Turkish, Saudi business leaders meet at Istanbul forum

ISTANBUL

Istanbul hosted the Türkiye-Saudi Arabia Business Forum on Sunday, bringing together business leaders from both countries to strengthen economic collaboration.

The Türkiye-Saudi Arabia Business Forum, organized by the Foreign Economic Relations Board of Türkiye (DEIK), saw high-level officials from both countries painting a rosy picture of future collaborations.

Saudi Arabia's Commerce Minister Majid bin Abdullah Al-Qasabi, addressing the gathered entrepreneurs, didn't mince words about Turkish products' significance in the Kingdom.

"We have much to learn from Türkiye's success and position in the services sector," he said.

Al-Qasabi's words weren't just flattery. He urged Turkish businesses to seize opportunities in Saudi Arabia's ambitious Vision 2030 transformation plan, highlighting shared prospects in mining, healthcare, and tourism.

Turkish Trade Minister Ömer Bolat also shared some figures.

"We're on track to surpass $8 billion in mutual trade this year," he announced.

"But why stop there? Our sights are set on breaking the $10 billion psychological threshold by 2025."

Bolat attributed this rise to the unwavering commitment of both countries' leaders, noting that bilateral economic and defense ties were "nearing an excellent level and continue to grow."

DEIK President Nail Olpak echoed this optimism, revealing that the trade volume had already hit $6.4 billion by September.

"I see the potential for this figure to exceed $10 billion," he said, encouraging businesses to think beyond borders and consider joint projects, particularly in Africa.

The forum wasn't just talk. Concrete agreements were signed, paving the way for new collaborations.

"Türkiye has robust infrastructure across sectors," Olpak explained, "and Saudi Arabia's reforms provide significant opportunities for Turkish investors."

Turkish contractors have already made their mark, winning the lion's share of construction bids in Saudi Arabia in 2023. With $2.3 billion worth of contracts secured and hopes to exceed $3 billion by year-end, the future looks bright for Turkish businesses in the Kingdom.

 Bolat also revealed that free trade negotiations between Türkiye and the Gulf Cooperation Council, initiated in March, were progressing swiftly. These developments, he believes, will "add momentum to the mutual economic relations between Türkiye and Saudi Arabia."

Bolat predicted a per capita income of $15,000 by year-end for Türkiye, alongside a staggering $1.2 trillion national income and $375 billion in exports.