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The Turkish-Saudi Investment and Business Forum strengthens relations and expands economic horizons

Posted by Cayan on March 1, 2024

The Turkish-Saudi Investment and Business Forum strengthens relations and expands economic horizons


The Turkish-Saudi Investment and Business Forum was held in Istanbul on Friday, witnessing the participation of over 1,200 officials, businessmen, and personalities from both countries. The forum showcased a wide range of cooperation prospects between Saudi Arabia and Turkey, highlighted through official statements from senior Saudi and Turkish officials.

Joudat Yilmaz, the Turkish Vice President, noted that the trade volume between the two countries reached $6.8 billion in 2023. He expressed his expectation for this figure to exceed $10 billion in the near future, deeming it a realistic target. These statements were made during a special event held for forum participants.

Yilmaz elaborated that the medium-term goal of both countries is to achieve a trade volume of up to $30 billion, illustrating significant aspirations towards enhancing economic and trade relations between Turkey and the Kingdom of Saudi Arabia.


Promoting Joint Investments | Vision and Future Collaboration

In the context of the Saudi-Turkish Investment and Business Forum, Turkish Vice President Joudat Yilmaz shed light on the promising transformation in the economic relations between the two countries, highlighting joint investments exceeding two billion dollars.

Yilmaz emphasized the potential for increasing these investments easily by enhancing commercial and economic activities between businessmen in Turkey and Saudi Arabia. He pointed out that cooperation between the Saudi Investment Fund and the Turkish Presidential Investment Office will yield significant economic benefits for both countries.

He explained the importance of foreign direct investments in enhancing economic development, positively impacting Turkey over the past three decades by contributing to its technological transformation, job creation, and efficient resource utilization.

In the context of economic diversification, Yilmaz emphasized providing investment opportunities in various sectors such as technology, defense, renewable energy, tourism, and housing. He highlighted that sectors like chemicals, machinery, food processing, automobiles, aviation, and renewable energy present attractive fields for Saudi investors.

In conclusion, Yilmaz affirmed Turkey’s commitment to supporting major projects in the Kingdom of Saudi Arabia, highlighting the active role of Turkish companies in significant projects such as NEOM, Al Diriyah Gate, Qiddiya, and the Red Sea Project. He also noted the tangible successes of Turkish contractors in implementing 402 projects worth $27.6 billion in Saudi Arabia.

Yilmaz added that tourism relations between the two countries have witnessed a significant development, with a 65% increase in the number of Saudi tourists visiting Turkey during the year 2023, enhancing personal and cultural interaction between the two peoples.


Serious Steps towards Economic Cooperation | Vision 2030

In a demonstration of seriousness towards enhancing economic cooperation, Saudi Minister of Investment, Khalid Al-Falih, affirmed that the number of Turkish companies registered in the Kingdom of Saudi Arabia has significantly increased over the past few years, indicating a trend towards deeper investment partnerships.

Al-Falih pointed out that the Kingdom will take serious steps for massive and sustainable investments within the framework of Vision 2030, discussing investment opportunities estimated at around $1.8 trillion with global companies, with a focus on giving Turkish companies a significant role in these areas.

On his part, Saudi Minister of Tourism, Ahmed Al-Khatib, emphasized the serious steps that the Kingdom will take in developing infrastructure and urban expansion within the framework of the Kingdom’s Vision 2030.

Al-Khatib added that Saudi Arabia will seek assistance from Turkish friends in various fields such as defense, construction, contracting, tourism, and industry, with the aim of enhancing bilateral relations between the two countries.

Thus, this clear interaction between both sides reflects their readiness to strengthen economic partnerships and mutual development, and enhance cooperation in investment, tourism, and infrastructure development, which represents an important step towards achieving the economic goals of both Turkey and the Kingdom of Saudi Arabia in the near future.


Turkish Experience | Boosting Saudi Tourism and Mutual Cooperation

During his participation in the “Turkish-Saudi Investment and Business Forum” in Istanbul, Turkish Minister of Treasury and Finance, Mehmet Şimşek, emphasized Turkey’s potential to support and assist Saudi Arabia in achieving its ambitious tourism goals.

Şimşek pointed out Turkey’s vast experience in the construction sector, suggesting that Turkey could effectively contribute to building and operating tourist facilities and providing necessary transportation for tourists, which represents a mutual interest for both countries.

He affirmed that the tourism potentials of Turkey and Saudi Arabia feature different timing for tourist seasons, making cooperation between them promising in exchanging tourists throughout various seasons of the year.

Referring to Turkey’s tourism successes, Şimşek highlighted its progress in the tourism sector, ranking fourth globally in terms of tourist numbers, expressing confidence that Turkey will remain a tourist magnet in the future as well.

He concluded his statements by affirming that Turkey is ready to cooperate with Saudi Arabia in the tourism sector and other economic sectors, and it is prepared to provide the necessary expertise and support to enhance bilateral relations between the two countries in this regard.


Important Developments in Services and Economic Cooperation between Turkey and Saudi Arabia

Turkish Minister of Treasury and Finance, Mehmet Şimşek, announced a strong focus on developing service exports, which have reached a level exceeding $100 billion. He emphasized that the ministry provides strong support for service exports, offering a substantial 80% reduction in the base rate.

The minister confirmed that taxes on service exports from Turkey to any country will be very low, thanks to the 80% discounts, making this step crucial for enhancing companies’ global competitiveness.

Regarding cooperation between Turkey and Saudi Arabia, Şimşek highlighted the potential for developing cooperation in various fields such as tourism, contracting, defense industries, and aviation, thus reinforcing the economic partnership between the two countries.

The minister discussed the goals of the Turkish government’s economic program, aiming to achieve price stability and reduce inflation, with an expectation to achieve price stability by 2028.

Regarding current economic conditions, he pointed out a decline in the current account deficit and an improvement in the growth rate in Turkey, with expectations for inflation to decrease to levels below 40% over the next 12 months, reflecting ongoing efforts to improve economic conditions in the country.


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