The bilateral trade volume between Türkiye and Saudi Arabia is expected to reach $10 billion in the short term, the Turkish trade minister said on Tuesday.
Speaking at the Saudi Arabia-Türkiye Investment Forum in the capital Riyadh, Omer Bolat stated that President Recep Tayyip Erdogan's visit to the country would lead to numerous agreements between ministries and business organizations.
Erdogan officially visited Saudi Arabia on Tuesday. He was accompanied by first lady Emine Erdogan and Turkish ministers, including Foreign Minister Hakan Fidan, Treasury and Finance Minister Mehmet Simsek, Trade Minister Omer Bolat, and Defense Minister Yasar Guler.
Bolat emphasized that these agreements would elevate Türkiye-Saudi Arabia relations to much higher levels and strengthen economic ties.
He highlighted that the leaders of both nations have set a short-term trade target of $10 billion and a long-term goal of $30 billion.
"I hope that 2026 will be the year we achieve our $10 billion target," he added.
He reminded attendees that the current trade volume between the two countries has already exceeded $8.6 billion.
He said bilateral cooperation is also accelerating in the defense industry, particularly in procurement and joint production.
Gaza's reconstruction
Bolat stated that the two countries could sign important cooperation agreements with third countries for the reconstruction of Gaza and Ukraine.
He added: "We are ready to cooperate with Saudi companies on this issue.
"I am confident that Türkiye and Saudi Arabia will cooperate extensively in the reconstruction of Gaza and the region, where our Palestinian brothers and sisters have suffered immense cruelty and destruction."
Türkiye, Saudi Arabia stand out as 2 important economies in region
Saudi Arabia's Minister of Investment Khalid bin Abdulaziz Al-Falih stated that they are very happy to see the Turkish private sector in the country.
Al-Falih stated that Saudi Arabia's investments in Türkiye have exceeded $2 billion, noting that the focus is particularly on construction and real estate.
He stated that Türkiye and Saudi Arabia stand out as two important economies in the Middle East region and between East and West, adding that the two countries are the largest economic and investment destinations in the Middle East, and that Türkiye is a leading production and export center in the region.
He added that what the Turkish and Saudi Arabian private sectors do certainly goes beyond what they imagined, saying that they see great potential, in terms of opportunities, in both countries.
Türkiye's Foreign Economic Relations Board (DEIK) President Nail Olpak stated that over 800 Turkish companies operate in Saudi Arabia.
Olpak stated that today's meeting will cover all sectors, including contracting and commercial relations, and added that Saudi Arabia's Vision 2030 and other projects are extremely important.
Olpak emphasized that Türkiye is the largest investment, production, and technology hub between Western Europe and China, noting that significant investments are being made in many areas, from energy to industry, agriculture to infrastructure, and that in recent years, the defense industry and the technology developed within that ecosystem have come to the forefront.
During the event, an agreement was signed between the Turkish Contractors Association (TMB) and the Saudi Contractors Authority, the official public authority in Saudi Arabia that regulates, develops, and represents the construction and contracting sector.
