Trade minister notes growing US business interest in Türkiye

NEW YORK

With Turkish-U.S. relations gaining momentum, Turkish Trade Minister Ömer Bolat reported increased interest from major American firms looking to invest in Türkiye.

Speaking to Anadolu Agency from New York, where he attended the 79th UN General Assembly alongside Turkish President Recep Tayyip Erdoğan, Bolat highlighted the burgeoning economic ties between the two nations.

Bolat noted that a recent roundtable organized by the Türkiye-U.S. Business Council (TAIK) under the Foreign Economic Relations Board of Türkiye (DEIK) saw more participation than previous sessions, reflecting growing interest.

During the event, Erdoğan invited U.S. business leaders to invest directly in Türkiye, underscoring his commitment to strengthening Türkiye-U.S. relations.

American investors focus on Türkiye's economic success

Bolat pointed out that the macroeconomic successes of Türkiye's Medium-Term Program, which aims to bolster financial stability, have captured the attention of American investors and firms.

"Major American companies are interested in expanding their investments in Türkiye and further boosting trade and business with our nation," he said, noting Türkiye's rising role as a supply and logistics base also attracts investors from East Asia.

With the U.S. becoming Türkiye's second-largest export market and fifth for imports, Bolat emphasized the increasing momentum in economic relations between the two countries.

Aiming to Boost Turkish Exports to the U.S.

The trade relationship between Türkiye and the U.S. has strengthened post-pandemic, with bilateral trade reaching $33 billion last year and expected to surpass $35 billion in 2024. Bolat highlighted the favorable trade balance shown by the growth in Turkish exports to the U.S. this year.

As interest rates begin to lower in the U.S. and Europe, Bolat anticipates that global growth and increased trade will provide further opportunities for Turkish exports.

"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 envisioned.

He also noted that the U.S. and Europe's increasing measures against Chinese imports could open new market opportunities for Türkiye.

Positioned as the bridge connecting Europe and Asia, Türkiye can leverage its strategic location to export goods to European and U.S. markets more efficiently.

"We hope to boost our exports to the U.S. in the coming period," Bolat concluded.