Minister of Commerce Bolat spoke at the 13th Türkiye Investment Conference:
– “Turkey is determined to achieve its 100 billion dollar trade volume target with the USA and develop economic relations” – “Our main priority in the coming period is to ensure a safe and effective trade regime for all investors. As the government, we are ready to assist investors in achieving our common goals.”
NEW YORK (AA) – Minister of Commerce Ömer Bolat stated that they are determined to achieve the 100 billion dollar trade volume target between Turkey and the USA and to develop economic relations.
The 13th Turkey Investment Conference was organized by the Foreign Economic Relations Board (DEİK) Turkey-US Business Council (TAİK) and hosted by Goldman Sachs.
In addition to Minister of Commerce Bolat, the conference was attended by Minister of Treasury and Finance Mehmet Şimşek, Chairman of the GNAT Industry, Trade, Energy, Natural Resources, Information and Technology Commission Mustafa Varank, President of the Presidential Investment Office Burak Dağlıoğlu, DEİK President Nail Olpak, TAİK President Mehmet Ali. Yalçındağ, business representatives and portfolio investors from the USA and Turkey attended.
Bolat stated at the conference that the world is on the verge of a new industrial age, and that green and digital economy have become two parameters of new economic development, forcing companies and countries to reconsider their priorities and design innovative tools for sustainability.
Pointing out that the geopolitical turmoil and supply crises in critical sectors after the pandemic have changed the nature of traditional production and distribution strategies, Bolat stated that at this point, global foreign direct investments are also in decline and the competition to attract foreign investment is higher than ever.
Bolat noted that investments were restructured, supply chains were remapped and industrial production was transformed in line with digitalization and environmental targets.
Trade relations with the USA
Stating that global challenges force countries to take concerted actions, Bolat expressed that they believe that the USA and Turkey should be closer than ever and cooperate more as actions to overcome these challenges are reshaped.
Bolat said, “Turkey is determined to achieve its 100 billion dollar trade volume target with the USA and develop economic relations.” said.
Minister of Commerce Bolat emphasized that, as the government, they are ready to take action and take initiative to improve trade relations with the USA.
“Turkey attracted 255 billion dollars of investment in the 2002-2023 period”
Pointing out that recent data are indicative of the strength of the Turkish economy and the confidence in the country’s economy, Bolat stated that Turkey’s gross domestic product (GDP) will reach the highest level of the last 8 years with 906 billion dollars in 2022, and that they aim to exceed 1 trillion dollars this year. .
Bolat stated that Turkey’s exports exceeded 254 billion dollars last year and noted that exports are one of the main driving forces of Turkey’s economic growth.
Stating that the direct foreign investment coming to Turkey was around 15 billion dollars until 2002, it increased to 255 billion dollars in the 2002-2023 period, Bolat said that the share of the manufacturing industry in GDP has increased to 22 percent in the last 10 years, and the share of R&D expenditures in national income has also increased recently. He said it has tripled in 20 years.
“OVP is an open invitation to potential investors to Turkey”
Bolat talked about the main focus points of the Medium Term Program (MTP) announced by President Recep Tayyip Erdoğan, such as reducing inflation, focusing on fiscal discipline and export-enhancing strategies.
Underlining that the MTP is an open invitation to potential investors to Turkey with its perspective on rational, predictable and transparent economic tools, Bolat emphasized that they are determined to preserve the competitive, business-friendly nature of the investment environment in the country.
Bolat stated that they are aware of the significant difficulties experienced in the world economy and said, “In the new period, we will strengthen our financial sector and economic institutions, support the private sector and continue to make regulations that will encourage investment inflows.” he said.
“International companies prefer Turkey as the regional center for their operations”
Stating that they believe that as the importance of supply chain reliability increases, Turkey’s production infrastructure and young and skilled workforce will become more attractive for US investors, Bolat said that Turkey has been positioned as a production and export base by US investor companies in its region for more than 20 years. He said that the amount of direct investment coming to Turkey has increased significantly.
Bolat stated that despite the political fluctuations and global economic difficulties in the region, international companies preferred Turkey as the regional center for their operations and said, “Our main priority in the coming period is to ensure a safe and effective trade regime for all investors. As the government, we are ready to assist investors in achieving our common goals.” ” said.
Explaining that they are particularly interested in projects that will serve Turkey’s ongoing technological transformation process, Bolat emphasized that they will strongly encourage innovative, R&D-intensive, high-value-added product and service investments, as well as green and renewable energy investments.
“In the new period, the Turkish-American alliance has become even more important”
Bolat noted that they believe that US investors can easily benefit from Turkey’s strong production infrastructure, as they are constantly trying to diversify their production bases in line with the requirements of digital and green transformation.
Stating that it is an important opportunity to cooperate with US companies, Bolat said:
“The Turkish-American alliance has become even more important in the new period. We are aware of the difficulties and pending problems in our bilateral relations. However, we are sure that economic cooperation can always be a positive agenda item in Turkey-US relations. We invite you all to benefit from investment opportunities in Turkey. US and “If we can evaluate the opportunities with the business community in Turkey, we can easily reach our goal of 100 billion dollars of bilateral trade volume. This can be achieved if we maintain our determination.”