Turkish business delegation attends investment summit hosted by Obama

ANKARA

In this Oct. 21, 2013 file photo, President Barack Obama speaks during an event in the Rose Garden of the White House on the initial rollout of the health care overhaul, in Washington. AP Photo

A delegation of 12 Turkish businesses has attended the SelectUSA Investment Summit, the first-ever Summit bringing together 1,200 attendees from nearly 60 countries in Washington and hosted by U.S. President Barack Obama and the U.S. Department of Commerce.

“Our two governments and our private sectors have been working together closely to increase our bilateral trade and investment ties. In recent years, we have seen record levels of exports in both directions, and strong interest in bilateral investment. Greater Turkish investment in the United States will lead to greater Turkish trade with our country - a key priority of Turkey’s aspiration to become a Top Ten economy by 2023,” U.S. Ambassador to Turkey Francis J. Ricciardone was quoted as saying in an announcement released by the U.S. embassy on Oct. 31.

“The Turkish delegation, including information and communications, agricultural, and service firms, will learn more about investing in the United States, meet with economic development officers from over forty-seven American states, and develop or expand investment plans in the United States. As of 2012, cumulative Turkish investment in the United States totaled approximately USD one billion, in a wide range of sectors including textiles, ceramics, and construction,” the embassy added in its announcement.

President Obama was set to address the summit on the afternoon of Oct. 31 and Secretary of State John Kerry will also deliver remarks at the inaugural gathering on Nov. 1.

Earlier this week, during a series of visits in the United States by a delegation led by Deputy Prime Minister Ali Babacan on the occasion of “Turkey Investment Week II,” the two countries’ officials declared plans to develop closer economic and trade ties by taking a series of steps.

Accordingly, the U.S. Chamber of Commerce will open a representative office in Istanbul and an American-Turkish Business Council will be established to develop more economic and trade relations between the two countries.

Back in December 2012, leading business organizations in Turkey and the United States marked a concrete step toward improving bilateral commercial relations between the two countries by signing a memorandum of understanding (MoU).

The MoU is aimed at paving the way for new market opportunities for both sides and will particularly be useful in expanding export markets during a period of crisis, Babacan said at the time.