Turkey-UK trade to reach ‘highest level’ this year

ISTANBUL – Anadolu Agency

DAILY NEWS photo, Hasan ALTINIŞIK

Trade between the United Kingdom and Turkey will reach $15 billion in 2013, which will be the highest level yet, Turkish-British Chamber of Commerce and Industry (TBCCI) Chairwoman Emma Edhem has said.

U.K. investment in Turkey has reached $6 billion, while Turkish investment in the U.K. has approached $1.6 billion over the last decade, Edhem said in an interview with Anadolu Agency.

The trade volume between the countries has sustained a growth rate of about 9 percent each year from 2003-2007, she added.

“The highest trade volume was obtained in 2008 with $14 billion in 2008. We have seen a slight drop due to the financial crisis. In 2013, the trade between the U.K. and Turkey is expected to reach $15 billion, which is the highest level yet,” Edhem said.

“I think these are remarkable figures, it’s very significant … It’s been good progress, but it has been over the last ten years that we have seen Turkey take the platform that it has on a worldwide basis,” she added.

Edhem also underlined that there were ongoing activities between Turkey and the U.K. particularly in terms of the energy sector, defense aerospace and security, stressing that activities have increased “remarkably” between the two countries.

Upon a question as to which sectors mostly offered facilitation between the two countries, Edhem said currently there was much activity in the energy sector. Even though natural resources are still very high on the agenda, she said that “renewable energy seemed to be the base work.”

The TBCCI’s main aim is to facilitate trade and investment between Turkey and the U.K., and it provides information and assists on a one-to-one level with many companies and businesses.

The TBCCI was founded in 1980 as a non-profit organization to provide its members with a wide range of services targeted at promoting bilateral trade, investment and joint ventures between the U.K. and Turkey.