ISTANBUL — Minister of Commerce, Chairman of the Board of Directors of the General Authority for Foreign Trade Dr. Majid Bin Abdullah Al-Qasabi confirmed that Saudi investments in Türkiye amount to $18 billion. He added that the volume of Saudi investments in the country is witnessing a continuous increase. Dr. Al-Qasabi's confirmation came during an interview with a Turkish channel (TRT), where he indicated that the targeted private sector investments in Türkiye range between $4 and $5 billion. The Public Investment Fund (PIF) is studying some investment opportunities in Türkiye, Dr. Al-Qasabi said, noting that the coming period will witness more exchanges of visits of Saudi and Turkish businessmen delegations. "Crown Prince, Prime Minister Mohammed Bin Salman has issued directives to strengthen relations with Türkiye, especially at the economic level due to the fact that the economy connects societies, and is also a reason for the sustainability of relations," he confirmed. While adding, "The Saudi-Turkish relationship is a pivotal relationship and it extends back to a long history, while including several aspects such as the economic, political and social aspects." He stressed the importance of institutional communication between Saudi Arabia and Turkey, stressing that this is the main reason for his visit to Istanbul. While discussing the cooperation between Saudi Arabia and Türkiye in the fields of investments, Dr. Al-Qasabi said that he is expecting the volume of trade exchange between the two countries to reach an advanced level during the next few years. He also said that mechanisms have been put in place that guarantee raising the levels of trade exchange between the two countries, and to exceed $10 billion. The minister said that he is in constant communication to address all challenges and obstacles that may face Saudi and Turkish investors. The world has become like one village, and the crisis occurring on either side, affects the others, he said, while pointing out the importance of unifying efforts in various crises, whether political, social, health and security, and making sure that supply chains for food and medicine and all the needs of citizens in countries reach them without hindrances. Existing sectors in Türkiye such as contracting, construction, tourism and service sectors such as entertainment and technology can contribute to the Kingdom's Vision 2030 plan. Dr. Al-Qasabi said that Istanbul has succeeded in being a large logistic city that Saudi Arabia can benefit from its expertise in ports and logistics services, especially since the Red Sea port in the Kingdom is pivotal, and Saudi Arabia aims to have several ports and logistic platforms serving Europe, Africa and Asia. He also indicated that Türkiye could also cooperate with Saudi Arabia in the mining sector, as it has many existing companies in this field. He confirmed that there are Saudi investments to establish factories in Türkiye, and also to acquire some companies there. The secret of Saudi Arabia's success in facing crises and development is proactive and early planning. The Kingdom today is experiencing a period of comprehensive development due to the focus of leadership to prepare future plans and limit risks to avoid them, Dr. Al-Qasabi noted . With regard the media, the minister said that he is not satisfied with the current media because of its lack of credibility, but with the directives of the wise leadership, it has demanded the development of this media system, as it is necessary to address the new generation with effective content.
