Turkey, Saudi Arabia aim to boost annual trade to $20bn

Turkey and Saudi Arabia on Wednesday signed a deal that aims to boost annual trade between the two countries to 20 billion U.S. dollars in five years. Turkish Deputy Prime Minister Bekir Bozdag and Saudi Arabian Minister of Transportation Jubarah bin Eid al-Suraisry signed the deal in the Turkish capital of Ankara, vowing to provide a business-friendly environment for investors, both public and private. Turkey and Saudi Arabia's GDP reached "1.4 trillion U.S. dollars," and their "exports volume are 540 billion dollars," Bozdag said, adding "Turkey's exports constitute only 3 percent of Saudi Arabia's imports. This figure is far below the potentials of the countries. Both countries have the capacity to increase these figures." For his part, al-Suraisry said "Saudi Arabia has released 14 development funds worth 400 million dollars and 73 Turkish companies have benefitted from the funds," adding "We will try our best to realize our mutual interests and to reach the goals."