Jeddah Chamber Chairman Meets Turkish Business Leader to Boost Trade Ties

Jeddah Chamber of Commerce board of directors’ chairman Mohammed Yousef Naghi met with Turkish Industry and Business Association (TUSIAD) board of directors’ chairman Orhan Turan and his delegation in Jeddah on June 4, 2024, to discuss potential opportunities supporting the business sector. The meeting, reported by the Saudi Press Agency, focused on expanding trade and industrial collaboration between the Kingdom of Saudi Arabia and Turkey, underscoring the shared commitment to strengthening economic ties in line with Vision 2030.

Context and Background

The meeting comes at a time when Saudi Arabia and Turkey are actively working to deepen bilateral relations, particularly in trade and investment. TUSIAD, one of Turkey’s most influential business associations, represents a significant cross-section of the country’s private sector, including major industrial and technology firms. This visit reflects a broader momentum of economic diplomacy between the two nations, which have seen a steady increase in high-level exchanges and commercial agreements in recent years.

For Saudi Arabia, fostering international business partnerships is a cornerstone of Vision 2030, the ambitious reform framework designed to diversify the economy beyond hydrocarbons and position the Kingdom as a global investment hub. Engaging with bodies like TUSIAD aligns with these objectives, offering Saudi enterprises access to advanced expertise and new markets while inviting Turkish investment into key growth sectors.

Key Details

During the meeting, Naghi and Turan explored a wide range of sectors with mutual interest. Discussions centered on computer systems and programs, technology, and digital printing, as well as investments in food, dairy, meat, construction, building materials, furniture, logistics, urban development, and inter-tourism. These sectors align closely with Saudi Arabia’s economic priorities, including digital transformation, food security, infrastructure expansion, and the development of tourism as a major revenue source.

According to the official SPA report, the TUSIAD delegation held additional meetings and discussions to explore trade and industrial opportunities between the two countries. The delegation’s interest in advanced technologies and construction materials indicates a focus on value-added partnerships that could support Saudi Arabia’s mega-projects, such as NEOM, Red Sea Global, and various smart city initiatives under Vision 2030.

Implications and Impact

The meeting signals a tangible step forward in Saudi-Turkish economic relations, which have strengthened significantly following the normalization of diplomatic ties in 2023. Turkish companies have shown increasing appetite for participation in Saudi Arabia’s booming construction and technology markets, while Saudi investors are exploring opportunities in Turkey’s manufacturing and logistics sectors. Such collaborative efforts not only boost bilateral trade volumes but also contribute to regional economic integration.

For investors and business stakeholders, the focus on inter-tourism and food industries suggests potential joint ventures and market access opportunities. The exchange also highlights the importance of chambers of commerce as catalysts for international business cooperation, facilitating direct dialogues that translate into concrete agreements and partnerships.

Vision 2030 Alignment

This high-level engagement is a direct reflection of Saudi Arabia’s commitment to building a vibrant, diversified economy. By forging stronger ties with Turkish business leaders, the Kingdom is expanding its global partnerships, harnessing foreign expertise, and opening new avenues for non-oil exports and private sector growth. As Vision 2030 enters its next phase, such business-to-business connections will be pivotal in achieving the targets of increased foreign direct investment, enhanced trade flows, and the creation of a knowledge-based economy. The meeting in Jeddah reinforces Saudi Arabia’s role as a regional economic powerhouse and a welcoming hub for global business, promising mutual prosperity and long-term cooperation.

20 Questions

Q1. Who met with TUSIAD’s chairman in Jeddah?

A1. Mohammed Yousef Naghi, chairman of the board of directors of the Jeddah Chamber of Commerce, met with Orhan Turan, chairman of the Turkish Industry and Business Association (TUSIAD), in Jeddah on June 4, 2024.

Q2. What was the primary purpose of the meeting?

A2. The meeting aimed to discuss potential opportunities in support of the business sector, focusing on enhancing trade and industrial collaboration between Saudi Arabia and Turkey.

