Saudi Arabia and Türkiye signed on Monday a memorandum of understanding for cooperation in the field of mining.
The agreement was signed during a meeting between Bandar AlKhorayef, Saudi Minister of Industry and Mineral Resources, and Alparslan Bayraktar, Turkish Minister of Energy and Natural Resources, in Ankara.
In remarks following the meeting, Bayraktar said discussions touched on mutual investments in energy. He noted that the MoU paves the way for bilateral cooperation in the field of mining and the vital minerals needed in areas such as the manufacture of electric cars and solar panels.
AlKhorayef had kicked off an official visit to Türkiye on Monday with the aim of boosting cooperation opportunities in the industrial and mining sectors.
Last month, Bayraktar expressed his country’s desire to enhance cooperation with Saudi Arabia in the field of energy, pointing to the interest of Saudi Arabia and other Gulf countries to invest in renewable energy in Türkiye.
“Our country has a huge capacity in this field, as it ranks 12th in the world and fifth in Europe,” he stated.
According to data from the Saudi Ministry of Industry and Mineral Resources, the value of non-oil exports to Türkiye amounted to about SAR13.5 billion, while the value of imports reached SAR2.9 billion, in addition to financing export credit insurance worth $26 million from the Saudi Export-Import Bank.
The Saudi Industrial Development Fund also contributes to financing a joint project with Ankara at a value of SAR3.5 million, while Turkish investments have entered into three projects in the Saudi Authority for Industrial Cities and Technology Zones.
Meanwhile, the Turkish e-shopping company, Trendyol, announced that it was accelerating its efforts to launch its operations in Gulf countries, starting with Saudi Arabia and the UAE.
Trendyol Group President Çağlayan Çetin said the company wants to attract more attention from the Gulf to Turkish brands.
Last October, Trendyol signed a cooperation agreement with the Saudi shareholding company, Fawaz Alhokair Group, to offer Turkish-made products to Saudi markets and open their first physical stores in the region.