The Turkish business world is preparing for Turkish President Recep Tayyip Erdogan's visit to the United States in May after a five-year hiatus, hoping that Turkish-American business ties will grow further.
The president's previous visit occurred in 2019 when US President Donald Trump and Erdogan set a bilateral trade target of $100 billion.
The annual bilateral trade volume, which reached $20.77 billion in 2019, rose to $30.6 billion in 2023, an increase of 47.3% over the five-year period, according to data compiled by Anadolu from Turkish Statistical Institute data.
The United States was the second major destination for Turkish exports last year. Turkish exports to the United States increased by 65% to $14.8 billion during the same period.
Murat Ozygin, Chairman of the Turkish-American Business Council (TAIK) of the Turkish Foreign Economic Relations Board, said on Friday, in a press conference, that his organization is ready to work on increasing the strategic mechanism between Turkey and the United States to an axis where economic and trade relations are represented at a high level.
He stated that the agency is rapidly continuing its participation in Washington and New York in order to transfer the recent momentum in Turkish-American relations to the field of economics.
– Positive momentum in relationships
Noting that strategic alliances are becoming more important in a rapidly changing global economic and political environment, Ozyegin said: “We are witnessing a period of rapid change characterized by major geopolitical shifts affecting lives and livelihoods, fueled by accelerating technological progress and new technologies.” Economic models.”
Noting that the recent positive moment in Turkey's relations with the United States represents a great opportunity, he said: “I believe 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.” .
“Our goal as TAIK is to raise the level of increased cooperation even further and work together to identify common areas between the two countries,” he added.
He also said that American investments in Turkey amounted to $14.3 billion, and the total Turkish investments in the United States reached $9.7 billion so far. There are more than 2,000 American-origin companies in Türkiye.
– The impact of recent regional and global developments
He stated that there was an intense communication movement in Turkish-American relations with the impact of recent regional and global developments, and that a positive atmosphere was observed from an economic standpoint.
He stressed that the positive path of bilateral relations will continue during the coming period, and said: “After Sweden’s approval of NATO membership and the steps taken by the United States regarding the issue of F-16 aircraft, relations between the two countries will gain momentum again.” It is expected that the moderate atmosphere during the coming period will turn into concrete cooperation steps.
Noting that the possibility of cooperation with the United States in third countries is also important, he noted that the Turkish Investment Agency signed a cooperation agreement with the American-Turkish Business Roundtable (ATBR) within the scope of the 13th Turkish Investment Conference in September 2023, which was witnessed by President Erdogan.
He added, “The presence of such a strong institution between Turkey and the United States will give new momentum to bilateral economic relations.”
– Investment conference in Türkiye
Ozygin also mentioned that the Turkish Investment Conference, a brand event of TAIK, will be organized with three expanded events and activities this year.
He said that TAIK's 14th Turkish Investment Conference will bring together US fund managers, top executives of credit rating agencies and Treasury and Finance Minister Mehmet Simsek in New York on April 22.
Ozygin stated that the last Turkish investment conference of the year will be held in September. He said: “We will bring together American fund and portfolio managers with Mehmet Simsek and Trade Minister Omer Polat. Our President Recep Tayyip Erdogan will meet with business leaders and Fortune 100 leaders.” Executive Directors of the United States.
Simsek, who is currently in the United States, is already meeting with officials.
Previously, Simsek and the Turkish Central Bank Governor also held meetings in the United States with Federal Reserve and economic officials.
Noting that the American-Turkish Conference (ATC) is considered one of the reference points for Turkish-American relations, Ozyegin said that they will hold the 39th ATC in Washington on May 9-10 after a long break.
He pointed out that President Erdogan's meeting with US President Joe Biden is also planned, and said: “We, at the Turkish Energy Agency, have begun our work to arrange the president's meetings with the American private sector.”
