Saudi Arabia and Turkiye Form Business Platform to Boost Trade and Investment

Saudi Arabia and Turkiye have signed a memorandum of understanding (MoU) to establish the Saudi-Turkish Chambers Forum, a permanent institutional platform aimed at strengthening private sector cooperation, expanding bilateral trade, and encouraging joint investment between the two countries. According to a statement from the Federation of Saudi Chambers on Wednesday, the agreement was signed in Ankara on the sidelines of the 40th meeting of the Board of Directors of the Chamber of Commerce and Islamic Development, as Muslim-majority nations, including Malaysia and Indonesia, seek to deepen trade connectivity, strengthen investment partnerships, and build supply chains. The MoU was signed by Abdullah Saleh Kamel, Chairman of the Federation of Saudi Chambers, and Rifat Hisarcıklıoğlu, President of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB). The newly established forum, officially named the Saudi-Turkish Chambers Forum (TSCF), is designed as a permanent institutional framework to strengthen economic cooperation between the Saudi and Turkish private sectors. It aims to develop trade and investment dialogue, support the growth of bilateral trade, promote joint investment, and build sustainable partnerships among the business communities of both nations. Under the MoU, the scope of cooperation includes strengthening economic and trade dialogue, facilitating bilateral trade and investment, exchanging information and expertise, and organising technical missions, training programmes, conferences, and economic forums. The agreement also provides for the periodic organisation of Saudi-Turkish business dialogue forums, the development of cooperation networks between chambers of commerce in both countries, and the preparation of economic studies and publications to support business decision-making and identify new business opportunities. Furthermore, the MoU highlights cooperation in several strategic sectors, including transport, logistics services, infrastructure, shipping, and aviation. These sectors are considered to play a vital role in supply chain development and economic integration, and are increasingly relevant for Asian nations such as Malaysia and Indonesia, whose trade flows are closely linked to the Gulf region, Turkiye, and broader global markets. Under the terms of the MoU, the forum will coordinate private sector cooperation between the two countries through a joint board of directors comprising ten members with shared leadership from each side. The secretariats of both federations will serve as the forum’s general secretariat. The board of directors is scheduled to hold two meetings annually, alternating between Saudi Arabia and Turkiye, while a business forum will be organised at least once a year. The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) is the main umbrella organisation representing the Turkish private sector, encompassing more than 1.5 million companies and institutions through 365 chambers of commerce, chambers of industry, and commodity exchanges. TOBB also leads various international business councils with several countries and plays a significant role in strengthening Turkiye’s economic and trade relations at both regional and international levels.