The Saudi-Turkish Business Opportunities Forum, which was held in Istanbul, concluded at the end of last week, where the deliberations of the forum witnessed more than 100 joint meetings between businessmen of the two countries, and more than 50 Saudi investors and more than 200 from the Turkish side participated in the forum, where discussions focused on discussing future business opportunities that included all sectors under the agenda of this forum, namely the renewable energy and electricity sector, industries, mining and petrochemicals, contracting, construction, real estate schemes, financial and banking services, health and logistics."

Diversification of national economies.

Diversifying National Economies

Through the discussions between the two sides, the forum organized by the Ministry of Commerce and Industry confirmed the keenness and interest of the governments of the two brotherly countries and their determination to diversify the national economies in order to create new job opportunities for Saudi and Turkish citizens, increase local economic growth by expanding current areas of economic activity and developing new areas, in addition to enhancing the investment environment in the Kingdom of Saudi Arabia and the Republic of Turkey by further developing trade legislation, cooperating with the private sector to develop new business policies and regulations, and adopting procedures to facilitate the entry of new international companies based on the Turkish economy. The forum emphasized the integration of the two countries" national inputs into the global supply chain, the training and employment of nationals by companies operating in both countries, the importance of private sector investment in both countries, and supporting the Saudi and Turkish startup sector as an ideal way to create job opportunities, strengthen bilateral trade relations, and support economic growth in both countries.

Main objective: Introduce the business environment

<The meetings focused on achieving the main objective of the forum, which is to define the business environment in the two countries accurately, and to draw a real and clearly defined perception of this distinct bilateral environment in the framework of the global business system, and what this environment can represent as an excellent starting point for joint and sustainable strategic cooperation in important economic sectors between the two sides, which made the forum come out with recommendations and initiatives that strengthen the strategic partnership and bilateral cooperation between the Kingdom and Turkey, and supported the Saudi-Turkish strategic partnership, which the Kingdom's government emphasized during the visit of the Custodian of the Two Holy Mosques, and the forum's attendees supported the Saudi-Turkish strategic partnership, which was emphasized by the Kingdom's government during the visit of the Custodian of the Two Holy Mosques.

Nine initiatives with a capital of 400 million dollars

Turki Al-Tuaimi, Advisor to the Minister of Commerce and Industry for Marketing and Communication and General Supervisor of the Forum, explained that nine joint bilateral memorandums of understanding have been approved for documentation between the Saudi and Turkish sides with a capital of more than 400 million US dollars, and the most important bilateral initiatives that emerged from the forum as a roadmap to implement the recommendations:

Accelerating the finalization of the trade agreement <Expediting the finalization of the free trade agreement between the Gulf countries and the Republic of Turkey in coordination with the General Secretariat of the Gulf Cooperation Council (GCC). <Explain the economic transformation programs in the two countries and their advantages to investors on both sides. <Establishing mechanisms to ensure the stability of the Turkish currency from the Turkish side. <Accelerate bank transfers and financial transactions between the two countries. <Reducing the time period for registering real estate for Saudi investors in Turkey. <Reducing the length of time to obtain residency for those who own real estate in Turkey.

Forum Recommendations

The forum came up with a number of recommendations:

Draw a roadmap for business opportunities

Establish an online portal to draw a preliminary roadmap of commercial and industrial opportunities available for bilateral joint investment in the two countries, providing all information and statistics on the performance of key economic activities and how to utilize them in the initial feasibility studies of joint cooperation projects.

Create a web portal to map the roadmap of commercial and industrial opportunities available for joint bilateral investment in the two countries.

Alliances to overcome default issues

Encouraging mergers, alliances and strategic acquisitions between companies of different sizes in the two countries with the aim of gaining competitive advantages on the one hand, and overcoming the issues of project failure that plague many countries of the world, provided that the national official bodies in the two countries enable and facilitate the transfer of expertise and activate such a strategic approach.

Encourage studies and scientific cooperation

In the educational aspect, it included encouraging studies, scholarships, research and scientific and research cooperation programs between the two countries, and establishing a joint network to exchange knowledge, science and research in all fields of vital life.

Establish e-health

In the areas of health, the recommendations included the establishment of e-health to provide remote health services as well as the provision of social services to the needy, including the provision of health, medical and awareness services to the public in Saudi Arabia and abroad (Tele Health) and the creation of a unified electronic base for medical files of patients in the Kingdom of Saudi Arabia.

Highlighting investment opportunities

Greater activation of the role of embassies in the two countries through commercial attachés, especially with regard to highlighting investment and trade opportunities in the two countries and facilitating transactions and contracts between the two sides, in addition to accelerating the mechanisms for granting commercial visas to Turkish businessmen coming as part of business delegations, conferences or forums.

More activation of the role of embassies in the two countries through commercial attachés.