Saudi Arabia and Türkiye have voiced their desire to work to increase the volume of trade exchange and mutual investments.
Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef affirmed his country’s confidence in Turkish investors, expressing his hope that they would benefit from the opportunities available in his country.
During his current visit to Ankara, Al-Khorayef participated in a Turkish-Saudi roundtable meeting held on Monday evening, in the presence of the president of the Union of Turkish Chambers and Commodity Exchanges, Rifat Hisarciklioglu, and a number of Saudi and Turkish businessmen.
In remarks following the meeting, the Saudi minister stressed that the economic relations between the two countries were at an advanced stage, and have progressed significantly, noting that his visit aims to introduce Turkish investors to opportunities in Saudi Arabia, especially in the industrial and mining sectors.
Al-Khorayef arrived in Ankara on Monday, where he participated in a number of meetings, and signed a memorandum of understanding with the Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, for cooperation in the field of mining.
For his part, Hisarciklioglu said that the volume of trade exchange between Türkiye and Saudi Arabia was expected to reach $30 billion in the medium and long terms.
According to identical Saudi and Turkish data, the volume of trade exchange reached $6.5 billion in 2022, up from $3.7 billion in 2021.
The Turkish official said that thanks to the current momentum in the bilateral relations, the volume of trade exchange is expected to increase to $10 billion in the first phase, and to $30 billion in the medium and long terms.
He affirmed the readiness of the Turkish business community to engage in projects related to technology, tourism, transportation, and energy, within the framework of the Kingdom’s Vision 2030, pointing to the longstanding and strong economic ties between Riyadh and Ankara.
Hisarciklioglu stated that the volume of Saudi direct investments in Türkiye currently amounts to $2 billion, while Turkish contracting companies have implemented projects worth $25 billion in the Kingdom.
