ISTANBUL
The Turkish business world is preparing for President Recep Tayyip Erdogan’s US visit in May after a five-year hiatus, hoping that Turkish-US trade ties will further grow.
The president’s previous took place in 2019 when US President Donald Trump and Erdogan set a $100 billion bilateral trade target.
The bilateral annual trade volume, which was at $20.77 billion in 2019, rose to $30.6 billion in 2023, increasing 47.3% during the five-year period, according to data compiled by Anadolu from Turkish Statistical Institute data.
The US was the second main destination for Türkiye’s exports last year; Turkish exports to the US increased by 65% to $14.8 billion over the same period.
Murat Ozyegin, the head of Türkiye’s Foreign Economic Relations Board’s (DEIK) Türkiye-US Business Council (TAIK), said on Friday at a press conference that his organization is ready to work to increase the strategic mechanism between Türkiye and the US to an axis where economic and trade relations are represented at a high level.
He stated that TAIK is rapidly continuing engagement in Washington and New York in order to carry the recent momentum in Turkish-American relations to the field of economy.
Positive momentum in relations
Pointing out that strategic alliances have become much more important in a rapidly changing global economic and political environment, Ozyegin said: “We are witnessing a period of rapid change characterized by significant geopolitical transformations that affect lives and livelihoods, fueled by accelerating technological advances and new economic paradigms.”
Stating that the recent positive momentum in Türkiye’s relations with the US presents a great opportunity, he said: “I believe that it is necessary and timely to increase our efforts to develop relations in a more comprehensive and effective way that will create value for both sides.
“As TAIK, our goal is to carry the increasing level of cooperation even further and to work together to identify the common areas of both countries.”
He also said that US investments reached $14.3 billion in Türkiye and Turkish investments totaled $9.7 billion in the US so far; Türkiye has over 2,000 US-origin companies.
Impact of recent regional, global developments
He stated that there has been intense contact traffic in Türkiye-US relations with the impact of recent regional and global developments and that a positive atmosphere has been observed in economic terms.
Emphasizing that the positive course of bilateral relations will continue in the coming period, he said: “Following the approval of Sweden’s membership to NATO and the steps taken by the US on the F-16 issue, relations between the two countries will gain momentum again. In the coming period, the moderate atmosphere is expected to turn into concrete cooperation steps.”
Stating that the potential for cooperation with the US in third countries is also important, he noted that TAIK has signed a cooperation agreement with the American Turkish Business Roundtable (ATBR) within the scope of the 13th Türkiye Investment Conference in September 2023, witnessed by President Erdogan.
“The existence of such a strong institution between Türkiye and the US will give a new momentum to bilateral economic relations.”
Türkiye Investment Conference
Ozyegin also stated that the Türkiye Investment Conference, which is the brand event of TAIK, will be organized with three events and expanded activities this year.
He said the 14th Türkiye Investment Conference to be held by TAIK will bring together American fund managers and senior executives of credit rating agencies and the Minister of Treasury and Finance Mehmet Simsek in New York on April 22.
Ozyegin stated that the last Türkiey Investment Conference of the year will be held on Sept. 23-24 within the scope of the UN General Assembly week, and said: “We will bring together US fund and portfolio managers with Mehmet Simsek and Minister of Trade Omer Bolat. Our President Recep Tayyip Erdogan will meet with leading business people and Fortune 100 executives of the US.”
Simsek, currently in the US, is already meeting with officials.
Previously, Simsek and the Turkish Central Bank governor also held meetings in the US with Fed and economy officials.
Stating that the America Türkiye Conference (ATC) is considered one of the reference points of Turkish-American relations, Ozyegin said they will hold the 39th ATC in Washington on May 9-10 after a long break.
He noted that President Erdogan’s meeting with US President Joe Biden is also planned and said: “As TAIK, we have started our work to arrange the president’s meetings with the US private sector.”
