Turkish-Saudi Business Forum Concludes in Istanbul

The Turkish-Saudi Business Forum was held in Istanbul, attended by the trade ministers from both countries, aimed at strengthening trade relations and accelerating cooperation between Turkey and Saudi Arabia.

According to "Anadolu Agency," the forum was organized by the Turkish Foreign Economic Relations Board in collaboration with the Saudi Chambers of Commerce. Turkish Trade Minister Ömer Bolat and his Saudi counterpart Majid Al-Qasabi participated, along with a large number of Turkish and Saudi companies operating in various fields such as energy and defense industries.

The forum discussed opportunities for Turkish companies to play a vital role in major projects within Saudi Arabia’s Vision 2030. Hisham Chungoh, Chairman of the Turkish-Saudi Business Council, emphasized the importance of company involvement in strategic sectors in Saudi Arabia, including construction, energy, healthcare, tourism, food, agriculture, logistics, technology, and defense.

Chungoh also stressed the significance of long-term cooperation, noting a focus on facilitating investment, enhancing logistical infrastructure, and developing new collaboration models that would accelerate trade between the two nations. He added that Saudi Arabia offers attractive incentives to Turkish companies, including tax reliefs, support for local workforce development, and flexible project financing options as part of achieving Vision 2030 goals.

According to Orhan Turan, Chairman of the Turkish Industry and Business Association (TÜSİAD), the trade volume between Turkey and Saudi Arabia reached $6.8 billion in 2023, with Turkish exports to the Kingdom rising by 150% to $2.6 billion.

Both nations aim to increase trade volume to $30 billion in the medium to long term, as stated by Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Turkey.

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