Riyadh, December 11, 2024 – In a significant step towards strengthening economic ties between Saudi Arabia and Türkiye, a delegation from the Türkiye Exporters Assembly (TIM), consisting of 40 prominent Turkish companies, gathered in Riyadh today for the Saudi-Turkish Business Forum. The event, organized by the Federation of Saudi Chambers, served as a platform for exploring mutual export opportunities and forging strategic partnerships between Turkish exporters and Saudi investors across 10 key economic sectors.
The visiting Turkish delegation represented a wide range of industries, underscoring Türkiye’s diverse and dynamic export landscape. Companies from sectors including mining, chemicals, food, and services were present, as well as firms specializing in iron and metal products, electricity, electronics, equipment, machinery, grains, legumes, oilseeds, fruits, and vegetables. This diverse array of sectors highlights the growing potential for bilateral trade and collaboration, with Turkish businesses eager to expand their presence in the Saudi market.
The primary goal of the visit was to explore and tap into promising export opportunities in Saudi Arabia, a market that is increasingly important as Türkiye aims to boost its export volume on the global stage. Last year, Türkiye’s total exports reached an impressive $255.8 billion, with an ambitious target of growing this figure to $400 billion by 2028. This goal is part of Türkiye’s broader economic strategy to accelerate the pace of foreign trade, and the involvement of Turkish exporters is critical to achieving this growth.
The trade relationship between Saudi Arabia and Türkiye has already demonstrated positive momentum. In 2023, the trade volume between the two countries reached SAR 25.4 billion, reflecting a solid growth rate of 15.5%. Saudi exports to Türkiye amounted to SAR 15.6 billion, while Turkish imports to Saudi Arabia stood at SAR 9.8 billion, signaling a healthy exchange of goods and services. The forum today was another vital step in further cementing this partnership, with both sides eager to enhance their economic cooperation.
With growing trade relations, the Saudi-Turkish Business Forum is expected to pave the way for more collaborative ventures, with Turkish exporters looking to leverage Saudi Arabia's strategic position as a gateway to the wider Gulf region and beyond. The forum also represents a critical opportunity for Turkish companies to gain deeper insights into the Saudi market, adapt to its evolving business environment, and explore avenues for sustainable long-term partnerships. The visit is an encouraging sign of the deepening economic ties between the two nations and reflects their shared vision for a prosperous future.
