Accompanied by an extensive delegation, including government officials, ministers, about 200 business leaders, investors, and company owners, Erdoğan met with Crown Prince Mohammed bin Salman and engaged in discussions with various Saudi ministers and officials.
The agenda encompassed bilateral relations, bolstering cooperation across all sectors, and addressing regional and international developments, according to diplomatic sources.
Two sides signed multiple agreements, covering energy, defense industries, research and development, direct investment, media, and two contracts with Turkish company Baykar.
Following the Saudi Arabia visit, Erdogan will proceed to the United Arab Emirates (UAE) and Qatar, where business forums will be held in all three countries. The primary focus of these forums, as highlighted by Erdogan, will be joint investments and commercial activities.
Trade between Türkiye and Saudi Arabia reached $6.5 billion last year and amounted to $3.4 billion in the first half of this year. Over the past two decades, Turkey's trade with all Gulf states has surged from $1.6 billion to approximately $22 billion. Erdogan expressed the aim to significantly increase this figure through the organization of business forums.
This visit is anticipated to yield numerous agreements spanning various sectors, such as energy, pharmaceuticals, technology, food, logistics, agriculture, and petrochemicals. Türkiye's pressing need to attract foreign direct investment and bolster its international currency reserves is closely tied to this visit. Erdogan seeks external resources from Gulf investors before November, when Ankara faces several debt repayments. (ILKHA)
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