The Saudi-Turkish Business Forum in Istanbul marked a pivotal moment in the relationship between Saudi Arabia and Türkiye, with the signing of 10 significant cooperation agreements. These agreements usher in a new era of economic collaboration, focusing on sectors like agriculture, tourism, advanced technology, and infrastructure, aligning with both countries’ strategic visions for growth and sustainability.
The forum, jointly organized by the Federation of Saudi Chambers and the Foreign Economic Relations Board of Türkiye, attracted over 450 companies and several government entities. This robust participation highlighted the eagerness of businesses from both nations to explore new investment and trade opportunities.
Saudi Arabia’s strengths, such as its leadership in the energy sector and strategic economic reforms under Vision 2030, offer Türkiye a reliable partner in both traditional and renewable energy collaborations. Additionally, Saudi Arabia’s vibrant financial markets present Turkish companies with lucrative investment opportunities, especially in expanding sectors like tourism, healthcare, and technology.
Conversely, Türkiye’s manufacturing and engineering expertise are invaluable assets for Saudi Arabia, particularly in construction and infrastructure projects. Türkiye’s rich cultural heritage and tourism industry provide innovative insights that Saudi Arabia can leverage to enhance its own tourism sector under Vision 2030. Moreover, Türkiye’s advancements in technology and digital services align well with Saudi Arabia’s diversification goals.
These strategic alignments have already resulted in a trade volume increase, reaching SR25.4 billion (approximately $6.76 billion) in 2023, a 15.5% growth from the previous year. Both nations are committed to further elevating their trade partnership, with Turkey aiming to increase bilateral trade to $30 billion in the medium to long term.
The cooperation agreements cover a wide array of industries, each selected for their economic potential. They span agriculture and food production, tourism and hospitality, advanced manufacturing, construction, and healthcare, with an emphasis on digital transformation.
Saudi investments in Turkey have surged, with over 1,400 Saudi companies now operating there, investing SR 18 billion in various sectors. Meanwhile, around 390 Turkish companies are thriving in Saudi Arabia, aligning with Saudi development priorities.
The forum underscored the importance of logistics and infrastructure development, with Turkish expertise set to play a crucial role in Saudi transportation projects. Both nations are also committed to joint initiatives in AI, renewable energy, and digital transformation, promising substantial economic benefits.
In summary, the Saudi-Turkish Business Forum has laid the groundwork for a deeper economic partnership, with both nations poised to leverage their strengths for mutual success. The clear message for companies in both countries is that the time to invest and collaborate is now.
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