As Turkish and Italian business circles await President Recep Tayyip Erdoğan’s go to to Italy on April 29, discussions to be held are anticipated to open new doorways for cooperation in varied sectors, together with protection, aviation, cybersecurity, power and automotive, in response to a report on Sunday.
The 4th Türkiye-Italy Intergovernmental Summit will probably be held on April 29 beneath the management of President Erdoğan and Italian Prime Minister Giorgia Meloni. The summit, going down in Rome, will handle diplomatic and political relations in addition to financial cooperation between the 2 international locations.
An accompanying business discussion board will significantly give attention to exploring alternatives in protection, aviation, cybersecurity, power, automotive and infrastructure sectors. The talks, which may also consider the potential for cooperation in third international locations, are anticipated to contribute to the commerce targets of each nations.
Last 12 months, Türkiye exported $12.9 billion (TL 495.80 billion) price of products to Italy, whereas its imports from Italy reached $19.3 billion. The $32 billion commerce quantity between the 2 international locations displays the optimistic course of financial relations, with rising exercise within the protection sector anticipated to drive additional progress. At the identical time, the upcoming go to of Erdoğan, accompanied by ministers and businesspeople, is seen as a gateway to new agreements and collaborations.
Lale Cander, the president of the Türkiye-Italy Business Council of the Foreign Economic Relations Board (DEIK), evaluating the business relations between the duo, mentioned that Italy stands out as one among Türkiye’s high 5 export markets.
She highlighted that there’s potential for cooperation in sectors equivalent to automotive, equipment, textiles, chemical substances, prescribed drugs and power, in addition to in high-tech areas like protection, aviation and house.
“As of last year, 1,610 Italian companies are operating in Türkiye with $5 billion in investments. These investments are concentrated in sectors like automotive, energy, infrastructure, logistics, banking and food. Companies like Fiat, Pirelli, Eni and Barilla have been actively operating in Türkiye for many years,” Cander advised Anadolu Agency (AA).
“On the other hand, Turkish companies have started becoming more visible in Italy, particularly in the textile, food and automotive sub-industries. The rise in high-tech and R&D-focused investments shows that Turkish capital in Italy is also undergoing a transformation,” she added.
She additionally emphasised that the business council has been engaged on increasing cooperation in new-generation themes equivalent to digital transformation, power and the inexperienced financial system, and they’re main the formation of consortia between Turkish and Italian corporations in third markets like Africa and the Middle East.
Cander additionally famous {that a} whole of 500 business representatives from each international locations will attend the discussion board on the summit, which can function a platform for solidifying financial and business agreements.
Baykar-Leonardo deal
Cander additionally mentioned the three way partnership settlement signed between Baykar, a number one Turkish drone producer, and Leonardo, one among Europe’s largest protection corporations, within the discipline of unmanned applied sciences. She mentioned the settlement is critical for strengthening Türkiye’s place within the protection business.
Highlighting that the partnership will increase the nation’s presence in Europe’s quickly rising drone market, she mentioned: “Europe’s drone market is expected to reach $100 billion in the next 10 years. Plans are in place to establish joint production facilities both in Türkiye and Italy, which will encourage mutual technology transfer and supply chain integration.”
“This cooperation also creates new opportunities for other Turkish defense companies. Thanks to this partnership, local firms could gain the chance to manufacture at international standards.”
Trade progressing effectively
Valeria Giannotta, the scientific director of the Observatory in Türkiye by Rome-based suppose tank CeSPI mentioned that commerce between Türkiye and Italy is progressing effectively and sustaining a balanced path.
She highlighted the Baykar-Leonardo partnership settlement as a turning level for strategic partnerships anticipated to extend sooner or later.
Giannotta talked about that each international locations purpose to cut back their strategic dependencies on different international actors and continued: “Türkiye and Italy share the need to develop supply chains in various sectors, especially in steel and chemicals, to enhance the industrial autonomy of Europe and the Mediterranean.”
“This partnership not only supports economic and trade complementarity but also seeks to enhance regional integration. When it comes to business and the economy, Italy and Türkiye are well-positioned to further integrate the regional system,” she maintained.
“Italy helps Türkiye access and integrate into the European system, while Türkiye opens the door to other markets and regions (such as the Middle East, Africa and Central Asia). I’d also like to point out that Italian companies in Türkiye consider the country a bridgehead for entering third-country markets due to its geographical and logistical advantages, and they are pleased to operate there. Italian investors also stand to benefit from Türkiye’s strengths in R&D and technological innovation,” she concluded.
Source: www.dailysabah.com