Turkish President Recep Tayyip Erdogan arrived in Saudi Arabia as the first stop of his Gulf tour, where he was received by Crown Prince Mohammed bin Salman. An official reception ceremony was held at the Al-Salam Palace in Jeddah.
The two parties held an official discussion and a bilateral meeting. This tour will include, in addition to Saudi Arabia, Qatar, the UAE, and the Turkish-controlled northern part of Cyprus. Prior to his arrival, Erdogan expressed his hope to continue efforts aligned with "our goal of establishing a belt of peace, stability, and prosperity around Turkey." He added, "The volume of bilateral trade with Gulf countries has increased from $1.6 billion to about $22 billion over the past two decades. Through the business forums we will hold during our visits, we will seek ways to significantly increase this number."
Today, the "Saudi-Turkish Investment Forum" commenced in Jeddah, attended by Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih and Turkish Minister of Trade Omer Bolat, with representatives from private sector companies from both sides participating. The forum witnessed the signing of 9 memorandums of understanding covering sectors such as energy, real estate, construction, education, digital technologies, health, and media.
Al-Falih highlighted the National Investment Strategy as a key enabler to achieve the objectives of Vision 2030 by enhancing the future of investment in the Kingdom, including developing investment opportunities, improving the business environment, and enhancing Saudi Arabia's competitive position in the global investment map.
On his part, the Turkish Minister of Trade expressed his anticipation to increase the volume of trade over the coming years, noting that the Turkish economy is growing at an accelerating pace, and there is a comprehensive investment incentive system with a large consumer market in Turkey and the free trade zone. He encouraged Saudi companies to enter the Turkish market and take advantage of the opportunities and investment incentives available.
