The Independent Industrialists and Businessmen Association (MÜSİAD) held this year in Saudi Arabia the event it organized for the 27th time within the scope of the International Business Forum (IBF). At the forum, divided into two parts as the Türkiye-Saudi Arabia Business Forum and the Turkish Export Products Fair, a total of 4 cities were visited and more than 1,000 Turkish and Saudi businessmen came together. The events held in Riyadh, Jeddah, Mecca and Medina lasted more than 8 days.

The MÜSİAD 27th IBF Türkiye-Saudi Arabia Business Forum and Turkish Export Products Fair program was held in Riyadh, the capital of Saudi Arabia. The Forum, at which the Turkish Export Products Fair was held exclusively in Riyadh while only B2B meetings were held in the other cities, also hosted many prominent names. The program, which continued in Jeddah, Mecca and Medina, lasted a total of 8 days and brought together more than 1,000 businessmen.

The Turkish Export Products Fair Was Held in Riyadh

The 27th International Business Forum (IBF) began in Riyadh, the capital of Saudi Arabia. The opening of the Turkish Export Products Fair, organized within the scope of the 27th IBF Türkiye-Saudi Arabia Business Forum, was attended by Minister of Trade of the Republic of Türkiye Ömer Bolat, Saudi Minister of Commerce Macid el-Kasabi, Saudi Minister of Investment Khalid el-Falih, MÜSİAD President Mahmut Asmalı, IBF President Erol Yarar and Riyadh Chamber of Commerce Vice Chairman Naif Abdullah Al Rajhi, together with more than 300 Turkish business people.

"We still have a long way to go and much work to do"

MÜSİAD President Mahmut Asmalı said that as MÜSİAD they attach the greatest importance to the International Business Forum and that it is among the organizations they focus on most. Noting that this platform, which set out from the idea of establishing a "global business network" among Muslim business people, today brings together 42 business associations from a total of 25 countries, Asmalı said: "Our IBF Summit this year is being held on 3-11 March 2024 in Riyadh, Jeddah, Mecca and Medina, the very important commercial cities of Saudi Arabia. Within the scope of the 27th IBF, an Economic Forum Summit, B2B meetings, a fair and meetings with chambers of commerce will also be held. God willing, we will sign fine cooperation agreements and obtain very fruitful results for both countries."

Noting that commercial relations between Türkiye and Saudi Arabia have increased markedly, particularly over the past two years, Asmalı said:

"The bilateral trade volume between Türkiye and Saudi Arabia reached USD 6.8 billion as of 2023, the highest figure of the last 8 years. Nevertheless, these figures are below the mutual investment potential of the two countries. Considering that the strategic targets of the two countries are USD 10 billion in mutual trade in the medium term and USD 30 billion in the long term, we still have a long way to go and much work to do. Indeed, both Türkiye and Saudi Arabia are two highly attractive countries in terms of foreign direct investment."
Stating that entrepreneurship activities and investment opportunities in Saudi Arabia are also highly diverse and quite attractive for potential investors, Asmalı said that they too wish to evaluate the opportunities and raise mutual trade to the most optimum level.

Stating that they attach great importance to Saudi Arabia's Vision 2030, Asmalı said: "As Turkish and especially MÜSİAD business people, we believe that we can make great contributions to Saudi Arabia on the road to Vision 2030. We believe that very great duties fall to Turkish business people within Saudi Arabia's Vision 2030. Therefore, we must know that the cooperation Saudi business people will establish with Turkish business people will first and foremost bring great economic benefits to both countries."

"The fair will contribute to reviving the spirit of the 'Medina Market'"

IBF President Erol Yarar, for his part, stated that in 1990 five friends came together and dreamed a dream, and that everything begins with a dream, saying: "We said that we have brothers, businessmen brothers, in many countries around the world. Let us establish such an organization that this organization we establish brings together all these brothers, these merchant brothers. At that time we needed to establish an association, and in 1990 we founded MÜSİAD."

Stating that MÜSİAD has today become an organization with 14,000 members and 60,000 companies, represented in 80 countries, Yarar expressed his pride that MÜSİAD, with this structure, is the only organization of its kind in the world. Noting that they had long wanted to hold the International Business Forum in Saudi Arabia, Yarar stated that the 27th IBF Türkiye-Saudi Arabia Business Forum and the Turkish Export Products Fair, which began today, would contribute to reviving the spirit of the "Medina Market".

Emphasizing that the business forum would continue with the programs to be held in Jeddah, Mecca and Medina, Yarar said: "We want to bond with our brothers in Saudi Arabia. We want to bond economically as well, and we want to launch a cooperation that will set an example for the world. For this reason, I thank all my brothers who contributed here today."

Following the opening of the Turkish Export Products Fair organized within the scope of the 27th IBF Türkiye-Saudi Arabia Business Forum, cooperation agreements were signed between MÜSİAD member firms and Saudi Arabian companies. In addition, the ministers, MÜSİAD President Mahmut Asmalı and IBF President Erol Yarar, together with the accompanying delegation, toured the fair area and chatted with company owners.

The program continued in the cities of Jeddah, Mecca and Medina

The Türkiye-Saudi Arabia Business Forum, held within the scope of the 27th International Business Forum, continued after Riyadh with programs in the cities of Jeddah, Mecca and Medina. At the programs, where B2B sessions and panels took place, nearly 300 Turkish businessmen had the opportunity to meet with Saudi businessmen. At the programs held at the Jeddah Chamber of Commerce, the Mecca Chamber of Commerce and the Medina Chamber of Industry and Commerce, presentations by representatives of sectors such as construction, energy and services, and the investment moves made by Saudi Arabia within the scope of Vision 2030, were discussed.