Trade Exchange between Trukey and Saudi Arabia Nears $6.2 Billion
Monthly Report: Trade Volume Nearing $6.2 Billion in 11 Months
In our monthly report on trade exchange between Turkey and the Kingdom of Saudi Arabia, Turkish Minister of Commerce, Omar Bulat, announced that the trade volume between the two countries is nearing $6.2 billion during the past 11 months of the current year. This announcement was made during the roundtable meeting between Turkey and Saudi Arabia for business and investment, organized by the Turkish Foreign Economic Relations Board in Istanbul.
Relative Increase: Trade Surges by 41% in 2022
In his speech, Bulat congratulated the Kingdom on winning the bid to host Expo 2030, emphasizing Turkey's strong support during the voting. He pointed out that the trade volume between Turkey and Saudi Arabia witnessed a 41% increase in 2022, reaching $6.5 billion.
Strategic Goal: Aiming for $10 Billion in Medium-Term Trade
According to Minister Bulat, the strategic goal for both countries is to achieve a trade volume of $10 billion in the medium term and $30 billion in the long term. Bulat added, "Turkey and Saudi Arabia have extremely strong capabilities for trade and investment cooperation."
Economic Partnership: Role of Agreements and Turkish-Saudi Companies
In this context, Bulat confirmed that "Turkish contracting companies have committed to implementing 400 projects in Saudi Arabia, with a total value of $28 billion." He emphasized the presence of "1,400 Saudi companies established in Turkey, benefiting from investment opportunities."
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Collaboration Progress: Problem Resolution and Future Prospects
Minister Bulat concluded his remarks by addressing his meeting with the governor of the Saudi Standards, Metrology, and Quality Organization, Saad Al-Qasabi, confirming that they have made "significant progress in resolving issues between the two countries."