Saudi and Turkish companies affiliated with the Saudi-Turkish Business Council convened to sign eight pivotal trade agreements, bolstering trade and investment collaboration between the two nations. The agreements were formalized during a roundtable event attended by prominent figures, including Dr. Saad Bin Othman Al-Kasabi, Governor of the Saudi Standard, Metrology, and Quality Organization, and Turkish Minister of Trade Dr. Omar Bolat.
Organized jointly by the Federation of Saudi Chambers, Saudi General Authority of Foreign Trade, and the Turkish Foreign Economic Relations Board, the meeting delved into trade and investment opportunities aligned with Saudi Vision 2030 and Turkey's prioritized economic sectors. Discussions also centered on the council's role, encompassing its plans and initiatives to enhance economic relations.
In 2022, the trade volume between Saudi Arabia and Turkey surged to SAR 22 billion ($5.86 billion), marking a robust growth rate of 32.6%. Minister Bolat outlined strategic objectives to elevate trade volume to $10 billion in the medium term and $30 billion in the long term. He highlighted commitments from Turkish construction companies to undertake $28 billion worth of projects in Saudi Arabia and the establishment of 1,400 Saudi companies in Turkey. The agreements underscore the commitment of both nations to deepen economic cooperation and capitalize on mutually beneficial opportunities.
