The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) and the Federation of Saudi Chambers (FSC) signed Sunday a memorandum of understanding to expand bilateral trade and economic cooperation.

The agreement is aimed at establishing a joint action plan to share institutional expertise, launch sectoral platforms and create a Türkiye-Saudi Arabia Joint Chamber Forum.

The signing came on the sidelines of the Islamic Chamber of Commerce and Development (ICCD) meetings in Ankara.

TOBB President Rifat Hisarcıklıoğlu said Islamic countries need to merge their capital reserves with Türkiye's manufacturing capabilities to create a dominant global economic force.

Hisarcıklıoğlu noted that Türkiye is the region's top industrial producer with exports reaching $275 billion per year across 12,600 product categories.

He said 60% of Turkish exports go to the EU and the U.S., demonstrating the high quality and price competitiveness of the country's goods, while over $290 billion in foreign direct investment (FDI) over the last 20 years reflects its strong investment climate.

Hisarcıklıoğlu noted that Türkiye is a growing center for innovation with over 740 global firms operating within its techno parks.

He called on business leaders to use the ICCD as a primary mechanism to further economic integration from North Africa to East Asia, and to lobby their governments to eliminate trade barriers, implement structural reforms and promote an environment that facilitates cross-border entrepreneurship.