More large American firms are showing interest in investing in Türkiye as Turkish-U.S. relations gain momentum, Trade Minister Ömer Bolat told Anadolu Agency (AA) on the sidelines of meetings in New York.
Bolat, who is attending the 79th session of the U.N. General Assembly alongside President Recep Tayyip Erdoğan, said a roundtable meeting with American and Turkish business representatives organized by the Türkiye-U.S. Business Council (TAIK) under the Foreign Economic Relations Board of Türkiye (DEIK) had more participants compared with previous sessions.
Bolat said President Erdoğan invited businesspeople from the U.S. to invest in Türkiye directly and expressed his desire to improve Türkiye-U.S. relations.
American investors focus on Turkish economy’s success
Bolat said the successful macroeconomic results of the Medium-Term Program (MTP) – a framework aimed at strengthening financial stability – are closely followed by American investors and firms.
“Major American companies said they are interested in expanding their investments in Türkiye and further boosting trade and business with our nation, as they are also aware of investments in Türkiye from East Asia, deeming Türkiye a supply and logistics base,” he said.
He noted that the U.S. has become the second-largest market for Turkish exports and fifth for imports as relations between the two countries gain momentum.
Hope is to boost Turkish exports to U.S.
Bolat said trade relations between Türkiye and the U.S. gained momentum following the coronavirus pandemic, and the bilateral trade volume between the two countries reached $33 billion (TL 1,127 billion) last year, which is expected to reach over $35 billion in 2024.
He noted that the significant increase in Turkish exports to the U.S. shows a favorable trade balance for Türkiye this year.
With the rate cut cycle beginning in the U.S. and Europe, Bolat said in the case of an acceleration of rate cuts, global growth and increasing trade are expected, enabling Türkiye to gain tempo for exports.
“Then it will be possible to reach $40 billion, then maybe $50 billion in mutual trade, on the path to $100 billion in the long run,” he said.
He noted that the increasing measures by the U.S. and Europe against Chinese imports could open the doors for new market opportunities for Türkiye, as the nation connecting Europe to Asia can export products to European and U.S. markets in a shorter period.
“We hope to boost our exports to the U.S. in the coming period,” he added.
