Saudi-Turkish Business Forum Helps Boost Economic Ties

Saudi Arabia's flag.

The Saudi-Turkish Business Forum and Turkish Products Fair was held on March 4, 2024 at the Riyadh International Convention and Exhibition Center, SPA said on Tuesday.
The Riyadh Chamber of Commerce hosted the forum.
Saudi Minister of Commerce Majid Al-Qasabi emphasized the strong relations between Saudi Arabia and Turkiye, and the potential for increased collaboration.
He highlighted Saudi Arabia's "unprecedented transformation", driven by the "wise leadership, an ambitious vision, and a population of which 80% are young people".
The Minister also said that the Kingdom's vast oil and mineral resources, estimated at $1.5 trillion, are contributing significantly to its ongoing transformation.
Minister of Investment Khalid Al-Falih met with representatives of Turkish construction companies and highlighted the growing Saudi economy and the numerous investment opportunities, particularly in the construction sector, valued at $152 billion.
The targeted capital expenditure exceeded $3.3 trillion from 2022 to 2030, he said, reiterating that potential construction contracts range from $1.6 trillion to $$1.8 trillion.
Turkish Minister of Trade Omer Bolat emphasized the forum's significance to bolstering trade and economic ties between the two nations. He highlighted the $6.2 billion trade volume achieved in 2023, and expressed optimism for further growth.
He also underlined the Turkish companies' keenness to capitalize on investment opportunities arising from Saudi Vision 2030.
Second Vice Chairman of the Riyadh Chamber Naif Al-Rajhi emphasized the forum's role in building on the partnerships established at the Saudi-Turkish Business Forum held in Istanbul last October, which resulted in several cooperation agreements.
The forum concluded with the signing of new agreements between Saudi and Turkish companies.