Saudi Gazette report

ISTANBUL — The Saudi-Turkish Business Forum was held in Istanbul with the participation of more than 700 companies from both sides, in order to discuss investment opportunities, and to increase trade exchange between Saudi Arabia and Türkiye.

The forum was organized by the Riyadh Chamber, in cooperation with Turkey Exporters Assembly (TIM) and Independent Industrialists and Businessmen's Association (MUSIAD).

The forum witnessed the signing of a number of agreements in several fields such as real estate, tourism, contracting and infrastructure construction.

A bilateral meeting between the two sides was also held, during which the Saudi and Turkish business men and women discussed investment opportunities.

The head of the delegation, Nayef Al-Rajhi, said the Saudi-Turkish forum would contribute to strengthening economic and trade ties between the business sectors of the two countries.

Al-Rajhi hoped that the forum would achieve tangible results that constitute a road map for optimal exploitation of the promising opportunities in the economies of Saudi Arabia and Türkiye.

This, he said, will raise the volume of trade exchange, which as of August 2023 amounted to more than SR16 billion, to levels that satisfy the common ambition, especially in light of the diverse resources and investment opportunities that characterize the Saudi and Turkish economies.

He praised the economic renaissance and development that the Kingdom is witnessing, in accordance with the paths of Saudi Arabia's Vision 2030, that aim to restructure the economy and diversify sources of national income, which its positive results were demonstrated by the growth and prosperity achieved by the national economy, and contributed to increasing the volume of local and foreign investments.

Al-Rajhi stressed his aspiration to increase the partnership between the Saudi and Turkish companies, in order to benefit from the opportunities provided by the vision programs, especially with the desire of the Saudi business sector to cooperate with its Turkish counterpart.

In turn, the Vice President of the International Business Forum, Ghazwan Al-Masry, explained that he is optimistic that the year 2023 will end with trade exchange exceeding double the number due to the great support witnessed in the trade relationship between the two leaderships in Saudi Arabia and Türkiye.

He also confirmed that the Saudi-Turkish Business Forum is the beginning of a number of other forums, indicating that there will be further meetings in Saudi Arabia and Türkiye.