عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Türkiye Announce Engineering Automation Project for the Middle East

The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)
The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)
TT
20
TT

Saudi Arabia, Türkiye Announce Engineering Automation Project for the Middle East

The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)
The Saudi-Turkish Business Forum held in Riyadh called for boosting trade relations between the two countries. (Asharq Al-Awsat)

The Saudi-Turkish Business Forum has set a goal of exceeding $10 billion in the trade exchange between Riyadh and Ankara.

The event witnessed the signing of several cooperation agreements in industrial development, and announcement of the establishment of a joint engineering automation project that will be implemented in the Middle East.

The Saudi-Turkish Business Forum, organized by the Federation of Saudi Chambers, kicked off in Riyadh on Sunday. It was attended by several officials, and over 450 Saudi and Turkish companies, and government agencies from both countries are taking part.

Speaking at the form, Saudi Minister of Commerce Majid al-Qasabi affirmed that Saudi Arabia is undergoing an unprecedented renaissance and transformation thanks to the ambitious leadership and Vision 2030.

He explained that the Kingdom boasts six features that make it the land of opportunities, citing investment potential in minerals, tourism, housing, infrastructure, services, communications, and digitization in Saudi Arabia.

He added that the forum will contribute to finding new possibilities for economic cooperation with Türkiye.

Turkish Minister of Trade Mehmet Mus said Saudi Arabia and Türkiye are two emerging economic powers with significant competitive advantages and they have expressed their desire to increase trade volume to $10 billion in the coming years.

Mus also stated that the Turkish economy is expanding rapidly and that a comprehensive investment incentive system is in place, boasting a massive market with one billion consumers in Türkiye, the European Union, and the free trade zone.

The Minister pointed out that the volume of foreign investment amounted to $285 billion, which reflects a suitable investment environment, urging Saudi companies to enter the Turkish market and capitalize on the opportunities.

Meanwhile, Chairman of the Saudi Chambers Hasan al-Hwaizy explained that Saudi-Turkish relations, which were formalized in 1929, are one of the best international models, which positively reflected in the formation of the Saudi-Turkish Council as a platform for cooperation.

In 2022, the two countries agreed to develop and diversify intra-trade and facilitate trade exchange, he added, indicating that 1,140 Saudi companies invested in Türkiye and 390 Turkish companies currently operate in Saudi Arabia in various sectors.

Trade exchange ranged between $4.5 billion and $6.1 billion from 2017 to 2022.

Head of the Turkish Foreign Economic Relations Board, Nail Olpak indicated that the recent visit by Saudi Crown Prince Mohammed bin Salman to Türkiye pushed the bilateral economic relations forward.

Olpak also explained that the joint road map contributed to the rapid growth of trade and investments, noting that Turkish companies look forward to participating in Saudi projects.

The forum resulted in the signing of three commercial cooperation agreements between Saudi and Turkish business representatives to localize the manufacturing of welding equipment and supplies, as well as the production of high-tech trucks and tanks.

It also saw an agreement to launch a joint Saudi-Turkish automation and engineering project for the Middle East region.

Saudi Minister of Municipal and Rural Affairs and Housing Majid al-Hogail met in Riyadh with the Turkish Trade Minister and several representatives of Turkish companies specialized in the construction and contracting sector.

The officials stressed the need to enhance cooperation between their countries in the municipal and housing sectors and the importance of exchanging experiences to achieve common interests.

Most Viewed

 
Business

China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
TT
20
TT

China Hits Back at US and Will Raise Tariffs on American Goods from 84% to 125%

An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura
An electronic board shows Shanghai and Shenzhen stock indices as people walk on a pedestrian bridge at the Lujiazui financial district in Shanghai, China April 11, 2025. REUTERS/Go Nakamura

China announced Friday that it will raise tariffs on US goods from 84% to 125% — the latest salvo in an escalating trade war between the world's two largest economies that has rattled markets and raised fears of a global slowdown.

While US President Donald Trump paused import taxes this week for other countries, he raised tariffs on China and they now total 145%. China has denounced the policy as “economic bullying" and promised countermeasures. The new tariffs begin Saturday.

Washington's repeated raising of tariffs “will become a joke in the history of the world economy,” a Chinese Finance Ministry spokesman said in a statement announcing the new tariffs. “However, if the US insists on continuing to substantially infringe on China’s interests, China will resolutely counter and fight to the end.”

China’s Commerce Ministry said it would file another lawsuit with the World Trade Organization against the US tariffs.

“There are no winners in a tariff war,” Chinese leader Xi Jinping said during a meeting with the Spanish Prime Minister Pedro Sanchez, according to a readout from state broadcaster CCTV. “For more than 70 years, China has always relied on itself ... and hard work for development, never relying on favors from anyone, and not fearing any unreasonable suppression.”

Chinese Foreign Minister Wang Yi on Friday said China stands firm against Trump’s tariffs not only to defend its own rights and interests but also to “safeguard the common interests of the international community to ensure that humanity is not dragged back into a jungle world where might makes right.”

Wang made the remarks when he met Rafael Mariano Grossi, director general of the International Atomic Energy Agency in Beijing. Wang said China will “work together with other countries to jointly resist all retrogressive actions in the world.”

Trump's on-again, off-again measures have caused alarm in stock and bond markets and led some to warn that the US could be headed for a recession. There was some relief when Trump paused the tariffs for most countries — but concerns remain since the US and China are the world's No. 1 and No. 2 economies, respectively.

“The risk that this escalating trade war tips the world into a recession is rising as the two largest and most powerful countries in the world continue to punch back with higher and higher tariffs,” Jennifer Lee, a senior economist at BMO Capital markets, wrote Friday. “No one truly knows when this will end.”

Chinese tariffs will affect goods like soybeans, aircrafts and their parts and drugs — all among the country's major imports from the US Beijing, meanwhile, suspended sorghum, poultry and bonemeal imports from some American companies last week, and put more export controls on rare earth minerals, critical for various technologies.

The United States' top imports from China, meanwhile, include electronics, like computers and cell phones, industrial equipment and toys — and consumers and businesses are likely to see prices rise on those products, with tariffs now at 145%.

Trump announced on Wednesday that China would face 125% tariffs, but he did not include a 20% tariff on China tied to its role in fentanyl production.

White House officials hope the import taxes will create more manufacturing jobs by bringing production back to the United States — a politically risky trade-off that could take years to materialize, if at all.