion in 2022. These investments have been made in the construction, manufacturing, wholesale, retail, and restaurant sectors.

The Saudi-Turkish Business Forum, organized by the Federation of Saudi Chambers, saw the participation of over 450 Saudi and Turkish companies. The forum resulted in three deals being signed between the two countries in the fields of trade and manufacturing. The two sides also agreed on a joint venture in the automation and engineering sector. The agreements and joint ventures signed at the forum signify a commitment to further strengthening the economic relationship between Saudi Arabia and Turkiye.

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