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Turkiye, Saudi seek $30bn in trade exchanges

August 29, 2023 at 8:54 am

President of Union of Chambers and Commodity Exchanges of Turkiye Rifat Hisarciklioglu in Istanbul, Turkiye on October 26, 2022 [Mehmet Eser/Anadolu Agency]

Riyadh and Ankara seek to increase their trade exchange to $30 billion in the medium and long terms, according to the head of the Union of Chambers and Commodity Exchanges of Turkiye (TOBB), Rifat Hisarciklioglu.

In a speech he delivered yesterday during a Turkish-Saudi roundtable meeting in the Turkish capital, Ankara, Hisarciklioglu said a significant growth in trade exchange between Turkiye and Saudi Arabia is expected by the end of this year.

He explained that thanks to the current momentum in relations between the two, Ankara expects trade exchange to rise to $10 billion in the first phase and $30 billion in the medium and long term.

Turkish businesses, he added, are ready to engage in projects related to technology, tourism, transportation, energy currently being carried out in the kingdom within the framework of Vision 2030.

He also praised the long-standing and strong trade and economic ties between Turkiye and Saudi Arabia, expressing Ankara’s desire to deepen and diversify these ties.

Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Bin Ibrahim Alkhorayef, joined the roundtable along with businessmen from both countries.

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