RIYADH: Saudi Arabia and Turkiye explored export opportunities across 10 economic sectors in a meeting involving business groups from both countries.
The Saudi-Turkish Business Forum, which took place in Riyadh, witnessed the participation of a delegation from the country’s Exporters Assembly, comprising 40 Turkish companies, along with several firms from the Kingdom.
The Turkish delegation at the event organized by the Federation of Saudi Chambers also included organizations operating in several industries, such as mining, chemicals, food, and services, as well as iron, metal products, electricity, and electronics.
Additional firms included those operating in equipment, machinery, grains, and legumes, as well as oilseeds, fruits, and vegetables, the Saudi Press Agency reported.
This comes as the trade volume between Saudi Arabia and Turkiye reached SR25.4 billion ($6.75 billion) in 2023, achieving a growth rate of 15.5 percent.
While Saudi exports to Turkiye accounted for SR15.6 billion, Turkish imports to the Kingdom reached SR9.8 billion.
The visit by the Turkiye Exporters Assembly seeks to unveil promising prospects in the Kingdom as the Eurasian nation seeks to increase its exports worldwide.
Last year, Turkiye’s exports totaled $255.8 billion, and the country aims to increase this figure to $400 billion by 2028, working closely with exporters to accelerate the growth of foreign trade.
In November, Saudi Arabia and Turkiye deepened commercial ties by signing 10 cooperation agreements at an event in Istanbul, advancing strategic initiatives across diverse sectors.
The Saudi-Turkish Business Forum, taking place at the time, spotlighted opportunities for joint ventures in agriculture, food, and tourism, along with potential collaborations in advanced manufacturing, construction, and infrastructure.
Other key areas at the time included technology, innovation, and logistics, SPA reported.
Also organized by the Federation of Saudi Chambers and the Foreign Economic Relations Board of Turkiye, the event attracted over 450 companies and several government agencies from both nations at the time.
Speaking at the time, Turkish Minister of Trade Omer Bolat shed light on how the country aims to raise the volume of its bilateral trade with the Kingdom to $30 billion in the medium and long term, and diversify its fields, especially tourism, health, infrastructure, information technology, and the defense industry.
