TÜRKİYE-SAUDI ARABIA AIMS FOR A TRADE VOLUME OF $30 BILLION

During the meetings in Istanbul, business representatives from both countries signed 8 agreements

DEİK, in collaboration with the Federation of Saudi Arabian Chambers of Commerce (FSC), orchestrated the Türkiye-Saudi Arabia Business Council Joint Round Table Meeting, as well as the Türkiye-Saudi Arabia Business Forum and Bilateral Business Meetings. Hosted by the Minister of Trade of the Republic of Türkiye, Prof. Dr Ömer Bolat, and DEİK President Nail Olpak, the meeting saw the participation of Dr Saad Al Kasabi, President of the Saudi Standards, Metrology and Quality Organization (SASO), Fahad Bin Assaad Bin A. Abualnasr, Ambassador of Saudi Arabia to Ankara, Ahmed Bin Salem Al Shughudli, President of Yanbu Chamber of Commerce, Fatih Gürsoy, Chairperson of DEİK/Türkiye-Saudi Arabia Business Council, Sami Al-Osaimi, Chairperson of the Saudi Arabia-Türkiye Business Council, along with business representatives from both nations. The event took place on December 3-4, 2023, in Istanbul. Representatives from diverse sectors, including investment, construction, food, textile, energy, engineering, industry, technology and innovation, health, chemicals, legal services, logistics, law, and finance, convened for bilateral meetings, culminating in the signing of 8 agreements.

BOLAT: “THE TRADE VOLUME SURGED BY 41 PERCENT IN 2022, REACHING 6.5 BILLION USD”

Turkish Trade Minister Ömer Bolat reported that the trade volume between Türkiye and Saudi Arabia soared to 6.5 billion USD in 2022, marking a 41 percent increase. He further added, “Our mutual trade in the first 11 months of this year has approached 6.2 billion USD. The strategic objectives of the two countries include achieving mutual trade of 10 billion USD in the medium term and 30 billion USD in the long term.” Highlighting the reliability of Turkish exporters, particularly in sectors such as apparel, textile, machinery, food, and defence industry products, Bolat expressed, “With robust infrastructures, globally integrated open economies, and entrepreneurial business communities, both Türkiye and Saudi Arabia possess significant potential for trade and investment collaboration. A vital instrument for achieving this goal is the establishment of a free trade agreement between Türkiye and the Gulf Cooperation Council countries.”

AL KASABI: “WE ARE PREPARED TO OFFER ALL FORMS OF SUPPORT FOR THE ADVANCEMENT OF INVESTMENTS”

Dr. Saad Al Kasabi, President of the Metrology and Quality Organization (SASO), expressed his satisfaction with the meeting, noting that it occurred at a time when trade and investment partnerships between the two countries are flourishing. He remarked, “In fact, Türkiye and Saudi Arabia, both major countries in the Middle East with vibrant sectors, hold a very crucial strategic position.” Highlighting the positive impact of directives from the leaders of both countries, Al Kasabi noted, “Due to the guidance provided by our leaders, we observe an improvement in trade volume. Looking at the period until December, bilateral trade has increased by 15 percent this year compared to last year. We are prepared to offer comprehensive support for the advancement of investments between the two countries.”

OLPAK: “ONE OF OUR OBJECTIVES IS TO SUSTAIN AND ENHANCE COOPERATION BETWEEN OUR COUNTRIES IN THIRD-PARTY NATIONS”

DEİK President Nail Olpak remarked, “Over the past year and a half, we have consistently maintained our close engagements with Saudi Arabia, conducting 4 business forums and 5 Round Table Meetings at the same pace and level. The recent visit of Turkish President Recep Tayyip Erdoğan to Saudi Arabia was highly productive for our economic relations, fostering a noticeable increase in interest between the two countries. Our relations extend beyond bilateral trade; they encompass investment and production as well. We aspire to sustain and advance this collaboration, not only within our respective nations but also in third countries. Saudi Arabia is currently overseeing more than 5,200 projects with a combined value of 819 billion USD. These encompass initiatives aimed at fostering economic diversification and sustainable development, including projects such as a smart city, cultural capital, entertainment hub, luxury tourism, and wellness destination. Both Turkish contracting firms and technology companies have actively begun participating in these projects.”