Other BriefingsSaudi Arabia and Turkiye Target US$30 Billion in Bilateral Trade
Saudi Arabia and Turkiye are looking to develop closer economic and investment ties as they explore new trading opportunities. The volume of trade between Saudi Arabia and Turkiye reached US$5.9 billion in 2022, recording a growth rate of 32.6%. However, at a business council meeting between the two countries, plans were discussed to expand this to US$30 billion.
Saudi and Turkish companies have also signed eight new trade agreements during the Saudi-Turkish Business Council’s round table, which was attended by Governor of the Saudi Standard, Metrology, and Quality Organisation Dr. Saad Bin Othman Al-Kasabi, Turkish Minister of Trade Dr. Omar Bolat, a delegation of the Federation of Saudi Chambers of Commerce, headed by Ahmed Bin Salem, head of Yanbu Chamber, and several other officials from the two sides.
Co-organised by the Federation of Saudi Chambers, Saudi General Authority of Foreign Trade, and Turkish Foreign Economic Relations Board, last week’s meeting discussed the available trade and investment opportunities in the two countries.
The Turkish minister said that the strategic medium term objective is to increase the trade to US$10 billion, and to US$30 billion in the long term. Mutual investment is also increasing – Turkish construction companies have pledged to carry out 400 projects, valued at US$28 billion, in Saudi Arabia while 1,400 Saudi companies have been established in Turkiye.
Bilateral ties can be expected to develop under other formats as well. Saudi Arabia takes up BRICS membership from January, while Turkiye is a strong candidate to join the bloc in 2025.
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Dezan Shira & Associates assist foreign investors into the Middle East and have partner firms in Saudi Arabia and Turkiye. For assistance please contact us at asia@dezshira.com and refer to our business guides below.
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