Trade Minister Bolat holds talks in Saudi Arabia

ANKARA

Türkiye’s Trade Minister Ömer Bolat has paid a visit to Saudi Arabia to hold high-level talks focusing on enhancing economic ties between Ankara and Riyadh.

Bolat first met with Saudi Investment minister Khalid Al-Falih. The two discussed investment opportunities and collaboration potential between Türkiye and Saudi Arabia, deliberating on common goals identified in this context, the Turkish minister said.

“We will continue our robust efforts to strengthen the economic ties, aiming to enhance mutual investments,” Bolat wrote on the social media platform X.

In a meeting with Saudi Commerce Minister Majid Al-Kasabi, Bolat discussed the target of increasing the bilateral trade volume, which reached $6.8 billion in 2023, to $10 billion in the medium term.

“We reiterated our intention for Turkish companies to play an active role in the mega projects initiated within the scope of Saudi Arabia's Vision 2030.”

With the increasingly diversified bilateral trade, a growing number of companies in both countries and strengthened investments, the year 2024 will mark the peak of economic relations between Türkiye and Saudi Arabia, Bolat added.

The Turkish Trade Minister also held a meeting with Majed Al-Hogail, Municipal, Rural Affairs and Housing Minister to discuss potential partnerships in infrastructure, particularly in transportation, as well as housing projects, recycling, waste management, and sustainable construction projects.

“Our aim is to strengthen collaboration in these areas. We will work together to ensure the active participation of our companies in new projects in Saudi Arabia, hosting numerous international events such as Expo 2030 and beyond,” Bolat said.

Saudi Arabia is a lucrative market for Turkish contractors. Turkish companies undertook nearly $3 billion worth of projects in January this year alone, accounting for more than 10 percent of all projects they assumed abroad in the month.

The size of the projects Turkish contractors undertook in Saudi Arabia between 1972 and January 2024 amounted to $28 billion.