RIYADH: Business groups from Saudi Arabia and Turkey met to discuss export prospects in ten economic sectors. A delegation from the nation’s Exporters Assembly, which included 40 Turkish enterprises, as well as a number of companies from the Kingdom participated in the Saudi-Turkish Business Forum that was held in Riyadh. At the event hosted by the Federation of Saudi Chambers, the Turkish delegation also featured companies from a variety of industries, including mining, chemicals, food, and services, as well as iron, metal goods, electronics, and energy.
According to the Saudi Press Agency, other businesses were involved in the production of machinery, equipment, cereals, legumes, oilseeds, fruits, and vegetables. This occurs as the volume of trade between Saudi Arabia and Turkey grew by 15.5% to SR25.4 billion ($6.75 billion) in 2023. Turkish imports to the Kingdom totaled SR9.8 billion, and Saudi exports to Turkey totaled SR15.6 billion.
As the Eurasian country looks to boost its exports globally, the Turkiye Exporters Assembly’s visit aims to reveal bright opportunities in the Kingdom. Working closely with exporters to boost the growth of international trade, Turkiye’s exports, which came to $255.8 billion last year, are expected to reach $400 billion by 2028. By signing ten cooperation agreements during an event in Istanbul in November, Saudi Arabia and Turkey strengthened their business ties and advanced strategic objectives in a variety of industries.
At the time, the Saudi-Turkish Business Forum highlighted prospects for collaborative ventures in the fields of food, tourism, and agriculture as well as possible partnerships in sophisticated manufacturing, infrastructure, and construction.
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