Türkiye and Saudi Arabia on Sunday discussed and signed agreements in various areas, which provide a capstone for how much bilateral relations have improved after years of tensions between the two countries.
The deals came on the sidelines of the Saudi-Turkish Business Forum in Riyadh, attended by top officials and over 450 companies from both countries.
Trade Minister Mehmet Muş said the two nations were enhancing private-public dialogue and strengthening relations.
"We realized this fair, which has been one of the goals of the road map we set last year for developing our bilateral trade relations, with a high participation," Muş wrote on Twitter.
In his speech at the forum, Saudi Trade Minister Majid bin Abdullah Al Qasabi said the forum would contribute to the creation of new opportunities for economic cooperation between the two countries, the kingdom’s news agency SPA reported.
Three trade cooperation agreements were signed between representatives of the Saudi and Turkish business world, it said.
Al-Ekhbariya TV channel said at least eight agreements were signed between the two sides and that the number of agreements would likely increase.
Muş noted that he and his counterpart Al Qasabi held a productive meeting aimed at improving trade and economic cooperation.
The two officials held a joint meeting with the Turkish and Saudi companies and discussed ways to further increase the mutual trade volume and cooperation in all sectors.
The meetings come two weeks after Saudi Arabia announced it had signed an agreement to deposit $5 billion (TL 95.09 billion) in Türkiye’s central bank, in a significant boost as the economy grapples with inflation emerging from last month’s massive earthquakes.
All these follow joint efforts by Ankara and Riyadh to mend ties following years of tension, which escalated significantly after the 2018 murder of dissident Saudi journalist Jamal Khashoggi in Saudi Arabia’s Istanbul Consulate.
President Recep Tayyip Erdoğan’s visit to Saudi Arabia in April last year marked the first high-level visit in years. His trip was followed by MBS’s trip to Türkiye in June.
The two leaders also met in November on the sidelines of the G-20 summit in Bali, Indonesia.
Meanwhile, Türkiye’s exports to Saudi Arabia surged to a record high in the January-February period of this year. Shipments reached $367.3 million, marking more than a 30-fold increase from a year ago, according to official trade data.
"Türkiye and Saudi Arabia are emerging economic powers and have significant competitive advantages, expressing their aspiration to raise the volume of trade exchange to $10 billion in the coming years," SPA cited Muş as saying.
He also held talks with Saudi Arabia's Transport and Logistics Services Minister Saleh al-Jasser and Rural Affairs and Housing Minister Majid bin Abdullah Al Hogail, addressing opportunities in logistics, as well as infrastructure and construction.
Al-Hogail and Muş met representatives of Turkish companies specialized in the construction and contracting sector, SPA reported. It said the two sides discussed ways to enhance cooperation between the two countries in the municipal and housing sectors and emphasized the importance of exchanging experiences and expertise.