Istanbul: Saudi Arabia is planning to provide USD 1.8 trillion investment opportunities with global companies, Saudi Minister of Investment Khalid Al-Falih said.

Speaking at Saudi Arabia-Turkiye Investment and Business Forum's gala dinner in Istanbul Thursday evening, Al-Falih affirmed that Turkish firms would benefit much from these opportunities.

Commercial ties and tourism companies between Saudi Arabia and Turkiye increase, he said, referring that the number of Turkish companies in Saudi Arabia has reached so far 400.

He described Saudi-Turkish ties as "strategic", noting that his country wants Turkiye to benefit much from investment in line with Saudi 2030 Vision.

Meanwhile, Saudi Tourism Minister Ahmad Al-Khateeb said his country would work with Turkiye to upgrade their relations to a higher level, noting that Riyadh would take very serious steps for infrastructure and urban expansion, in accordance with its vision.

He elaborated his country would ask Turkiye for help in the domains of tourism, defense industry and others, in the line with the vision.

Additionally, businessmen of the two sides called for evaluating new opportunities and exploring new ones in economy, investment and tourism.

For his part, Turkish Vice President Cevdet Yilmaz said that his country plans to increase its trade volume with Saudi Arabia to USD 30 billion.

He stated said the trade volume between the countries reached USD 6.8 billion in 2023, while Saudi firms have made an investment of USD 2 billion in Turkiye so far.

Close cooperation and communication between Saudi and Turkish investment funds will provide big opportunities to the two sides, he said.

Direct international investments have increased growth in Turkiye and created job opportunities, he stressed.

Saudi Arabia seeks to diversify its economy through lessening its dependence on oil and building a more sustainable future based on its 2030 vision, Yilmaz said. Turkish contractors carried out 402 projects estimated at USD 27.6 billion in Saudi Arabia, he indicated.

The number of Saudi tourists to Turkiye rose by 65 percent in 2023 compared to the previous year, he revealed.

Head of investment office at Turkish presidency Burak Daglioglu said the two countries' leaderships adopt a vision aiming at upgrading cooperation in several fields. - KUNA