Türkiye seeks to boost commercial ties with Saudi Arabia

ISTANBUL

Türkiye aims to increase bilateral trade volume up to $30 billion in the medium term, Vice President Cevdet Yılmaz said, adding that Türkiye may welcome more tourists from Saudi Arabia.

Speaking at the Türkiye-Saudi Arabia Investment and Business Forum's gala dinner in Istanbul, Yılmaz recalled that the trade volume between the two countries reached $6.8 billion in 2023, rising around 50 percent in two years.

Finance Minister Mehmet Şimşek, Saudi Arabia’s Investment Minister Khalid A. Al-Falih and Tourism Minister Ahmed bin Aqil Al-Khateeb along with Nail Olpak, the president of the Foreign Economic Relations Board (DEİK) also attended the event.

It is a realistic goal to increase the bilateral trade volume in a balanced and rapid manner to over $10 billion in the short term, the vice president said.

To date, Saudi companies made investments worth of $2 billion in Türkiye, Yılmaz added.

The “Century of Türkiye,” its 2053 vision and Saudi Arabia’s 2030 vision will provide significant economic benefits not only to the two countries but to the entire region, he said.

“We want Turkish companies to take an active role in mega projects such as Neom and the Red Sea projects under Saudi Arabia’s 2030 vision, which includes investments of $3.3 trillion.”

The number of Saudi tourists visiting Türkiye increased by 65 percent in 2023 from a year ago to 830,000, Yılmaz also said. “We need to increase this figure to 1 million or even higher.”

Saudi Arabia has ambitious targets for tourism and Türkiye can help Saudi Arabia achieve these goals, Şimşek told reporters at the event.

Türkiye, which has a well-developed construction sector, can contribute to the Saudi tourism industry by building and operating facilities there, Şimşek said.

“Tour operators may take tourists from Türkiye to Saudi Arabia. It is in both our and their interests for Türkiye and Saudi Arabia to cooperate in these areas,” he added.