Turkey and Saudi Arabia continue to develop bilateral relations with an accent to expand trade and economic cooperation.
Relations between Turkey and Saudi Arabia, which has the richest oil reserves in the Persian Gulf region, were first established in 1929, after signing the friendship and cooperation agreement.
High -level mutual visits between Turkey and the Persian Gulf countries have become more frequent in the last period amid global economic and energy problems caused by the current situation in the world, in particular the war between the Russian Federation and Ukraine.
Turkish President Recep Tayyip Erdogan, as part of his upcoming tour of the Middle East, will make a visit to Saudi Arabia. It is expected that he will strengthen cooperation and partnership between the two countries in the economic, energy and trade areas. The visit will also contribute to the development of diplomatic ties between Ankara and Riyadh.
The steps taken to resume trade ties between Turkey and Saudi Arabia and increase exports in a short time gave positive results.
According to the Union of Exporters of Turkey, export to Saudi Arabia in January-February increased 32 times compared to the same period last year, from 11 million 209 thousand to 367 million 363 thousand dollars.
Saudi Arabia, 90 percent of the income of which is provided by oil exports, supplies to Turkey in particular oil products and chemical products. In turn, the main export goods from Turkey are processed petroleum products, electric panels, reinforcement and furniture.
As part of the efforts to develop trade and economic cooperation on July 12, the Council of Foreign Economic Relations of Turkey (Dei̇k) took place of business forum Turkey-Saudi Arabia.
On the fields of the forum between Turkish and Saudi companies, 16 cooperation agreements were signed, in particular in the field of industry and real estate.
The Minister of Trade of Turkey Omer Bolat said that the turnover between Turkey and Saudi Arabia in 2022 amounted to $ 6.5 billion. At the same time, in the first half of 2023, the turnover reached $ 3.4 billion, the Bolat noted.
According to the minister, Ankara and Riyadh intend to bring the turnover to $ 10 billion in the shortest possible time. In the long run, the goal is to increase mutual trade to $ 30 billion.