In a bid to raise the level of bilateral trade between Saudi Arabia and Turkey, the Saudi-Turkish Business Council (STBC) reaffirmed the private sector's potentials to work together to boost the two-way trade.

Pointing to the importance of the role of private sector in both the countries to strengthen commercial ties, the STBC in a statement issued Sunday called on private investors from both the countries to come forward.

The council held a meeting on Nov. 6 on the sidelines of the Saudi-Turkish Joint Committee meetings to work out the ways and means to boost Saudi investments in Turkey and to launch a direct maritime shipping line between the two countries, it said.

The meeting, attended by Mazen bin Ibrahim Rajab, STBC chairman, the delegation of Council of Saudi Chambers and businessmen from both the countries, discussed a number of issues related to bilateral trade.

According to a recent report, the two-way trade is currently valued at $8 million.

Making a call for revamping commercial ties, STBC also stressed on further strengthening trade and commerce to revitalize the two way trade exchanges.

The joint business council also embarked on cooperation in the field of small and medium enterprises (SMEs) and the exchange of experiences to further boost bilateral trade.

It also emphasized on participation in exhibitions and cultural events in both countries by their people.

Turkey and Saudi Arabia signed a number of trade agreements, including an agreement on enhancing economic and technical cooperation (1974) to evaluate and enhance bilateral trade and commerce and within the framework of that agreement for technical cooperation, the joint economic committee meetings are held with the participation of the government institutions and in case of need, private enterprises from both the countries alternatively in Ankara and Riyadh.

Saudi Arabia and Turkey enjoy very cordial relations and diversity in various fields and are key partners with the Kingdom enjoying the status of one of the largest trading partners of Turkey among the Middle East countries.

Turkish-Saudi joint business council was formed by Foreign Relations Board of Turkey (DEİK) and Council of Saudi Chambers of Commerce and Industry in 2003 to develop bilateral economic cooperation between both countries.