Saudi Arabia: Our Investment in Turkey Will Triple in the Next Few Years

Saudi Deputy Investment Minister Badr Al-Badr announced today that he believes investment between Saudi Arabia and Turkey will triple in the coming years.

As part of Saudi Crown Prince Mohammed bin Salman's visit to Turkey, the Turkish-Saudi Business and Investment Roundtable was held at the JW Marriott Hotel in Ankara with the participation of representatives of Turkish and Saudi businessmen.

Exports to Saudi Arabia peaked at $5 billion in 2015, but total trade fell to $4.2 billion in 2020, said Fatih Gursoy, chairman of the Turkish-Saudi Business Council.

Gursoy pointed to a 92% drop in exports last year and a 79% increase in imports, and despite the widening trade deficit between the two countries, they believe they are starting over.

Gursoy noted that Turkish companies will have an important place in Saudi Arabia's Vision 2030.

Noting that Turkish companies will also contribute to the planned NEOM Industrial City and Jeddah-Red Sea projects, Gursoy continued: “We have highly skilled companies in Saudi Arabia’s local industrial sector that are likely to be mainly in the construction sector. Pharmaceuticals, healthcare Equipment, food, agriculture and animal husbandry, tourism and entertainment, furniture, machinery and equipment, electrical appliances, automobiles.

Gursoy has made it clear that they want to make rapid strides in establishing joint ventures with Riyadh, Jeddah and other chambers of commerce and industry in Saudi Arabia.

Saudi Deputy Investment Minister Badr Al-Badr drew attention to the large-scale projects underway in Saudi Arabia, which he said had contributed to the development and progress of the country's economy.

Emphasizing that Saudi Arabia has incentives to attract foreign investment, Badr said: "There are very large companies that have contributed to food production and construction in Turkey, and many Turkish companies are registered in our country, and we believe that investment between the two countries will be in the next few years. will triple in a year.”

He continued, “Many Saudi investors are also doing business in Turkey in sectors such as manufacturing and agriculture. I believe we will work with Turkey to develop our economy in many areas.”

Ajlan Al-Ajlan, President of the Federation of Chambers of Commerce in the Kingdom of Saudi Arabia, stressed that the two governments will continue to work hard to strengthen their good relations and are dealing with issues such as economic issues, various international obstacles and issues arising from them. The Covid-19 pandemic could lead to inflation.