The Saudi private sector is preparing to participate in the GCC-Türkiye Economic Forum held in Istanbul between November 11 and 13.
According to released information, the Federation of Saudi Chambers informed all commercial chambers about the Forum, which aims to strengthen economic cooperation between the Gulf Cooperation Council (GCC) countries and Türkiye, and increase trade value.
The Statistical Center for the Gulf Cooperation Council (GCC-Stat) indicated that trade between GCC countries and Türkiye reached $22 billion in 2021.
Trade between Saudi Arabia and Türkiye also increased to $6.5 billion in 2022, up from $3.7 billion in 2021.
The Turkish Minister of Trade, Omer Bolat, announced that trade between Saudi Arabia and Türkiye reached $3.4 billion during the first half of 2023.
The Gulf-Turkish economy highlights several areas: trade, investment, energy, infrastructure, industry, transport, logistics services, tourism, agriculture, and food.
Many officials, Gulf businessmen, and their Turkish counterparts are expected to participate in the Forum.
GCC Secretary-General Jasem Albudaiwi is scheduled to speak at the Forum.
The Turkish government has recently increased its efforts to strengthen economic relations with Gulf countries, especially Saudi Arabia.
Turkish President Recep Tayyip Erdogan visited Saudi Arabia in July, describing the Kingdom as one of the region's most important countries, with a special place in trade, investments, and contracting services.
More than 200 businessmen and investors accompanied Erdogan's visit, highlighting the Saudi market's importance and economic relations between the two nations.
- Engaging the Private Sector
The Saudi-Turkish Business Council held a meeting in Jeddah on the sidelines of Erdogan's visit.
Speaking at the meeting's onset, Saudi Minister of Investment Khaled al-Falih emphasized Riyadh's keenness to engage the local and foreign private sectors, primarily Turkish entities.
Falih indicated that Vision 2030 established a new phase in all aspects of life in the Kingdom and fostered an excellent economic environment for promising investments.
"One of the most prominent features of the Vision is the keenness to involve the Saudi and foreign private sectors, including the Turkish private sector," he said, explaining that the National Investment Strategy was aimed at enabling diversified investments with a total estimated volume of $3.3 trillion by 2030.
The Turkish Trade Minister emphasized the necessity to enhance bilateral investment and trade, noting the strong bilateral ties.
He noted that the free trade agreement would serve the two sides' interests: "Türkiye and the Kingdom are two countries that have sufficient energy to strengthen relations and work to develop all cultural, commercial, and industrial sectors."
- Red Sea Project
Bolat revealed that Saudi Arabia's investments in his country exceeded $2 billion, which he said confirmed "the confidence of our Saudi brothers in Türkiye."
Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef visited Ankara last August and participated in a Turkish-Saudi roundtable where he expressed his country's confidence in Turkish investors.
Khorayef hoped Turkish investors would take advantage of the investment opportunities in Saudi Arabia.
Last March, Saudi Arabia agreed to deposit $5 billion into Türkiye's central bank through its Saudi Fund for Development.
The decision demonstrates the Kingdom's commitment to supporting Türkiye's efforts to strengthen its economy following the devastating earthquake that hit Türkiye and Syria last February.