Saudi-Turkish Business Council Seals Eight Trade Agreements for Economic Integration

Saudi and Turkish companies part of the Saudi-Turkish Business Council signed yesterday eight trade agreements to strengthen trade and investment between the two countries.

The agreements were signed during the council's round table, which was attended by Governor of the Saudi Standard, Metrology, and Quality Organization 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-organized by the Federation of Saudi Chambers, Saudi General Authority of Foreign Trade, and Turkish Foreign Economic Relations Board, the meeting discussed the available trade and investment opportunities in the two countries, especially those envisaged in the Saudi Vision 2030 and the prioritized sectors of the Turkish economy, and the role of the council, not least its plans and initiatives to boost economic relations.

The volume of trade between Saudi Arabia and Türkiye reached SAR22 billion ($5,864,813,240) in 2022, recording a growth rate of 32.6%.

The Turkish minister said that the strategic objective is to increase the volume of trade to $10 billion, in the medium term, and $30 billion in the long term, adding that Turkish construction companies have pledged to carry out 400 projects, valued at $28 billion, in Saudi Arabia while 1,400 Saudi companies were established in Türkiye.