Turkiye and Saudi Arabia may boost the bilateral trade volume to $30 billion in the medium and long term, Rifat Hisarcıklıoğlu, the president of the Union of Chambers and Commodity Exchanges of Turkiye (TOBB) has said.
In the first seven months of 2023, trade between the two countries grew strongly, said Hisarcıklıoğlu during the Turkiye -Saudi Arabia Round Table meeting in Ankara, which was attended by Saudi Industry and Mineral Resources Minister Bandar bin Ibrahim Alkhorayef.
Turkiye’s exports to Saudi Arabia amounted to $1.4 billion, while imports from this country stood at $1.79 billion in January-July, according to the latest official data.
“With this strong momentum achieved, our bilateral trade may initially rise to $10 billion and then up to $30 billion in the medium to long term, Hisarcıklıoğlu said.
He noted that to date direct investment inflows in Türkiye from Saudi Arabia amounted to $2 billion.
“There is a great potential in the field of contracting and mutual investments.”
To date, Turkish contractors completed a total of 390 projects worth $24.9 billion in Saudi Arabia, Hisarcıklıoğlu said.
“In the coming period, we want to cooperate more together. We want to cooperate more not only in both countries, but also in the third countries in the geographies where Saudi Arabia has influence, together with Saudi businesspeople.”
For his part, Alkhorayef said they are trying to promote investment opportunities in Saudi Arabia, especially in the industrial and mining sectors.
“We trust Turkish investors and we sincerely hope that Turkiye will take advantage of these opportunities,” Alkhorayef said, adding that the purpose of his visit to Ankara was to introduce Turkish investors to the investment opportunities in Saudi Arabia.
During his five-day visit the Saudi minister will hold meetings with government officials and private sector representatives.