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With 32% trade boost, Turkey eyes Saudi investments amid domestic downturn

Trade between the two countries reached $5.86 billion in 2022, a 32.6% increase over the previous year.
Saudi Arabia and Turkey's national flags flutter outside the presidential complex in Ankara prior to the arrival of the Saudi crown prince to Ankara, June 22, 2022.

Turkey has turned to Saudi Arabia for additional trade and investment agreements amid a downturn in domestic consumption and its long-running foreign currency crisis, as Saudi and Turkish companies signed this week eight trade agreements during the roundtable of the Saudi-Turkish Business Council. 

According to the Saudi Press Agency, several officials from both sides took part in the meeting, including Saad Bin Othman Al-Kasabi, governor of the Saudi Standard, Metrology, and Quality Organization; Omar Bolat, Turkey's trade minister; and a delegation from the Federation of Saudi Chambers of Commerce led by Yanbu Chamber head Ahmed Bin Salem.

Speaking to Al-Monitor, Imdat Oner, a former diplomat and policy analyst at the Jack D. Gordon Institute, said that Saudi Arabia’s Vision 2030, the project to wean the country off its economic dependence on oil, has “sparked great enthusiasm” in pro-government circles in Turkey. The wide-ranging changes include investing in the kingdom's digital and tourism sectors to attract foreign investment.

“Facing financial challenges, Ankara is eager to actively participate in this extensive project,” Oner said.

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