Turkey wants more trade with Saudi Arabia

Turkish Economy Minister Zafer Caglayan has stated that Turkey should increase trade relations with Saudi Arabia in the near future.

Speaking at the eighth Trade and Corporate Client Conference in Istanbul, organised by the Saudi Arabian National Trade Bank, Caglayan said: “Our trade volume with Saudi Arabia is around $5 million. In the first nine months of this year, we achieved a $4.6 million external trade level. This will become $6 million by the end of the year. I say that two countries with such a close friendship, who share the same values and beliefs, should have trade levels that are not $6 million, but $16 million at the very least or $30 million. I am hoping today’s meeting will act as just such a catalyst.”

Caglayan also said: “Istanbul’s streets are paved with gold.” The potential for investment in Istanbul is huge according to Caglayan who also reiterated the government’s plans to make it easier for foreigners such as Saudi citizens to buy a property in Turkey.

The Economy Minister also spoke of his desire for a new free trade agreement, Caglayan said: “We would like to formulate a free trade agreement with friendly countries: Saudi Arabia and the Gulf countries. Such an agreement would really boost trade between our countries.” There is a big potential for more trade between Saudi Arabia and Turkey, Caglayan highlighted the need for more trade between these two powerful nations.

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  1. […] said that the recent changes and unrest in the Middle East had led to more Arabs travelling to Turkey and spending money in Turkey. He said that the total number of tourists to Turkey had increased by 14.6 percent in the first […]

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