Türkiye seeks to reinforce cooperation with considered one of its high business companions, Germany, in varied new fields, starting from inexperienced transformation to provide chains, focusing on $60 billion in bilateral commerce quantity.
Germany is without doubt one of the largest Turkish export recipients worldwide, because the nation acquired exports valued at $21.1 billion final 12 months, whereas German exports to Türkiye reached $28.7 billion in the identical interval, including as much as roughly $50 billion in bilateral commerce quantity, in line with knowledge from the Turkish Statistical Institute (TurkStat), compiled by Anadolu Agency (AA).
Türkiye and Germany mentioned new cooperation alternatives throughout President Frank-Walter Steinmeier’s go to to Türkiye in April.
President Recep Tayyip Erdoğan as soon as once more underlined the $60 billion bilateral commerce quantity goal through the German president’s go to, wishing to spice up cooperation within the protection business specifically.
In addition to Türkiye-Germany commerce talks, President Erdoğan met with Chancellor Olaf Scholz on Monday in New York on the 79th United Nations General Assembly.
Last week, Treasury and Finance Minister Mehmet Şimşek attended the German think-tank Stern Stewart Institute’s 2024 summit in Germany, assembly with business executives from greater than 50 German companies and showcasing funding alternatives in Türkiye.
Meanwhile, Transportation and Infrastructure Minister Abdulkadir Uraloğlu additionally attended the world’s largest railway exhibition, the InnoTrans 2024 occasion in Berlin.
On Friday this week, Trade Minister Ömer Bolat will co-chair the fifth Term Meeting of the Türkiye-Germany Joint Economic and Trade Commission (JETCO) in Berlin with German Vice-Chancellor and Economic Affairs Minister Robert Habeck, discussing bilateral commerce relations and new cooperation alternatives.
About his final go to to Germany in April, Bolat mentioned the business communities from the 2 nations “will certainly obtain the $60 billion commerce goal in just a few years.”
Turkish turnover
Mehmet Ali Yalçındağ, president of the Türkiye-Germany Business Council of the Foreign Economic Relations Board (DEIK), advised AA that the three.5 million Turkish folks residing in Germany who moved there as a result of political and financial causes have develop into substantial to the economic system, as they generate over $55.7 billion in turnover by way of 100,000 enterprises.
He famous that providers and automotive exports from Türkiye to Germany have reached an vital place, in addition to engineering providers and elements.
“Türkiye’s advantageous geographic place offers advantages for each Turkish and German corporations, as Türkiye’s proximity to the European market and provide chains incentivize German auto corporations to spend money on Türkiye,” mentioned Yalçındağ.
German investments in Türkiye
Moreover, he highlighted that areas corresponding to provide chain, local weather change and vitality, tendencies talked about within the Foreign Direct Investment (FDI) Strategy for 2024-2028, provide robust partnership alternatives for the 2 nations, noting that Türkiye attracted 9.8% of FDIs that got here to the area within the final 20 years.
“German corporations in Türkiye invested over $12 billion within the final 20 years, whereas the funding quantity of German corporations in Türkiye reached $14.5 billion since 1980,” mentioned Yalçındağ.
“Turbine-makers Enercon and Nordex have manufacturing services in Türkiye, pointing to potential cooperation in renewable and inexperienced vitality sectors, whereas the German automotive distributor Borusan, financing providers firm Allianz and attire agency Puma function in Türkiye,” he added.
Yalçındağ additionally underlined that Turkish investments in Germany’s varied sectors, corresponding to tech, regulation, textile and providers, proceed with the curiosity of Turkish buyers and entrepreneurs.
Source: www.dailysabah.com