Saudi Arabia, Türkiye to Boost Investment, Trade Exchange

Saudi Arabia and Türkiye affirmed that a current opportunity is present for improving and accelerating joint activities, increasing investments, and raising the volume of trade exchange.

The Kingdom has an incentive to improve and accelerate its joint activities with Türkiye in the post-pandemic period, said Saudi Investment Minister Khalid Al-Falih.

Addressing the Turkiye-Saudi Forum in Istanbul on Thursday, Al-Falih said that the two countries represent the region’s biggest two economies and are working to develop growing investment relations.

Al-Falih also took note of the investments and contributions made by Turkish companies in Saudi Arabia.

“We must make up for lost time. We feel motivated to improve and accelerate our joint activities here in the post-coronavirus era,” said Al-Falih, reaffirming that the forum is vital for developing a roadmap for the future.

He pointed out that the manufacturing, construction, tourism, biotechnology, and healthcare sectors are among the main sectors that have the potential to create promising investment opportunities for both countries.

The forum witnessed the signing of several agreements and memorandums of understanding (MoUs), including 12 agreements and MoUs signed between the public and private sectors and between the private sector from both sides in renewable and sustainable energy, minerals, mining industries, advanced polymers, manufacturing industries, the establishment and development of polyester factories, financing and credit facilities, export, legal services, and law.

Turkish Minister of Treasury and Finance Nureddin Nebati, for his part, said that the volume of trade exchange between his country and Saudi Arabia rose to $4.3 billion during the first 10 months of 2022.

Also addressing the forum, Nebati called on Saudi investors to take advantage of the opportunities available in the financial markets in Turkiye.

Turkiye’s trade volume with Saudi Arabia increased from $3.7 billion in 2021 to $4.3 billion between January-October 2022, he said.

The forum, organized in partnership with the Turkish Ministry of Treasury and Finance, Turkiye’s Investment Office of the Presidency, and the Foreign Economic Relations Board of Turkiye, seeks to highlight promising investment opportunities.