Ankara and Riyadh Strengthen Ties with Agreements Signed at Saudi-Turkish Business Forum

Today, Sunday, representatives of the Saudi and Turkish business sectors signed several joint agreements in various fields during the “Saudi-Turkish Business Forum” in the capital Riyadh.

In detail, the events of the “Saudi-Turkish Business Forum” launched today in Riyadh, organized by the Federation of Saudi Chambers in the presence of the Minister of Commerce of Saudi Arabia, Majid bin Abdullah Al-Kasabi and the Minister of Commerce, Muhammad Mush, as well as the participation of more than 450 Saudi and Turkish companies and a number of state structures of the two countries.

For his part, Majid Al-Kasabi affirmed that the Kingdom is undergoing an unprecedented rebirth and transformation through ambitious leadership and vision, and it has the 6 ingredients and wealth that make it a land of opportunity.

He explained that the forum will promote the search for new opportunities for economic cooperation between the two countries, noting investment opportunities in the sectors of minerals, tourism, housing, infrastructure, services, communications and digitalization in the Kingdom.

Turkey’s Commerce Minister stated, “The Kingdom and Turkey are emerging economic powers with great competitive advantages, expressing their ambition to reach $10 billion in trade in the coming years.”

He pointed out that the Turkish economy is growing rapidly, there is a comprehensive investment incentive system and a huge market that includes 1 billion consumers in Turkey, the European Union countries and the free trade area, pointing out that the volume of foreign investment amounted to $ 285 billion, which reflects the suitability of investment Wednesday, urging Saudi companies to enter the Turkish market and take advantage of opportunities and the investment system and incentives in Turkey.

The forum shed light on the investment opportunities and business environment in both countries, as well as the signing of 3 commercial cooperation agreements between representatives of the Saudi and Turkish business sectors in the field of localization of the production of welding equipment and consumables, as well as the production of trucks and tanks with high technologies to meet the needs of the transport and contracting market and reduce external imports, in addition to establishing a joint Saudi-Turkish project in the field of automation and mechanical engineering for the Middle East region, according to the Saudi Press Agency, “SPA”.

Source: “SPA”

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