Saudi Arabia and Turkey sign eight economic agreements

Saudi Arabia and Turkey signed eight agreements on Saturday, the first day of joint business meetings between the two countries.

Speaking at the meeting in Riyadh organized by the Union of Saudi Chambers of Commerce, Turkish Trade Minister Mehmet Muş said Saudi Arabia and Turkey are economically promising countries and have many competitive advantages.

Turkey hopes to increase its trade volume to $10 billion in the coming years, the Turkish minister added.

He stated that the level of foreign investment in Turkey has reached $285 billion and called on Saudi companies to enter the Turkish market and seize the investment opportunities and incentives in his country.

Saudi Trade Minister Majid bin Abdullah al-Qasabi also said that this meeting will go a long way in finding new opportunities for economic cooperation between Riyadh and Ankara.

In this regard, Hassan bin Mujab al-Hawazi, President of the Union of Saudi Chambers of Commerce, said that relations between Saudi Arabia and Turkey, which began in 1929, represent one of the finest international models. And this shows the attention of the leaders of the two countries, which also then led to the formation of the Coordinating Council of the two countries as a platform for cooperation in all fields and an agreement between Riyadh and Ankara in 2022.

Al-Hawazi said: 1,140 Saudi companies have invested in Turkey while 390 Turkish companies are active in Saudi Arabia in manufacturing, wholesale, retail and catering sectors.

450 Turkish and Saudi companies are taking part in this three-day meeting, which began on Sunday, March 19, in the presence of the trade ministers of Saudi Arabia and Turkey.

This meeting took place on the fringes of a 7,000 square meter exhibition of industrial and cosmetic products, household appliances, agricultural products, clothing and building materials.