Local firms expect much from China trip

Hurriyet Daily News with wires

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Gül, the first Turkish president to pay a visit to China in 14 years, is being accompanied by a number of businesspeople, including high-level executives of banks, construction companies and steel producers. Chinese President Hu Jintao received Gül at Beijing's Great Hall of the People on Thursday. Trade volume between the two countries has grown over the years to about $17 billion in 2008, heavily in favor of China, which made $15.6 billion worth of exports to Turkey. But the global slump has seen the volume steadily decrease since November, with bilateral trade shrinking by 37.6 percent in the first quarter of 2009.

China is willing to close the trade gap, an official told daily Hürriyet. "Turkey could close the gap through construction works, especially on infrastructure and with cooperation on technology," the official was quoted as saying.

During Gül's visit, Turkish firms are set to sign deals with Chinese companies in the energy, construction, finance, trade, infrastructure and metal sectors. The largest deal, worth around 540 million euros, is expected to be signed between Turkey's Cenay Group and China’s CEEC. The two companies plan to carry out a subway project in Turkey, highway construction in Azerbaijan and several investments in the energy sector, daily Hürriyet reported.

Another major deal is expected to be signed by Turkey's Sinotrade and China’s Complant on energy and construction. The deal includes the building of a refinery worth 450 million euros.