Türkiye aims to raise trade volume with Saudi Arabia to $30B: Vice president

By Ovunc Kutlu

ISTANBUL (AA) - Türkiye aims to increase its trade volume with Saudi Arabia to $30 billion in the medium term, Vice President Cevdet Yilmaz said Thursday at Türkiye-Saudi Arabia Investment and Business Forum's gala dinner in Istanbul.

Yilmaz said the trade volume between the countries reached $6.8 billion in 2023, while Saudi firms have made an investment of $2 billion in Türkiye so far.

"We consider that it is a realistic goal to increase our trade volume in a balanced and rapid way to more than $10 billion in the short term," he said.

"We believe investments can increase easily through more frequent events that can bring together our countries' business worlds," he added.

Yilmaz said Türkiye is at the forefront as a region for supply and investment in the post-pandemic period.

"Türkiye provides opportunities for investors in technology, defense, renewable energy, petrochemicals, finance, tourism and housing as part of international investments," he said.

"Saudi Arabia's sectors that address investors include chemicals, machinery, food and drink processing, automotive, aviation, medicine and biotech, medical equipment and supplies, military industry, renewable energy, construction materials and mining sub-sectors," he added.