Türkiye, Saudi Arabia aim to boost bilateral trade volume to $10B soon

The bilateral trade volume between Türkiye and Saudi Arabia is expected to reach $10 billion in the short term, the Turkish trade minister said on Tuesday.

Speaking at the Saudi Arabia-Türkiye Investment Forum in the capital Riyadh, Ömer Bolat stated that President Recep Tayyip Erdoğan's visit to the country would lead to numerous agreements between ministries and business organizations.

Erdoğan officially visited Saudi Arabia on Tuesday. He was accompanied by Turkish First Lady Emine Erdoğan and Turkish ministers, including Foreign Minister Hakan Fidan, Treasury and Finance Minister Mehmet Şimşek, Trade Minister Ömer Bolat, and Defense Minister Yaşar Güler.

Bolat emphasized that these agreements would elevate Türkiye-Saudi Arabia relations to much higher levels and strengthen economic ties.

He highlighted that the leaders of both nations have set a short-term trade target of $10 billion and a long-term goal of $30 billion.

"I hope that 2026 will be the year we achieve our $10 billion target," he added.

He reminded attendees that the current trade volume between the two countries has already exceeded $8.6 billion.

He said bilateral cooperation is also accelerating in the defense industry, particularly in procurement and joint production.

GAZA'S RECONSTRUCTION

Bolat stated that the two countries could sign important cooperation agreements with third countries for the reconstruction of Gaza and Ukraine.

He added: "We are ready to cooperate with Saudi companies on this issue.

"I am confident that Türkiye and Saudi Arabia will cooperate extensively in the reconstruction of Gaza and the region, where our Palestinian brothers and sisters have suffered immense cruelty and destruction."