RIYADH: Saudi Arabia and Turkey have discussed potential export opportunities across 10 key economic sectors during a meeting that brought together business groups from both countries.
The Saudi-Turkish Business Forum, held in Riyadh, saw the participation of a delegation from Turkey’s Exporters Assembly, including 40 Turkish companies, alongside several firms from the Kingdom.
The Turkish delegation, organized by the Federation of Saudi Chambers, comprised organizations operating in various industries such as mining, chemicals, food, services, iron, metal products, electricity, and electronics.
Additional participants included companies involved in equipment, machinery, grains, legumes, oilseeds, fruits, and vegetables, according to the Saudi Press Agency.
This development comes as the trade volume between Saudi Arabia and Turkey reached SR25.4 billion ($6.75 billion) in 2023, marking a growth rate of 15.5 percent.
Saudi exports to Turkey amounted to SR15.6 billion, while Turkish imports to the Kingdom totaled SR9.8 billion.
The visit by the Turkey Exporters Assembly aims to explore promising opportunities in the Kingdom as Turkey looks to expand its global exports.
In 2022, Turkey’s total exports stood at $255.8 billion, with the country targeting $400 billion by 2028 through close collaboration with exporters to boost foreign trade.
In November, Saudi Arabia and Turkey strengthened their commercial ties by signing 10 cooperation agreements in Istanbul, advancing strategic initiatives across multiple sectors.
The Saudi-Turkish Business Forum at the time highlighted joint venture opportunities in agriculture, food, and tourism, as well as potential collaborations in advanced manufacturing, construction, and infrastructure.
Other focus areas included technology, innovation, and logistics, as reported by the Saudi Press Agency.
Organized by the Federation of Saudi Chambers and the Foreign Economic Relations Board of Turkey, the event attracted over 450 companies and several government agencies from both nations.
During the event, Turkish Minister of Trade Omer Bolat emphasized the country’s goal to increase bilateral trade with the Kingdom to $30 billion in the medium and long term, while diversifying into sectors such as tourism, health, infrastructure, information technology, and defense.
Source link: https://www.arabnews.com
