Turkey, Saudi Arabia sign economy protocol to boost trade and investment

Deputy Prime Minister Bekir Bozdag and Saudi Arabian Minister of Transportation Jubarah bin Eid Al-Suraiseri signed the Mixed Economy Commission Protocol on Wednesday to enhance economic relations. "We want to increase trade and economic relations to the highest level between Turkey and Saudi Arabia, which share the same cultural and religious values. We have established good relations in every area with Saudi Arabia, the most populous country in the Gulf region," said Bozdag during his speech at the signing ceremony, held at the Ministry of Economy in Ankara. Stressing that Turkey and Saudi Arabia are the leading countries in the region having a combined gross domestic product (GDP) of almost $1.4 trillion, export volume of $540 billion and population of 105 million, Bozdag said: "We [Turkey and Saudi Arabia] have the capacity to contribute to the peace and stability of the region. Turkey sees its friend Saudi Arabia as one of the most important countries in the region." Bozdag also made the case for increasing trade volume between Turkey and Saudi Arabia. "Turkey's share of imports to Saudi Arabia constitutes only 3 percent; this number falls behind the potential. Our target should be to increase the trade volume between the two countries to $20 billion in the next five years," said Bozdag. In his speech, Al-Suraiseri highlighted that the trade volume between the two countries is increasing steadily despite the turmoil in Middle East. "The steady increase in the trade volume shows that we are on the right track. Both countries have significant opportunities for increasing mutual investment," said Al-Suraiseri.