Organised by the Foreign Economic Relations Board-DEİK, The Türkiye-Saudi Arabia Business Forum brought together the leading business representatives of the two countries in Istanbul

In the Forum held with the participation of Prof. Dr. Ömer Bolat, Turkish Minister of Trade, Majid Al Hogail, Saudi Arabian Minister of Municipalities, Rural Affairs and Housing, Nail Olpak, President of DEİK, Fayiz Alharbi, Vice President of the Federation of Saudi Arabian Chambers of Commerce, Fatih Gürsoy, Chairperson of DEIK/Türkiye-Saudi Arabia Business Council, and over 250 business people, new opportunities for increasing the trade volume between the two countries and major investments to be made in sectors with high potential were discussed.

Speaking at the opening of the Türkiye-Saudi Arabia Business Forum, Prof. Dr Ömer Bolat, Turkish Minister of Trade, said: “Türkiye and Saudi Arabia have solid potential in trade and investment due to their robust infrastructures, globally integrated economies, competitive markets, and business people with an entrepreneurial spirit. As a matter of fact, our trade volume, which was USD 6.5 billion in 2022, follows an increasing trend in 2023 to reflect the real potential and turn into a more integrated economic and commercial relationship. Our goal is to increase mutual trade to USD 10 billion in the short term and USD 30 billion in the long term.”

Pointing out that there is a new road map in front of Türkiye and Saudi Arabia, Nail Olpak, President of DEİK, said, “Having further developed in the last 1 year, our bilateral relations started to reflect positively on our commercial relations through the resolution of visa and customs problems. Our goal is to develop trade, investments, and contracting fields. We also aim to ensure that the business people of the two countries participate together in significant projects in both countries and third countries.”