Turkish, Saudi business chambers sign trade and investment deal

The Turkish Union of Chambers and Commodity Exchanges (TOBB) and the Federation of Saudi Chambers (FSC) signed a memorandum of understanding to expand bilateral trade and economic cooperation. The agreement, signed at a gala dinner for the Islamic Chamber of Commerce and Development with the participation of representatives from 20 countries and Turkish Vice President Cevdet Yılmaz, will establish a joint action plan to share institutional expertise, launch sectoral platforms, and create a Türkiye-Saudi Arabia Joint Chamber Forum.

Call for integration

TOBB President Rifat Hisarcıklıoğlu said Islamic countries need to merge their capital reserves with Türkiye’s manufacturing capabilities to create a dominant global economic force. He noted that Türkiye is the region’s top industrial producer, with exports reaching $275 billion annually across 12,600 product categories. He added that over $290 billion in foreign direct investment over the last 20 years reflects Türkiye’s strong investment climate, and that the country is a growing innovation hub with over 740 global firms operating in its technoparks.

ICCD and Saudi ties

Hisarcıklıoğlu called on business leaders to use the ICCD as a primary mechanism to further economic integration from North Africa to East Asia, and to lobby governments to eliminate trade barriers and promote cross‑border entrepreneurship. The MoU reflects improving Türkiye‑Saudi relations, which have seen increased high‑level visits and economic cooperation following years of diplomatic tensions. Bilateral trade between the two countries exceeded $6 billion in 2025, and both sides aim to increase this figure in the coming years.