Where did the economic and experimental relations between Saudi Arabia and Turkey reach?
Shrouq
Turkish President Recep Tayyip Erdogan visited Saudi Arabia yasterday, which is expected to enhance the volume of trade between the two countries at a time when the two countries aim to increase the volume of exchange between them.
The meetings of the Saudi-Turkish Business Council began in Jeddah, with the presence of more than 200 Turkish business figures interested in investing in the Kingdom of Saudi Arabia.
Saudi companies
The meetings witnessed the participation of many Saudi companies and businessmen interested in investing in Türkiye.
He explained that there are about 390 Turkish companies operating in Saudi Arabia, while about 1,140 Saudi companies are investing in Turkey.
He continued, "During the meetings of the Saudi-Turkish Business Council, it is expected that 10 agreements will be signed in economic fields, including mining, energy, health care, nutrition, agriculture, real estate, construction, and tourism."
He pointed out that Saudi Investment Minister Khaled Al-Falih and Turkish President Recep Tayyip Erdogan are scheduled to attend those meetings.
Turkish exports
The value of Turkish exports to Saudi Arabia during the first 4 months of this year amounted to about $781 million.
Intra-trade between the two countries jumped from $4.5 billion in 2017 to $6.1 billion in 2022, as Turkey's exports to Saudi Arabia last year amounted to $1.05 billion, which constitutes a jump from 2021 figures, which were about $250 million.
16 cooperation agreements
Last week, the Saudi-Turkish Business Forum was held in Istanbul, where 16 cooperation agreements were signed between the Saudi side and Turkish companies in the fields of real estate development, construction, engineering consultancy and a number of other investment sectors, with a value exceeding 2.3 billion riyals.
In 13 July, The Saudi-Turkish Business Forum kicked off in Istanbul, where 16 cooperation agreements were signed between the Saudi side and Turkish companies in the fields of real estate development, construction, engineering consultancy and a number of other investment sectors, with a value exceeding 2.3 billion riyals (about $610 million).
Saudi-Turkish investments
The forum reviewed opportunities for Saudi-Turkish investments, and the strengthening of partnerships between the two sides in the fields of urban development, construction, contracting, smart cities and urban development, in cooperation between the Federation of Saudi Chambers of Commerce and the Council for Foreign Economic Relations, according to the Saudi News Agency.
The Kingdom is witnessing qualitative progress in various economic and development sectors, including the municipal and housing sectors, which has been achieved through effective strategic planning to reach the goals of Vision 2030, expressing his aspiration through the forum to enhance cooperation between the two sides in the field of real estate development, automation and infrastructure projects.
