Istanbul, November 4, 2024 – The Europe Today: The Turkish metropolis of Istanbul hosted a significant forum on Sunday, bringing together Turkish and Saudi business leaders to strengthen economic collaboration. Organized by the Foreign Economic Relations Board of Türkiye (DEIK), the Türkiye-Saudi Arabia Business Forum aims to advance trade and investment opportunities between the two nations.
Saudi Arabia’s Commerce Minister, Majid bin Abdullah Al-Qasabi, emphasized the importance of Turkish products in the Saudi market and praised Türkiye’s achievements in the services sector. “We have much to learn from Türkiye’s success and position in the services sector,” Al-Qasabi remarked, encouraging Turkish businesses to explore investment opportunities under Saudi Arabia’s Vision 2030, particularly in mining, healthcare, and tourism.
Turkish Trade Minister Omer Bolat underscored the robust trade relations between the two countries, announcing that bilateral trade is set to exceed $8 billion in 2024. Bolat expressed an ambitious target, stating, “Our goal for 2025 is to surpass the $10 billion psychological threshold,” and attributed the momentum to the commitment of both countries’ leaders. He added that economic and defense ties are “nearing an excellent level and continue to grow.”
DEIK President Nail Olpak also expressed optimism, noting that trade between Türkiye and Saudi Arabia reached $6.4 billion as of September. “I see the potential for this figure to exceed $10 billion,” Olpak stated, advocating for expanded investments, including third-country collaborations, particularly in Africa. He highlighted the new agreements signed at the forum, which are expected to catalyze further cooperation.
Bolat highlighted recent successes, noting that Turkish contractors secured $2.3 billion in construction contracts in Saudi Arabia in 2023, with hopes to exceed $3 billion by year-end. He also reported progress in free trade negotiations between Türkiye and the Gulf Cooperation Council (GCC), initiated in March, which he anticipates will “add momentum to the mutual economic relations between Türkiye and Saudi Arabia.”
Addressing broader economic goals, Bolat projected that Türkiye’s per capita income would reach $15,000 by year’s end, with national income climbing to $1.2 trillion and exports potentially reaching $375 billion.
