The trade volume between the Kingdom and Türkiye Expected to reach $10 billion in the future

A new agreement between Saudi Arabia and Turkey will see a significant boost in agriculture, livestock, and water management production capabilities. A memorandum of understanding was signed by the two nations, who aim to enhance their food production sectors by embracing innovative technologies,

The initiative involves the introduction of advanced technologies in agriculture and crop production, the development of the livestock sector, and the protection of plants and animals. 

Moreover, the deal seeks to foster progress in biotechnology, organic agriculture, fisheries, and aquaculture. It also aims to establish and develop robust quality policies and effectively utilize water resources for agricultural purposes. 

On the same day, the Saudi-Turkish Business Council signed eight collaboration agreements among companies from both nations across diverse economic sectors to strengthen trade and investment ties between the two countries.

The deals were inked during the roundtable meeting of the council in Istanbul, with the presence of Saad bin Othman Al-Kasabi, the governor of the Saudi Standards, Metrology, and Quality Organization, and Omer Bolat, Turkey’s minister of trade. 

The panel discussed the available trade and investment opportunities in Saudi Arabia and Turkey across various targeted economic sectors, particularly those associated with Vision 2030 and priority sectors in the Turkish economy. 

Notably, the trade volume between the Kingdom and Turkey reached SR22 billion ($5.86 billion) in 2022, reflecting a growth of 32.6 percent. 

The Turkish minister revealed that the strategic goal is to achieve a trade volume of $10 billion in the medium term and $30 billion in the long term. 

He added that Turkish construction companies have taken 400 projects worth $28 billion in the Kingdom,

 

Source: Arab News