Türkiye aims for $30bn trade with Saudi Arabia

Türkiye intends to increase its trade volume with Saudi Arabia to $30 billion in the medium term.

Bilateral trade hit $6.8 billion in 2023, with Saudi firms having invested $2 billion in Türkiye thus far, state-run news agency Anadolu Agency reported, citing Türkiye's vice president Cevdet Yilmaz.

"We believe investments can increase easily through more frequent events that can bring together our countries' business worlds," said Yilmaz. 

"Türkiye provides opportunities for investors in technology, defense, renewable energy, petrochemicals, finance, tourism and housing as part of international investments."

Some 27 agreements were signed between the two countries as part of the Türkiye-Saudi Arabia Investment and Business Forum held in Istanbul last Friday. 

In 2023, Turkiye’s exports increased marginally year-on-year to $255.7 billion, despite devastating earthquakes that rocked the country early last year and claimed more than 50,000 lives. 

Turkiye received around 830,000 tourists from Saudi Arabia in 2023, up 70% year-on-year. 

Yilmaz added that while Türkiye continues to offer important opportunities for Saudi investors, the kingdom will continue to offer important investment environments for Turkish entrepreneurs.