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HomeBusinessTurkiye Aims to Bolster Saudi Trade Relations

Turkiye Aims to Bolster Saudi Trade Relations

Targeting $30 Billion Trade Milestone with Saudi Arabia

February 19, 2024
in Business
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Turkiye has set its sights on expanding its trade volume with Saudi Arabia, aiming for a $30 billion benchmark in the coming years. The trade between the two nations reached $6.8 billion in 2023, with Saudi enterprises having injected $2 billion into Turkiye to date, according to reports from the state-run Anadolu Agency, quoting Turkiye’s Vice President Cevdet Yilmaz.

We believe investments can increase easily through more frequent events that can bring together our countries’ business worlds, Yilmaz commented, highlighting the potential for growth through enhanced collaboration.

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Turkiye is positioning itself as a lucrative destination for investors, showcasing opportunities in sectors such as technology, defense, renewable energy, petrochemicals, finance, tourism, and housing as part of its international investment appeal.

The recent Türkiye-Saudi Arabia Investment and Business Forum in Istanbul was a testament to this burgeoning relationship, with 27 agreements inked during the event.

Despite the challenges posed by the catastrophic earthquakes in the previous year, Turkiye’s exports saw a slight increase to $255.7 billion in 2023. Additionally, the country experienced a surge in tourism from Saudi Arabia, with visitor numbers up by 70% to approximately 830,000 in 2023.

Yilmaz further noted that while Turkiye continues to present significant opportunities for Saudi investors, the kingdom equally provides a conducive investment climate for Turkish entrepreneurs.

Tags: Bilateral Investmenteconomic growthinvestment forumTurkiye ExportsTurkiye-Saudi Trade
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