Türkiye and Saudi Arabia pledge to strengthen ties across sectors

Some 27 agreements have been signed between Türkiye and Saudi Arabia as a part of the Türkiye-Saudi Arabia Investment and Business Forum in Istanbul. While six agreements were official, the rest concerned business.

Deepening and broadening bilateral relations is critical when evaluating investment and trade opportunities between the two countries, Turkish Treasury and Finance Minister Mehmet Simsek said at the forum in the Turkish metropolitan Istanbul on Friday.

The two countries can easily strengthen their ties through partnerships in key sectors such as tourism, construction, and defence industry, Simsek said, adding that parties can form teams to collaborate more closely and achieve better results.

Head of Türkiye's Investment Office, Ahmet Burak Daglioglu, also expressed that bilateral trade between Türkiye and Saudi Arabia is growing, particularly since Turkish exports to Saudi Arabia increased by more than 100 percent last year.

He added that the forum covered a wide range of topics, including green transition and food security.

The one-day event hosted Turkish and Saudi ministers, officials, experts and private sector representatives.

Tourism, construction sectors

Citing Saudi Arabia's Vision 2030 program, which aims to diversify the country's income sources, Simsek expressed that the country's investments could be significant in this regard.

Diversification is a choice for Saudi Arabia, which wants to use the current share of non-oil exports, the Turkish minister noted.

Recalling that the tourism sector is a major success in Türkiye, with revenues reaching $54 billion last year, Simsek said the country aims to generate $100 billion in revenue from the sector each year.

"That's why it is a great pleasure to have Saudi Arabia's tourism minister, our tourism minister, and I'm sure companies will take inspiration from his gathering and seek partnerships going forward," the minister stressed.

Regarding Türkiye's construction sector, he said Saudi Arabia clearly has some leading companies in certain industries. Türkiye also appears to be a major country in this regard, as Turkish companies have so far completed projects worth over half a trillion dollars in 136 countries.