Türkiye vows to strengthen, broaden ties with Saudi Arabia in various sectors

ISTANBUL

The Turkish treasury and finance minister said on Friday that deepening and broadening bilateral relations is critical when evaluating investment and trade opportunities between Türkiye and Saudi Arabia.

The two countries can easily strengthen their ties through partnerships in key sectors such as tourism, construction, and defense industry, Mehmet Simsek stressed at the Türkiye-Saudi Arabia Investment and Business Forum in the Turkish metropolitan Istanbul.

The one-day event was attended by ministers, officials, experts and representatives from private sectors from both countries.

He said the parties can form teams to collaborate more closely and achieve better results in many sectors.

Citing Saudi Arabia's Vision 2030 program, which aims to diversify the country's income sources, the Turkish minister said the country's investments could be significant.

Diversification is a choice for Saudi Arabia, which wants to use the current share of non-oil exports, he noted.

Tourism is a major success story in Türkiye, with revenues reaching $54 billion last year, he recalled.

The country's goal is to generate $100 billion in revenue from tourism each year, he added.

"That's why it is a great pleasure to have Saudi Arabia's tourism minister, our tourism minister, and I'm sure companies will take inspiration from his gathering and seek partnerships going forward," the minister stressed.

Regarding Türkiye's construction sector, he said Saudi Arabia clearly has some leading companies in certain industries. Türkiye also appears to be a major country in this regard, as Turkish companies have so far completed projects worth over half a trillion dollars in 136 countries.

Türkiye can make a significant contribution to Saudi Arabia in this field, he highlighted, adding that Saudi Arabia has some of the world's largest projects, in which Türkiye would like to participate.

Head of Türkiye's Investment Office Ahmet Burak Daglioglu said on the occasion that bilateral trade between Türkiye and Saudi Arabia is growing, particularly since Turkish exports to Saudi Arabia increased by more than 100% last year.

When considering Türkiye, people should also consider its capacities, as the country has a large domestic market as well as a gateway to a wider region.

He added that the event covered a wide range of topics, including green transition and food security.