Turkey-US to Strengthen their Existing Commercial Ties
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The US ambassador to Turkey observed that the US is keen to strengthen its existing commercial ties with Turkey.
Trade relations between the two countries are strong and span a number of different sectors. Many well-known American companies have production facilities in Turkey.
According to the ambassador these companies export from Turkey into Europe, Eurasia, and the Middle East. Currently, more than 1,700 US companies are active in Turkey, employing 78,000 Turkish workers with assets totaling $31.2 billion.
The US envoy noted that the two countries work together every day, transcending the ups and downs of the geopolitical alliance.
It was also observed by the US ambassador that working together could help both countries to diversify supply chains.
Reportedly, 2019 bilateral trade in goods was over $20 billion. Despite the significant impact that the pandemic has had on global trade, the trade is on a pace to exceed.
While prior to COVID-19, Turkey sold a minimal amount of non-surgical gowns, it has now exported over $190,000,000 in gowns to the US.
Turkey-US relation is a reflection of how two economies can work efficiently and effectively together. As the US seeks to further diversify its medical supply chains, Turkey is viewed as a production center having great potential.
The US envoy remarked that Turkey’s demographics and prime geographical position were the most positive aspects of Turkey’s investment climate. This provided access to multiple regional markets.
Coupled with this is Turkey’s educated work force, well-developed infrastructure, and a resilient consumption-based economy.
However, he pointed out that some companies were hesitant due to concerns about a perceived lack of transparent, predictable orthodox economic policies. He added that the issue of medical debt, payments still owed to international medical device companies, also makes potential investors concerned.
The Ministry of Energy and Natural Resources hosted a US-Turkey virtual conference on liquid natural gas in 2020. This was good for US producers, who sold more LNG, and good for Turkish consumers, who benefited from cheaper imports.
The US has been working with Turkish furniture exporters, who despite the pandemic managed to increase their sales to the US. So far, this year there has been 77% increase in US imports of wooden furniture from Turkey.
To work on the already identified important bilateral economic issues was the key to increased trade between the two countries. What is also required was the removal of unnecessary roadblocks for US and Turkish companies as they arise.
While the governments work together to make conditions more favorable, the real work is to be done by American and Turkish businesspeople.
The US ambassador listed down the factors that would influence the US investorsto invest in Turkey. According to him stable monetary policy, prompt government debt payment, transparent tendering and impartial judiciary would encourage investment in the Turkish market.
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