Turkey & Saudi Arabia set $20bln bilateral trade target

Turkey and Saudi Arabia have set a target for a bilateral trade volume worth twenty-billion-dollars set between Turkey and Saudi Arabia as figures rise five fold in the last decade.

Turkey & Saudi Arabia set $20bln bilateral trade target

World Bulletin / News Desk

Turkey and Saudi Arabia signed a trade protocol to boost trade volume between the countries to 20 billion dollars in five years as economic relations keep rising bilaterally during the last decade.

Turkish Deputy PM Bekir Bozdag and Saudi Minister of Transportation Jubarah bin Eid AlSuraisry signed the protocol on Wednesday at the Ministry of Economy in Ankara. The Protocol of Turkish-Saudi Arabian Joint Economic Commission targets to facilitate a business-friendly environment for the investors, both public and private.

Saudi Arabia, officially a kingdom, is the most populated country in the Gulf region. The country, having the world's second largest oil reserves, has an ecomomy based on oil export revenues.

"Turkey and Saudi Arabia together, leaders of the region, have 1.4 trillion dollar GDP, 540 billion dollar worth exports, and a population of 105 million," said Bozdag. "Turkey's exports constitute only 3% of Saudi Arabia's imports, this figure is far beyond the potentials of the countries. Both countries have the capacity to increase these figures."

Saudi Arabia awards Turkish contractors mainly infrastructure projects. Turkish businessmen managed to increase the trade volume five fold in the last decade.

"Saudi Arabia has released 14 development funds worth 400 million dollars and 73 Turkish companies have benefitted from the funds," said AlSuraisry. "We will try our best to realize our mutual interests and to reach the goals determined."

Last Mod: 07 Kasım 2013, 09:49
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