Türkiye and Saudi Arabia are anticipated to surpass $8 billion (TL 274.78 billion) in mutual commerce this yr, Trade Minister Ömer Bolat mentioned on Sunday throughout a business discussion board held in Istanbul.
The Turkish metropolis of Istanbul hosted a joint discussion board with Turkish and Saudi companies organized by the Foreign Economic Relations Board of Türkiye (DEIK) to advance collaboration between the 2 nations.
Attending the Türkiye-Saudi Arabia Business Forum, Saudi Arabia’s Commerce Minister Majid bin Abdullah Al Qasabi highlighted the significance of Turkish merchandise in Saudi Arabia.
“We have much to learn from Türkiye’s success and position in the services sector,” Al Qasabi mentioned on the occasion, which introduced collectively Turkish and Saudi business leaders.
He additionally emphasised the necessity for shared alternatives in sectors like mining, well being care and tourism, urging Turkish companies to hitch Saudi Arabia’s transformation below “Vision 2030.”
Bolat, then again, underscored the power of bilateral commerce, saying the $8 billion-plus objective in mutual commerce for 2024.
“Our goal for 2025 is to surpass the $10 billion psychological threshold,” Bolat mentioned.
He attributed this momentum to the dedication of the 2 nations’ leaders, including that bilateral financial and protection ties had been “nearing an excellent level and continue to grow.”
DEIK President Nail Olpak echoed these objectives, mentioning that the commerce quantity between Türkiye and Saudi Arabia had reached $6.4 billion as of September.
“I see the potential for this figure to exceed $10 billion,” Olpak mentioned, encouraging additional funding in joint initiatives, together with third-country collaborations, particularly in Africa.
He additionally famous that agreements signed on the discussion board would facilitate new cooperation.
“Türkiye has robust infrastructure across sectors, and Saudi Arabia’s reforms provide significant opportunities for Turkish investors.”
Highlighting latest successes, Bolat mentioned Turkish contractors received essentially the most development bids in Saudi Arabia in 2023, securing contracts price $2.3 billion and hoping to exceed $3 billion by year-end.
He added that free commerce negotiations between Türkiye and the Gulf Cooperation Council (GCC), initiated in March, had been advancing, with expectations that these developments will “add momentum to the mutual economic relations between Türkiye and Saudi Arabia.”
Bolat additionally talked about broader financial objectives, predicting that Türkiye’s per capita revenue would attain $15,000 by the top of the yr, alongside a $1.2 trillion nationwide revenue and $375 billion in exports, overlaying items and companies.
Source: www.dailysabah.com