Tankut Turnaoglu, chairman of the American Companies Association (AmCham) Türkiye, announced that Walmart, a multinational U.S. corporation that manages nearly 10%-15% of retail in the United States, will open an office in Türkiye.
He stated, “Walmart is starting to source products from Türkiye, including furniture and frozen foods. They currently see Türkiye as a supply hub in two to three sectors.”
The AmChams Eurasia Economic Summit, organized by American chambers of commerce from Türkiye, Greece, and Bulgaria, brought together government officials, state development agencies, business leaders, and investors in Istanbul to promote economic collaboration and partnerships.
In an interview with Anadolu (AA) during the summit, Turnaoglu noted that representatives from 12 countries attended as part of the American Companies Association, highlighting Türkiye’s role as a regional hub for Eurasia.
He emphasized that the summit plays a crucial role in achieving the goal of $100 billion in trade between Türkiye and the United States, underscoring the importance of hosting the event in Istanbul.
Turnaoglu explained that increasing trade and investment in the region is a priority, stating, “Istanbul and Türkiye are the natural centers of this region. The summit has 250 participants from 12 countries. We define Eurasia broadly, and this region holds significant potential. The Middle Corridor, which connects China and Europe, runs through these countries, reminiscent of the historical Silk Road – a new version of it. The combined gross domestic product of these countries currently exceeds $2 trillion, with Türkiye being the largest.”
He pointed out that focusing on Türkiye can enhance trade and investment across the region, adding, “The United States sees Türkiye as a vital business partner in this region, particularly in recent years.”
Number of American Companies in Türkiye Reaches 2,000
Turnaoglu highlighted that the trade volume between Türkiye and the United States has grown from $20 billion to nearly $40 billion. He stated, “It has doubled in the last five years. Our target is $100 billion, and we believe this goal can be achieved by 2028-2029. The likelihood of this happening in the next five years is very high.”
He emphasized that Türkiye is becoming a regional hub for American companies, noting, “Additionally, the number of American companies entering Türkiye is increasing. We represent a total investment of $60 billion from U.S. firms in Türkiye. Our membership has grown by 50% in the last five years, and the number of American companies in Türkiye has reached 2,000.”
Turnaoglu also pointed out the growing cooperation in the defense industry between the two countries, saying, “Boeing has investments in Türkiye, and there are collaborations between Turkish companies and General Electric, which are expected to increase. There is also significant cooperation in the civil aviation and energy sectors.”
Walmart Begins Sourcing from Türkiye
Turnaoglu noted a substantial increase in exports from Türkiye to the United States, citing strong demand recently across various sectors, from automobiles and machinery to textiles and chemical products, and even furniture.
He reiterated that Walmart is set to begin sourcing from Türkiye, stating, “Walmart is starting to purchase products from Türkiye, including furniture and frozen foods. They currently see Türkiye as a supply hub in two to three sectors.”
Furthermore, Turnaoglu identified the United States as Türkiye’s second-largest market, commenting, “One of the major contributors to this growth is Turkish Airlines. Turkish Airlines currently flies to 14 cities in the United States. Beyond tourism, cargo represents the largest part of their business. Turkish Airlines has become one of the world’s largest cargo companies, particularly leveraging opportunities during the pandemic. They have significantly advanced trade between the United States and Türkiye, with half of total e-exports going to America. The cargo capacity of Turkish Airlines plays a crucial supportive role in this regard.”
