Turkiye has set an ambitious objective to escalate its trade volume with Saudi Arabia to a landmark $30 billion over an upcoming period. The recent figures from 2023 indicate that the bilateral trade has reached a substantial $6.8 billion, with Saudi Arabian entities injecting about $2 billion into the Turkiye economy, as reported by the state-run Anadolu Agency and attributed to the country’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, suggesting that enhanced interaction between the two nations could be a catalyst for growth.
Yilmaz highlighted the array of sectors in Turkiye ripe for investment, which includes technology, defense, renewable energy, petrochemicals, finance, tourism, and housing, all part of an inviting international investment landscape.
In a testament to the growing partnership, 27 accords were sealed at the recent Turkiye-Saudi Arabia Investment and Business Forum in Istanbul.
Despite the tragic earthquakes that struck Turkiye early last year, resulting in over 50,000 fatalities, the nation’s exports saw a modest increase to $255.7 billion in 2023. Additionally, the country experienced a surge in tourism from Saudi Arabia, with an increase of 70%, amounting to approximately 830,000 visitors.
Concluding his remarks, Yilmaz stated that while Turkiye remains a significant prospect for investors from Saudi Arabia, the kingdom similarly presents valuable investment opportunities for Turkish businesspeople.