Türkiye aims to boost Saudi trade to $30 billion: Minister

Türkiye aims to increase its bilateral trade volume with Saudi Arabia to $10 billion in the medium-term and further up to $30 billion in the long term, Trade Minister Ömer Bolat has said.

The trade between the two countries grew 41 percent last year to $6.5 billion, while in the first 11 months of 2023 the bilateral trade volume reached $6.2 billion, according to the minister.

Boosting the trade eventually to $30 billion is the strategic target of the two countries, Bolat said, speaking at the opening ceremony of the Türkiye-Saudi Arabia Business Forum in Istanbul.

Turkish companies are reliable partners of Saudi Arabia, especially in apparel, textile, machinery, food and defense industry products, he noted.

"Saudi Arabia is an important supplier for our country, in petroleum products, chemicals and iron and steel."

Bolat added that to date Turkish contractors have undertaken 400 projects in Saudi Arabia, worth $28 billion, contributing to the development of Saudi Arabia.

Saudi Arabia's private investments in Türkiye have totaled $2 billion, according to the minister.

Türkiye provides a suitable environment to encourage Saudi investments, he said, noting that 1,400 Saudi companies have been established in the country.

"We will continue to work to give a new impetus to our cooperation with the principle of common benefit and to bring our trade volume closer to its potential," he wrote on the social media platform X.

"I believe that with the mutual contacts of Turkish and Saudi businesspeople and the strong support of our governments, we will open new pages in all areas of trade, investment and economy in the coming period."