Turkey, US ‘have a lot to gain’ in better ties: Ambassador

ISTANBUL

Turkey and the United States have been in a trade relationship for many years and both sides will “earn a lot more” if the ties are strengthened, the U.S. ambassador to Turkey has said.

“U.S. companies have made a significant contribution to Turkey’s economic development with the thousands of jobs they have created and the best practices they have implemented in almost every sector,” Ambassador Jeff Flake said at the general assembly of the American Chamber of Commerce (AmCham) in Turkey on March 3. “It was great to join this event and recognize the role AmCham Turkey plays as a key partner in our bilateral trade and investment relationship,” he added.

Speaking at the same meeting, Presidential Investment Office President Burak Dağlıoğlu praised AmCham’s role in the foreign direct investments (FDI) to Turkey from the U.S., which has totaled $14.1 billion since 2003.
“The volume of FDI from the United States to our country in 2021 was $1.2 billion,” he said, noting that FDIs are a vital part of the new Turkey Economy Model based on investments, production, employment and exports.
In November 2021, the Turkish government launched a new economic program that prioritizes low interest rates and a target of current account surplus.

Last year, bilateral trade volume of Turkey and the United States rose 30 percent to a record level of $28 billion, AmCham Turkey chair Tankut Turnaoğlu said at the meeting in Istanbul.

“The United States has been positioned as Turkey’s second-largest export market. As the AmCham, we have been representing more than 110 U.S. companies that have made an economic contribution of $50 billion and created 100,000 jobs. We’re eyeing a much stronger potential to add to our bilateral economic and trade relations. We aim at being the power that will carry Turkey to the global markets by increasing investments and trade between the two countries,” said Turnaoğlu.
At the assembly, AmCham Turkey members decided to provide active support for new investment and trade opportunities and to help Turkey being a regional hub.

U.S. companies in Turkey will also help their small-and-medium-sized company partners to join the global value chains, according to the assembly decisions.
AmCham Turkey members will also take part in Turkey’s efforts to tackle climate crisis and enhance sustainability.
Turkey’s top export market was Germany in February with $1.8 billion, according to data from the Turkish Exporters’ Assembly (TİM). It was followed by the United States ($1.3 billion) and the United Kingdom ($1.1 billion).
Last year, China was the top country from which Turkey imported goods, with $32.2 billion, followed by Russia with $29 billion, Germany with $21.7 billion and the United States with $13.1 billion.