A Saudi-Turkish Investment Forum opened in Riyadh on Tuesday ahead of a planned visit by Turkish President Recep Tayyip Erdogan arrives in the kingdom, Saudi officials said.
Saudi Investment Minister Khalid Bin Abdulaziz al-Falih said during the forum’s opening session that the kingdom will welcome President Erdogan on an official visit later on Tuesday, according to Saudi Alekhbariya TV.
The minister said the visit aims to “elevate bilateral relations to a higher level of partnership,” adding that both sides “seek to move from strong relations to a deeper strategic relationship.”
He said the forum includes a Turkish business delegation of more than 200 companies interested in expanding trade, economic and investment ties with Saudi Arabia, along with several regional offices of Turkish firms.
“The strong Turkish participation reflects the depth of the strategic partnership between the two countries and underscores economic cooperation and the important role of the private sector,” he added.
Boosting bilateral trade volume to $10B
At the forum, the Turkish Trade Minister Omer Bolat said that the bilateral trade volume between Türkiye and Saudi Arabia is expected to reach $10 billion in the short term.
The Turkish minister stated that President Erdogan's visit to the country would lead to numerous agreements between ministries and business organisations.
Bolat emphasised that these agreements would elevate Türkiye-Saudi Arabia relations to much higher levels and strengthen economic ties.
He highlighted that the leaders of both nations have set a short-term trade target of $10 billion and a long-term goal of $30 billion.
"I hope that 2026 will be the year we achieve our $10 billion target," he added.
He reminded attendees that the current trade volume between the two countries has already exceeded $8.6 billion.
