Renewed strategic partnership: Saudi-Turkish trade reaches $8 billion
In a move reflecting the deepening economic ties between Riyadh and Ankara, Saudi Investment Minister Khalid Al-Falih announced that trade volume between the Kingdom of Saudi Arabia and the Republic of Turkey has reached approximately $8 billion. Speaking at the Saudi-Turkish Investment Forum in Riyadh, Al-Falih noted that this figure represents a remarkable 14% growth in just one year, underscoring the positive trajectory of the partnership between the two countries.
The minister explained that the forum, which saw the participation of a large Turkish trade delegation comprising more than 200 companies, represents a significant turning point, as cooperation moves from the stage of dialogue and exploration to the stage of actual implementation of joint projects and investments. He added that Turkish direct investments in the Kingdom have exceeded the two billion dollar mark, with 1,473 investment registrations issued to active Turkish companies by the end of last year, reflecting the confidence of Turkish investors in the promising Saudi business environment.
Historical background: The return of warmth to bilateral relations
This remarkable economic rapprochement marks the culmination of a new phase in diplomatic relations between the two countries, which have witnessed a significant warming in recent years after a period of stagnation. High-level reciprocal visits, including those of His Royal Highness Crown Prince Mohammed bin Salman, Deputy Prime Minister, to Turkey, and Turkish President Recep Tayyip Erdoğan to the Kingdom, have paved the way for broader cooperation. These diplomatic efforts have rebuilt bridges of trust and established a solid foundation for a strategic partnership that extends beyond the economic sphere to encompass various fields, as emphasized by Minister Al-Falih, who referred to the upcoming summit between the two countries' leaders, which aims to elevate bilateral relations to a higher level.
Vision 2030 and the strength of the Turkish economy: Integration, not competition
Engineer Khalid Al-Falih emphasized that the economies of the two countries complement each other more than they compete. Under Vision 2030, the Kingdom seeks to diversify its economy and attract high-quality foreign investment in emerging sectors such as technology, tourism, entertainment, and advanced industries. Meanwhile, Turkey possesses significant industrial and construction expertise and capabilities, a robust private sector, a highly skilled workforce, and strong ties to European markets through free trade agreements. This complementarity creates tremendous opportunities for Turkish companies to participate in major Saudi projects, while simultaneously allowing Saudi investors to leverage the dynamic Turkish market as a gateway to Europe.
Future impact: Regional economic dimensions
Strengthening the partnership between Saudi Arabia and Turkey, which together account for approximately 50% of the region’s GDP, has implications that extend far beyond their national borders. Regionally, this economic alliance can contribute to greater stability and development in the Middle East, creating a robust economic bloc capable of addressing global challenges. It also opens the door to joint regional projects in energy, logistics, and infrastructure, benefiting the entire region. The Saudi-Turkish Investment Forum, with its panel discussions and bilateral meetings, provides the ideal platform to translate these visions into tangible partnerships and successful investment projects on the ground.
