Saudi Arabia and Turkiye have signed an energy agreement aimed at promoting enhanced cooperation in oil and gas production during the high-level meeting. Crown Prince Mohammed Bin Salman of the Kingdom held talks with President Recep Tayyip Erdoğan at the meeting. At that time, Türkiye's leaders were on a three bay trip.

Prince Abdulaziz bin Salman and his colleagues from Turkiye Alparslan Bayrakdar signed a memorandum of understanding. This memorandum of understanding covers the production, marketing, distribution, and trade of refined petroleum products, as well as the production of petrochemical products. It also involves cooperation in the fields of renewable energy and electricity, as well as exploration of investment opportunities in this field between the two countries. An agreement was also reached on the electrical interconnection between the Kingdom of Investigation and Türkiye.

The memorandum also includes strengthening cooperation in the field of hydrogen, enhancing its use through research and development, as well as cooperation in the field of circular carbon economy, exchanging knowledge on related applications, and cooperation in the energy supply chain, encouraging bilateral investment, and striving to obtain materials.

The trade volume between Turkiye and the Kingdom reached $6.5 billion in 2022 and $3.4 billion in the first half of 2023. In the past 20 years, Turkiye's trade volume with all Gulf countries has skyrocketed from $1.6 billion to approximately $22 billion.

More than 400 business leaders and officials attended the special meeting of the Saudi Türkiye Business Forum held in Jeddah to further promote economic relations between the two countries. In discussions surrounding further investment opportunities, a series of agreements were signed covering manufacturing, tourism, mining, food and agriculture, as well as defense and military industries.Editor/XingWentao