President Recep Tayyip Erdogan met with American and Turkish business leaders in New York, stressing the importance of economic and commercial ties between the two nations. Speaking at the 15th Türkiye Investment Conference organized by the Türkiye-U.S. Business Council (TAIK), Erdogan emphasized the growth in trade relations over the past two years.
“Economic and commercial matters constitute one of the most significant aspects of our relations with America,” Erdogan said. “The U.S. has become our second-largest export market and fifth-largest import source over the last two years.”
Erdogan underscored the potential for further growth, noting that bilateral trade exceeded $30 billion last year and expressing confidence that the two nations could achieve the shared goal of $100 billion in trade with proper planning. He urged the removal of trade barriers, such as additional tariffs on steel and aluminum, as well as sanctions imposed under the Countering America’s Adversaries Through Sanctions Act (CAATSA).
Erdogan also highlighted his country’s economic progress over the past two decades, pointing to an average growth rate of 5.4% and over $270 billion in infrastructure investments. Erdogan mentioned that Türkiye has increased its share of global exports and is now among the world’s top drone suppliers.
Economic stability and investment strategy
Erdogan emphasized that Türkiye’s recently implemented economic program is yielding positive results, particularly in addressing inflation. “We have entered a period of permanent and significant reduction in inflation, which has been a global issue, including for our country,” he said. “Despite the earthquake’s impact, we have swiftly recovered public finances, and unemployment has improved beyond our targets.”
He noted that international credit rating agencies have acknowledged Türkiye’s economic stability, with the country being the only one to receive credit rating upgrades from three agencies in 2024.
Looking ahead, Erdogan outlined Türkiye’s goals for attracting high-tech investments and integrating more into the global economy. He revealed plans to increase Türkiye’s share in global investment from 1% to 1.5% by 2028, with a focus on sectors such as renewable energy, biotechnology, defense, and automotive. “We aim to make Türkiye a hub for high-tech investments by 2030,” he said, encouraging U.S. companies to seize the opportunities in Türkiye’s growing economy.
Turkish-American defense cooperation and trade barriers
Touching on defense cooperation, Erdogan acknowledged that collaboration between the U.S. and Türkiye had been hindered by restrictions in recent years. However, he expressed hope that the F-16 modernization project could mark a new chapter. “We expect a permanent removal of export barriers in this field,” Erdogan said, calling for increased U.S. business support for Türkiye’s defense industry.
He also referenced joint efforts in defense manufacturing, specifically cooperation in the production of 155-millimeter artillery shells, and announced plans for Texas-based production facilities by Turkish companies. Erdogan encouraged American business leaders to play a more active role in advancing defense partnerships.
In closing, Erdogan urged for greater visa facilitation for Turkish companies looking to invest in the U.S. “We expect active support in easing visa processes, especially for our firms entering the American market,” he said. He expressed appreciation for the private sector’s contributions to advancing U.S.-Türkiye relations and welcomed further collaboration in the future.