Q3. Which sectors were highlighted in the discussions?

A3. The sectors included computer systems and programs, technology, digital printing, food, dairy, meat, construction, building materials, furniture, logistics, urban development, and inter-tourism.

Q4. How does this meeting relate to Vision 2030?

A4. The meeting supports Vision 2030’s goals of economic diversification, private sector growth, and international investment attraction, aligning with Saudi Arabia’s strategic objectives to build a vibrant and sustainable economy.

Q5. What is TUSIAD’s significance in Turkey?

A5. TUSIAD is one of Turkey’s most influential business associations, representing a broad spectrum of the country’s private sector, including major industrial and technology companies, and plays a key role in shaping economic policy.

Q6. How long was the meeting?

A6. The official report did not specify the duration, but it was part of a broader visit by the TUSIAD delegation involving multiple meetings and discussions to explore trade and industrial opportunities.

Q7. What is the Jeddah Chamber of Commerce’s role?

A7. The Jeddah Chamber of Commerce is a key institution supporting businesses in the Jeddah region, promoting trade, investment, and economic development while facilitating connections with international partners.

Q8. What did the TUSIAD delegation do besides the main meeting?

A8. The delegation held meetings and discussions with various stakeholders to explore trade and industrial opportunities, focusing on sectors like technology, food, construction, logistics, and tourism.

Q9. How does this meeting affect Saudi-Turkish relations?

A9. The meeting strengthens bilateral economic ties, building on recent improvements in diplomatic relations, and opens new channels for investment and trade that benefit both nations.

Q10. Are there any concrete outcomes announced?

A10. The official report did not disclose specific agreements, but the discussions set the stage for future business partnerships and joint initiatives in the identified sectors.

Q11. Why is technology a focus area?

A11. Technology is a priority for Saudi Arabia’s digital transformation under Vision 2030, and Turkish expertise in computer systems and digital printing offers valuable opportunities for collaboration and knowledge transfer.

Q12. What role does inter-tourism play?

A12. Inter-tourism, or tourism between Saudi Arabia and Turkey, is seen as a growth area that can boost cultural exchange and generate revenue, aligning with Saudi Arabia’s goal to attract more international visitors.

Q13. How might this benefit Jeddah’s business community?

A13. Jeddah’s businesses could gain access to new markets and investment opportunities, as well as partnerships with Turkish firms, enhancing their competitiveness and expansion prospects.

Q14. What is the significance of including food, dairy, and meat sectors?

A14. These sectors are critical to Saudi Arabia’s food security strategy, and collaboration with Turkish companies could improve supply chains and local production capabilities.

Q15. How does construction and building materials feature?

A15. With massive infrastructure projects underway in Saudi Arabia, Turkish construction expertise and building materials are highly relevant, offering opportunities for joint ventures and procurement.

Q16. What does logistics and urban development mean for this partnership?

A16. Logistics and urban development are key components of Vision 2030’s modernization agenda; Turkish experience can help Saudi Arabia improve its logistics networks and urban planning initiatives.

Q17. How does this meeting align with Saudi Arabia’s investment attractiveness?

A17. By engaging with influential foreign business associations, Saudi Arabia signals its openness to international capital and expertise, enhancing its reputation as a prime investment destination.

Q18. Who is Mohammed Yousef Naghi?

A18. Mohammed Yousef Naghi is the chairman of the board of directors of the Jeddah Chamber of Commerce and is also a prominent Saudi businessman, playing an active role in economic development.

Q19. Who is Orhan Turan?

A19. Orhan Turan is the chairman of the board of directors of TUSIAD, the Turkish Industry and Business Association, and a respected figure in Turkish business circles.

Q20. What are the expected next steps after this meeting?

A20. While no immediate steps were announced, the discussions are likely to lead to follow-up visits, business-to-business forums, and potential memorandums of understanding to operationalize the identified opportunities.

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