Turkey, Saudi Arabia Sign 10 Cooperation Agreements
Saudi Arabia's exports to Turkey exceed Turkey's exports to the Kingdom of Saudi Arabia by more than three times
On the sidelines of the Turkey-Saudi Arabia Economic and Business Forum held in Istanbul last weekend, the two countries signed ten cooperation agreements aimed at promoting strategic initiatives in various sectors. According to Turkish newspapers, “the Turkish-Saudi business forum emphasized opportunities for joint ventures in agriculture, food processing, and tourism, as well as potential cooperation in advanced manufacturing, construction, and infrastructure.”
During the forum, representatives of the two governments and company leaders outlined ways to cooperate in many key sectors, including advanced technologies, new types of energy, innovation, and logistics. The event, organized by the Federation of Saudi Chambers and the Foreign Economic Relations Board of Turkey, was attended by more than 450 companies and several government agencies from both countries.
Over the past two years, Turkey’s exports to Saudi Arabia have averaged $1.04 billion per year. Turkey exports handmade carpets ($113 million), gasoline and other petroleum products ($83.3 million), and building stone ($79.5 million) to Saudi Arabia. In turn, Saudi Arabia exports $3.8 billion worth of products to Turkey annually, including propylene polymers ($1.26 billion), ethylene polymers ($759 million), and refined petroleum products ($332 million).
