The Saudi Deputy Minister of Investment, Badr Al-Badr, announced today, Wednesday, that he believes that the investment.

Saudi Arabia: Our investments with ...

Date:Friday, June 24, 2022

The Saudi Deputy Minister of Investment, Badr Al-Badr, announced today, Wednesday, that he believes that the investment.

Saudi Arabia: Our investments with Turkey will triple in the coming years

Saudi Deputy Minister of Investment Badr Al-Badr announced today, Wednesday, that he believes that investment between Saudi Arabia and Turkey will triple in the coming years.

The Turkish-Saudi Business and Investment Roundtable was held at the JW Marriott Hotel in Ankara, with the participation of representatives of Turkish and Saudi businessmen, as part of the visit of Saudi Crown Prince Mohammed bin Salman to Turkey.

The head of the Turkish-Saudi Business Council, Fatih Gursoy, explained that exports to Saudi Arabia peaked at $5 billion in 2015, but by 2020, the total trade volume had fallen to $4.2 billion.

Noting that exports contracted by 92 percent and imports increased by 79 percent last year, Gursoy said that despite the widening trade gap between the two countries, they believed they would make a fresh start.

Gursoy noted that Turkish companies will occupy an important place in Saudi Arabia's 2030 vision.

Noting that Turkish companies will also contribute to the planned NEOM Industrial City and Jeddah-Red Sea projects, Gursoy continued: "It is possible that our companies, which have high capabilities in the local industry in Saudi Arabia, will move mainly in construction Contracting, pharmaceuticals, health equipment, food, agriculture, livestock, tourism and entertainment, furniture, machinery and equipment, electrical appliances and cars.

Gursoy made it clear that they want to take a quick step in joint ventures with Riyadh, Jeddah and other chambers of commerce and industry in Saudi Arabia.

Badr Al-Badr, Saudi Deputy Minister of Investment, drew attention to the huge projects implemented by Saudi Arabia, and said that they enabled the development and rise of the country's economy.

Badr stressed that there are incentives for foreign investments in Saudi Arabia, and said, "There are very large companies that contribute to the production and construction of foodstuffs in Turkey, and many Turkish companies are registered in our country, and we believe that investment between the two countries will triple in the coming years."

He continued, "Many Saudi investors are also doing business in Turkey in areas such as production and agriculture. I believe that we will cooperate with Turkey to develop our economies in many areas."

Ajlan Al-Ajlan, President of the Federation of Chambers of Commerce in the Kingdom of Saudi Arabia, stressed that governments continue to work to strengthen their good relations, and that they can face problems such as economic problems, various international obstacles, and inflation resulting from the Corona epidemic.

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