Saudi crown prince launches National Intellectual Property Strategy 

Turkiye wants bilateral trade with Saudi Arabia to reach $30 billion, minister says

ISTANBUL: Investors from Turkey and Saudi Arabia gathered at the Turkiye Saudi Forum, which kicked off in Istanbul on Thursday, with a view to boosting bilateral trade to $10 billion soon.

The event is held in collaboration with the Turkish Ministry of Finance, the Turkiye Presidential Office of Investment and the Turkiye Foreign Economic Relations Committee and aims to highlight promising investment opportunities.

Speaking at the forum, Saudi Investment Minister Khalid Al-Farrif said:

He stressed the importance of private sector partnerships and business-to-business ties to strengthen economic ties between the two countries.

Turkiye’s trade with Saudi Arabia increased from $3.7 billion in 2021 to $4.3 billion between January and October 2022. However, the Turkish government’s bilateral trade volume goal is to reach $10 billion soon.

“But that’s not enough. If we’re already planning for 2030, we need to get to $30 billion. If we work together, both countries will win.” Turkey’s Finance Minister Nureddin Nebaty said, confirming that the financial sector is one of the most promising avenues for developing business. tie.

“Turkey will remain an investor-friendly country,” he said.

Turkiye is home to about 1,100 Saudi companies, with investments worth $11 billion in agriculture, real estate, energy and other sectors. Saudi Arabia also suggests that Turkish investors expand their business activities beyond the construction sector by investing in aviation, defense, tourism, innovation, health, technology, energy and food sectors.

Turkiye also deepens its ties with the Kingdom by co-investing in third countries, especially on the African continent.

Turkish and Saudi leaders are close to aligning their visions of regional stability, according to Christian Coates-Ulrissen, Fellow of the Middle East at the Baker Institute at Rice University, and are committed to developing institutional ties between the two countries. You may want to concentrate on

“It will give the bilateral relationship the depth and durability it lacked before. It is well-deserved for two of the largest economies in the region,” he told Arab News.

Several Turkish and Saudi businessmen attended the forum and about 10 cooperation agreements were signed.

“In the wake of the process of normalizing bilateral relations as tensions ease in the region, attempts to strengthen existing private sector partnerships and seek new ones have gained momentum in recent years. It represents a timely initiative as the two largest economies look to capitalize on investment opportunities opened up by the recent political settlement between the two countries, King’s College London told Arab News. .

In late November, Mr. Nebati also met with Saudi Commerce Minister Majid Al-Qasabi in Istanbul to evaluate the path of economic and commercial cooperation.

Business representatives from Turkey and Saudi Arabia are expected to meet again in Riyadh in March 2023.

Dr. Ersoy believes that the energy sector needs continued investment in both countries, but the construction and housing markets are also growing as both governments promote large-scale investments in the sector domestically. , holds untapped potential for bilateral economic relations.

“For Saudi Arabia, investment cooperation with Turkey’s public and private sectors in the agriculture, pharmaceutical and health sectors seems particularly relevant to the rural development of these sectors in the domestic economy,” he said.

At a trade roadshow in Istanbul last week, the Saudi Arabian Tourism Board announced that it has become easier and faster for Turkish citizens to obtain entry visas to Saudi Arabia.

Experts stress that greater economic and business ties will bring benefits to both countries.

“Each state government has ambitious development goals for their respective economies, and closer economic cooperation with each other, especially through dynamic business networks, will contribute to these goals,” said Dr. I am certain,” he said.

He added: Moreover, enhanced commercial and financial transactions have the potential to mitigate the volatility seen in bilateral relations by creating and strengthening economic interdependence between the two countries. ”

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