Business leaders and officials gear up for the Saudi-Turkish trade summit, promising lucrative opportunities.
The Turkey Exporters Assembly, in collaboration with the Turkish Ministry of Trade, is set to host a high-profile Saudi-Turkish trade summit from October 8th to 12th. This exclusive event promises to strengthen economic ties between the two nations, showcasing the participation of 70 members from Saudi Arabia’s influential Riyadh Chamber of Commerce.
Saudi-Turkish trade summit gears up
The forthcoming Saudi-Turkish trade summit, slated for October 8th through 12th, is poised to become a pivotal event in terms of regional commerce. Jointly organized by the Turkey Exporters Assembly and the Turkish Ministry of Commerce, this summit is anticipated to foster fruitful connections between Turkish exporters and their Saudi counterparts.
Ahmet Gulec, Deputy Chairman of the Turkey Exporters Assembly, has fervently urged Turkish exporters to actively participate in the summit. Gulec underscored the significance of this event, emphasizing the critical role played by the Assembly’s delegation, representing 43 Turkish companies spanning diverse sectors such as food, non-ferrous metals, textiles, ready-made garments, chemicals, and furniture.
Diplomatic efforts yield meetings
The stage was set for the summit during Turkish Minister of Commerce Omer Bolat’s visit to Riyadh in July 2022. Minister Bolat convened with 150 Saudi business leaders, including Saudi Arabia’s Commerce Minister Majid Al-Qasabi, Investment Minister Khalid Al-Falih, Municipal and Rural Affairs and Housing Minister Majid Al-Hogail, and Industry and Mineral Wealth Minister Bandar AlKhorayef, fortifying diplomatic relations between the nations.
Bilateral trade flourishes
In recent developments, Turkish exports to Saudi Arabia have surged, boasting a remarkable fourfold increase in the past eight months when compared to last year and surpassing USD 1.6 billion.
Erdogan asserts Turkey’s importance
As President Recep Tayyip Erdogan asserted last week, Turkey remains a strategic bridge for East-West trade, and the nation’s pivotal role in the evolving global trade landscape cannot be understated. Plans for alternative trade corridors, as proposed by India, Saudi Arabia, and the EU, may face challenges, as President Erdogan maintains that the most efficient route from East to West transits through Turkey.
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