Erdogan Visits Saudi Arabia to Strengthen Trade, Investment Ties

(MENAFN) Turkish President Recep Tayyip Erdogan is set to visit Saudi Arabia on Tuesday, accompanied by a delegation of business leaders, to discuss ways to enhance trade, promote mutual investments, and deepen private sector collaboration, according to reports.

Hasim Sungu, chair of the Türkiye-Saudi Arabia Business Council at the Foreign Economic Relations Board (DEIK), said that key meetings are planned as the two countries continue strengthening ties in economic, political, and related fields. “Erdogan’s visit to Saudi Arabia represents the will of the two countries to elevate their relations, especially in economy and investments, as well as further advancing private sector cooperation,” he said.

Sungu highlighted that Saudi Arabia’s Vision 2030 program aligns well with Türkiye’s industrial, production, engineering, and technology capabilities. He added that the visit presents opportunities for Turkish businesses to solidify relations and open doors for new investment projects.

The Türkiye-Saudi trade volume has recently surpassed $8 billion, though Sungu noted that, given the size of both economies, the long-term target should be around $30 billion. He emphasized that achieving this goal requires moving beyond traditional trade approaches, expanding investments, supporting domestic production, and fostering project-based partnerships. Direct engagement between the business communities of both countries is seen as essential in this process.

Sungu identified key areas for collaboration, including energy, infrastructure, construction, industry, defense, healthcare, tourism, and digital transformation, describing them as promising fields for investment and partnership.

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