In a significant move towards economic collaboration, Saudi Arabia and Turkey have formalized their commitment to cooperation in the mining sector.
The MoU is set to pave the way for robust cooperation between the two countries in the realm of mining. The memorandum encompasses collaboration on essential minerals essential for electric vehicle and solar panel manufacturing. It also highlights Saudi Arabia's keen interest in green hydrogen, wind energy, and solar panel technologies.
Turkey's commitment to advancing its partnership with Saudi Arabia in the energy sector was emphasized by Minister of Energy and Natural Resources, Alparslan Bayraktar. He noted the increasing interest from Saudi Arabia and other Gulf nations in investing in Turkey's renewable energy sector, which currently boasts a substantial capacity, ranking 12th globally and fifth in Europe.
According to data from the Saudi Ministry of Industry and Mineral Resources, trade between the two nations is thriving, with non-oil exports to Turkey totaling approximately 13.5 billion riyals, while imports stood at 2.9 billion riyals. Furthermore, export credit insurance valued at $26 million from the Saudi Export-Import Bank underpins these robust trade relations.