Trade Minister Ömer Bolat highlighted Tuesday what he stated was optimistic momentum in commerce ties between Türkiye and the United States and invited American business circles to judge funding and commerce alternatives inside the nation.
Delivering a speech on the “Trade Winds” discussion board, the most important U.S. government-led commerce mission and business growth occasion, organized yearly by the U.S. Department of Commerce and hosted by Türkiye once more after 16 years, he touched upon the event of the commerce ties over the previous decade and commerce quantity goal of $100 billion between the 2 NATO allies.
“If we can evaluate opportunities together with business circles in the U.S. and Türkiye, we can easily turn the $100 billion trade volume target set by our presidents into a reality. If we remain determined, this is an achievable goal,” Bolat stated on the occasion in Istanbul.
Noting that Türkiye steady progress in areas reminiscent of manufacturing and overseas investments over the previous 20 years is just not a coincidence, he stated, “The fact that Türkiye has been chosen to host this event for the second time clearly shows that the U.S. government and companies are aware of the importance of Türkiye for American companies and investors.”
“This also demonstrates that Türkiye is positioned as an international trade and investment center for accessing markets in Europe and Eurasia,” he added.
Moreover, the minister stated this occasion can also be “further proof of the determination of the Turkish and U.S. governments to work together and increase bilateral trade and mutual investments.”
Türkiye’s 2nd-largest export market
He identified that the industrial ties between Türkiye and the U.S. have been creating positively, saying, “Thanks to this momentum, our commercial relations have been going very well over the past 10 years.”
He recalled that when the preliminary Trade Winds discussion board was held in Istanbul in 2008, the commerce quantity stood at $16 billion and rose by 110% to achieve $33.5 billion in 2023.
“Our exports to the U.S., which were $4.3 billion at that time, have risen to $14.8 billion today. Today, the U.S. has become Türkiye’s second-largest export market,” he defined.
Bolat additionally acknowledged that investments, like commerce, have turn into an vital aspect of the financial relations between the 2 nations. This signifies that the circulation of investments is kind of lively in each instructions and, extra importantly, mutual investments have diversified into completely different sectors.
Thanks to proactive insurance policies carried out persistently over the previous 20 years, the whole overseas investments in Türkiye reached $265 billion between 2002 and 2024, Bolat famous that in this era, U.S. corporations more and more positioned Türkiye as a manufacturing and export hub.
The minister additionally stated that overseas investments from the U.S. have reached $15 billion, making the U.S. the second-largest overseas investor in Türkiye.
“During this period, more than 2,000 American companies invested in Türkiye, believing in the strength and potential of the Turkish economy. These companies contribute over $60 billion to the Turkish economy and provide employment to over 110,000 people,” he stated.
“We are very pleased to see that American companies are contributing to our production, employment and exports and that their numbers are increasing day by day,” he added.
Similarly, Bolat stated they’d noticed that in recent times, Turkish corporations have been directed towards investing within the U.S., with their investments reaching $11 billion by the top of 2023, and the share of the U.S. in abroad investments reached 16%.
Referring to the commerce quantity goal between Türkiye and the U.S., Bolat stated, “Despite the significant levels of trade and investments reached in the last few years, we still have a long way to go to achieve the vision of $100 billion trade volume set by our presidents.”
“Türkiye is fully committed to this vision and is ready to engage in joint efforts to develop our commercial relations. To achieve this ambitious target, we must increase dialogue at every level between our countries and business communities,” he stated.
Defense ties
For his half, U.S. Ambassador to Ankara Jeffry Flake stated that commerce in items and providers between the U.S. and Türkiye is approaching $40 billion and U.S. direct investments in Türkiye have reached $15 billion.
Speaking on the occasion, he recalled that the thirty ninth American-Turkish Conference was held in Washington final week, including that the safety concern is taken into account a very powerful concern when discussing Türkiye-U.S. relations.
Relations between the 2 NATO allies boast an extended historical past of navy and financial cooperation, however their strategic partnership has seen many diplomatic ups and downs over the current years over a number of challenges and disagreements.
Ties considerably thawed in current months, significantly after Ankara ratified Sweden’s NATO membership bid earlier this yr, however tensions persist over Syria, Russia and the battle in Gaza.
Flake recalled that it’s the 72nd yr of Türkiye’s NATO membership and that it boasts the most important military and largest air power within the alliance after the U.S.
Stating that the current approval of the $23 billion F-16 sale by U.S. Congress to Türkiye exhibits the power of Türkiye-NATO cooperation, Flake stated that U.S. and Turkish protection business corporations signed agreements and that quickly roughly one-third of all artillery shells within the U.S. stock could be of Turkish origin.
Flake additionally stated that 1.5 million U.S. residents would go to Türkiye this yr and that the goal for subsequent yr is 2 million, including: “If you need a spot the place East meets West, that is the place you wish to be.”
The three-day Trade Winds occasion, which converges business actors and hosts dozens of managers representing massive and medium-sized American corporations, is because of conclude on Wednesday.
Source: www.dailysabah.com