The economic relations between Turkey and Saudi Arabia have witnessed unprecedented acceleration lately, with a series of commercial and investment agreements strengthening cooperation and economic ties between the two nations.
In efforts to enhance bilateral relations, President Recep Tayyip Erdogan visited Saudi Arabia as part of a Gulf tour that also included Qatar and the UAE. This historic visit brought forth numerous opportunities to bolster bilateral cooperation across various economic sectors.
During the visit, 16 cooperation agreements were signed between the two countries, encompassing industries and real estate. These agreements are poised to significantly enhance trade and investment exchange between Turkey and Saudi Arabia. Turkish Minister of Trade, Omar Boulatt, warmly welcomed these agreements, highlighting that the trade volume between the two countries amounted to 6.5 billion dollars in 2022 and continues to grow in 2023
Economic cooperation between Turkey and Saudi Arabia spans a wide range of sectors, from direct investments to infrastructure, technology, industrial, agricultural, and tourism projects. Collaborating in these areas presents an opportunity for both nations to strengthen their economies, expand their investment base, and achieve sustainable development.
Bilateral economic relations between Turkey and Saudi Arabia contribute to boosting trade exchange and expanding economic and investment cooperation between the two countries. Expectations indicate that mutual trade volumes will reach higher levels in the future, with forecasts showing continued momentum in trade and economic activities between the two nations.
The significance of this cooperation lies in creating greater opportunities for economic growth, increased employment prospects, and development across diverse economic sectors for both countries. Additionally, these relations foster cultural exchange and deepen the bonds between their peoples, enhancing overall understanding and bilateral cooperation.
Through this growing economic cooperation, Turkey and Saudi Arabia are building strong bridges to achieve sustainable development and enhance regional stability. They are also strengthening their roles in the international community and deepening economic and investment partnerships with other countries worldwide.
Today, Istanbul witnessed a roundtable meeting chaired by Turkish Minister of Trade, Omar Boulad, and Saudi Minister of Municipal, Rural Affairs, and Housing, Majed Al-Hogail. The Turkish-Saudi Business Forum was also held at the Turkish Foreign Economic Relations Board (DEIK), with the participation of ministers from both countries.
During this meeting, Turkish and Saudi companies signed 16 cooperation agreements in various fields, with industries and real estate among the most prominent areas. These agreements are expected to play a significant role in enhancing trade between Turkey and Saudi Arabia, in line with their respective visions and objectives.
In a tweet, Turkish Minister of Trade, Omar Boulad, expressed his satisfaction with the fruitful meeting and confirmed both Turkey and Saudi Arabia's commitment to enhancing cooperation in various sectors, including construction projects, smart cities, tourism, digital transformation, and the food industry.
Boulad emphasized that the roundtable meeting discussed opportunities to strengthen trade and economic relations between Turkey and Saudi Arabia in line with the "Turkey Vision 2023" and "Saudi Vision 2030". He highlighted the continuous growth in their economic and trade relations, with a trade volume of 6.5 billion dollars in 2022, and the expectation for further growth in 2023. Both sides reiterated their aim to increase mutual trade volume to 10 billion dollars in the short term and 30 billion dollars in the long term.
Saudi Minister of Municipal, Rural Affairs, and Housing, Majed Al-Hogail, spoke about the Kingdom's desire to benefit from the Turkish business world, particularly in infrastructure, engineering, and development projects within the Kingdom. He affirmed their joint commitment to achieve the desired objectives between the two countries.
Al-Hogail also highlighted the investment opportunities offered by the Kingdom to foreign investors, stating that they have become more accessible after enacting laws that promote foreign investment. The Saudi leadership is keen to provide ample opportunities to encourage this, whether through facilitations, bank loans, or issuing new laws to support investments.
In another meeting, Minister Majed Al-Hogail met with members of the Turkish Contractors' Union in Ankara, leading a Saudi delegation. During the meeting, he mentioned that the Kingdom has allocated a budget of 100 billion dollars for municipal projects and another 50 billion dollars for housing and apartment construction projects. He expressed familiarity with the capabilities of Turkish contractors and expressed his desire to see more Turkish construction companies participating in ongoing projects in line with Saudi Vision 2030.
At the end of the meeting, President of the Turkish Contractors' Union, Ardal Aran, confirmed that the Saudi Minister's desire to enhance cooperation in this field reflects both sides' determination to strengthen their cooperation.
On Monday evening, Turkey and Saudi Arabia signed agreements in the areas of direct investment, defense industries, energy, and communications during talks between delegations led by Turkish President Recep Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman in Jeddah. The discussions focused on enhancing bilateral relations and addressing common areas of interest between the two countries.
Saudi Arabia signed two agreements with the Turkish defense company "Baykar" to purchase drones, aiming to enhance the readiness of its armed forces and boost the Kingdom's defense and manufacturing capabilities. Additionally, memorandums of understanding were signed to encourage direct investment and cooperation in communications between both sides, along with a memorandum of understanding in the energy sector.
These moves come in the context of economic initiatives to expand investment opportunities between the two countries and enhance economic cooperation, particularly after the improvement in diplomatic relations. Turkey aims to attract more investments and expand business opportunities for Turkish entrepreneurs and businessmen in the Kingdom.
This visit marks President Erdogan's first to an Arab country since his re-election in May of last year, highlighting the significance of economic and trade relations between the two sides. It also aligns with Saudi Arabia's efforts towards normalizing relations with Turkey and emphasizing economic development and dialogue as a basis for dealing with political disputes between the two nations
Turkish President Recep Tayyip Erdogan embarked on a Gulf tour, meeting with Saudi Crown Prince Mohammed bin Salman in Jeddah. After their meeting and heading the delegation-level talks at the Peace Palace in Jeddah, President Erdogan presented the Turkish "Tog" electric car as a gift to the Saudi Crown Prince.
The "Togg" car is the first Turkish electric car designed and manufactured locally in Turkey. This gift symbolizes the economic and trade cooperation between the two countries and strengthens the bilateral relations between Turkey and Saudi Arabia.
Following the meeting and the exchange of gifts, President Erdogan returned to his hotel, driving the "Togg" car himself. This visit comes in the context of economic cooperation between the two nations and their endeavor to enhance mutual trade and joint investments.
President Erdogan's Gulf tour, which includes Saudi Arabia, Qatar, and the United Arab Emirates, aims to attract investments and strengthen economic cooperation between Turkey and these countries. This visit is part of the economic and diplomatic efforts to foster relations between Turkey and Arab countries.
The future holds promising opportunities, clearly manifested in this historical step taken by President Erdogan and Crown Prince bin Salman in Jeddah. It reaffirms that cooperation between Turkey and Saudi Arabia will not be confined to current boundaries but aspires to reach new horizons and a prosperous future benefiting both nations and the entire region.
Source: Agencies