Türkiye and Saudi Arabia are expected to surpass $8 billion (TL 274.78 billion) in mutual trade this year, Trade Minister Ömer Bolat said on Sunday during a business forum held in Istanbul.
The Turkish metropolis of Istanbul hosted a joint forum with Turkish and Saudi businesses organized by the Foreign Economic Relations Board of Türkiye (DEIK) to advance collaboration between the two countries.
Attending the Türkiye-Saudi Arabia Business Forum, Saudi Arabia's Commerce Minister Majid bin Abdullah Al Qasabi highlighted the importance of Turkish products in Saudi Arabia.
"We have much to learn from Türkiye’s success and position in the services sector," Al Qasabi said at the event, which brought together Turkish and Saudi business leaders.
He also emphasized the need for shared opportunities in sectors like mining, health care and tourism, urging Turkish businesses to join Saudi Arabia's transformation under "Vision 2030."
Bolat, on the other hand, underscored the strength of bilateral trade, announcing the $8 billion-plus goal in mutual trade for 2024.
"Our goal for 2025 is to surpass the $10 billion psychological threshold," Bolat said.
He attributed this momentum to the commitment of the two countries' leaders, adding that bilateral economic and defense ties were "nearing an excellent level and continue to grow."
DEIK President Nail Olpak echoed these goals, pointing out that the trade volume between Türkiye and Saudi Arabia had reached $6.4 billion as of September.
"I see the potential for this figure to exceed $10 billion," Olpak said, encouraging further investment in joint projects, including third-country collaborations, especially in Africa.
He also noted that agreements signed at the forum would facilitate new cooperation.
"Türkiye has robust infrastructure across sectors, and Saudi Arabia’s reforms provide significant opportunities for Turkish investors."
Highlighting recent successes, Bolat said Turkish contractors won the most construction bids in Saudi Arabia in 2023, securing contracts worth $2.3 billion and hoping to exceed $3 billion by year-end.
He added that free trade negotiations between Türkiye and the Gulf Cooperation Council (GCC), initiated in March, were advancing, with expectations that these developments will "add momentum to the mutual economic relations between Türkiye and Saudi Arabia."
Bolat also mentioned broader economic goals, predicting that Türkiye’s per capita income would reach $15,000 by the end of the year, alongside a $1.2 trillion national income and $375 billion in exports, covering goods and services.
