30 billion dollars of trade between Turkiye and Saudi Arabia!

Minister of Trade Prof. Dr. Ömer Bolat attended the opening ceremony of the Turkiye-Saudi Arabia Business Forum. The forum organized by the Foreign Economic Relations Board (DEİK) in Beşiktaş was attended by Dr. Saad Al-Kasabi, President of Saudi Standards, Metrology and Quality Organization, DEİK President Nail Olpak, Fatih Gürsoy, Chairman of DEİK/Turkiye-Saudi Arabia Business Council, Sami Al-Osaimi, Chairman of Saudi Arabia-Turkiye Business Council and many Turkish and Saudi business people.

Speaking at the opening ceremony, Minister of Trade Ömer Bolat said, "In the context of our bilateral trade relations, our mutual trade, which reached 6.5 billion dollars with an increase of 41 percent in 2022, has reached 6.2 billion dollars in 11 months of this year. Hopefully, we will easily exceed last year's figure. The point I want to underline here is that there is a major demand contraction, stagnation and trade decline in the world in 2024. There is a serious decline in commodity prices, especially energy, and food prices. Therefore, our trade with Saudi Arabia has actually recorded a much higher increase in terms of quantity. Hopefully, mutual trade of 10 billion dollars in the medium term and 30 billion dollars in the long term are the strategic goals of the two countries."