High-level Turkish officials, members of parliament, and businesspeople who attended the panels held at Türkevi Centre in New York shared information about industrial developments and investments in Türkiye as part of the 100-billion-dollar trade volume target between Türkiye and the US.
During a panel discussion titled "Turkish-American Efforts for New Horizons: Trade Goal of $100 Billion", Deputy Chairman of the Turkish Exporters Assembly (TİM) Başaran Bayrak stated that the Turkish economy "has the strongest performance among the OECD, G20, and EU countries," emphasising how the 2021 exports achieved historical success in every sector.
Bayrak stated that Türkiye has made substantial contributions to overcoming the global supply chain issue by not suspending production throughout the COVID-19 period and addressed his American counterparts, saying, "If you want to build a fresh relationship, there is an opportunity for it."
Türkiye’s international standing highlighted
Chairman of the Parliamentary Committee on Industry, Trade, Energy, Natural Resources, Information and Technology and AK Party Konya Deputy Ziya Altunyaldız also mentioned their recent engagements in Washington and New York, emphasising the depth of Türkiye- US relations.
"From time to time, we have disagreements with the US. We are, nonetheless, a strategic ally of the US and a NATO member. We are on our way to full EU membership," Altunyaldız said, reiterating Türkiye's international standing.
Altunyaldız said, "Whoever comes and invests in Türkiye will ultimately triumph," referring to the functionality of democracy and the rule of law in Türkiye.
Ziya Altunyaldız also cited Türkiye's efforts on the "Green Deal Action Plan" in trade with the EU, and added that a new era of investment and trade with the US, a country preoccupied about climate change, will begin and that Türkiye is gearing up to be one of the best countries in the world at playing this role.
“Türkiye is a regional actor in every sector”
President of the Investment Office of the Turkish Presidency Ahmet Burak Dağlıoğlu provided information about his institution and noted that Türkiye had become a much more appealing country with the arrangements made for foreign investors.
Dağlıoğlu underlined the importance of maintaining a stable regional market, saying, "Investments in Türkiye are not specifically limited to the domestic market. We argue that Türkiye has always been a regional actor in every business model and sector."
Dağlıoğlu, who provided extensive explanations to the question "What is it about Türkiye that offers value to global investors?" also highlighted the advantages of Türkiye's geographic location at the crossroads of European, Asian, and African markets.
Dağlıoğlu added that the improving ties between Türkiye and neighbouring countries such as Egypt, the United Arab Emirates, and Israel would benefit international investors as well.
Recounting that the US has a large number of fund managers, the President of the Investment Office indicated that they are more eager to explore new opportunities following the talks held in Washington DC and New York.
"There is great potential for expanding the volume and variety of trade”
The panel "Joining Forces for Prosperity: Türkiye-US Relations," moderated by Directorate of Communications' Washington Press Counsellor Bilal Kenasarı, was attended by TOBB Vice President of the Board of Directors Ayhan Zeytinoğlu, TOBB Food and Beverage Council Member Murat Hocalar, General Manager of Istikbal Furniture Mehmet Ali Yörük and TIM Brand Council Vice-Chairman Süleyman Orakçıoğlu.
In his speech at the panel, Ayhan Zeytinoğlu stated that the US and Türkiye have been allies since the end of World War II, adding, "There have been ups and downs in Türkiye-US relations in recent years, but the latest crisis that began with Russia's invasion of Ukraine reveals the importance of the transatlantic alliance and Türkiye in the alliance."
Noting that the time has come to revitalise and deepen relations between Türkiye and the US, Zeytinoğlu emphasised that the steps to be taken, notably in the economic and commercial spheres, will make a substantial contribution to this.
“Türkiye-US trade volume increased from 10.8 billion dollars in 2009 to 18 billion dollars in 2020 and 28 billion dollars in 2021. And there is still great potential for expanding the volume and variety of trade,” said Zeytinoğlu.
Recalling that increased US investments in Türkiye will benefit bilateral relations and the targeted 100-billion-dollar trade level, Zeytinoğlu stated, "We expect some US companies in Russia to turn to Türkiye due to the current crisis. Türkiye's doors are open in this regard."
"US customs tariffs are a major issue in bilateral trade"
TOBB Food and Beverage Council Member Murat Hocalar drew attention to the fact that global warming, the COVID-19 pandemic, and on-going wars highlight the importance of the world's food industry and that this has become a source of concern for the security of countries.
Hocalar noted that Türkiye is one of the world's leading agricultural countries, ranking the first in Europe and the tenth largest country in the world in agricultural production and that it is the world leader in the production of dried figs, hazelnuts, and dried apricots.
Noting that Türkiye exported 1,800 types of agricultural products to 190 countries in 2020, Hocalar stated that the dairy products totalling more than 1 billion dollars were exported to the US.
“We should focus on what else we can do and what commercial opportunities can lead to partnerships and profitability. We are eager to collaborate in new areas such as production methods, advanced material technologies, and value-added bioproducts. The world is changing, and we can help shape it together,” said Zeytinoğlu.
According to Mehmet Ali Yörük, General Manager of Istikbal Furniture, global furniture output was roughly 600 billion dollars, with the United States leading the market with approximately 130 billion dollars.
Yörük stated that the furniture industry faced logistical and resource challenges as a result of the COVID-19 pandemic, but that despite this, Türkiye, which ranks eighth in global furniture production, exports 50 per cent of its products to Europe, namely, the primary market.
"Unfortunately, our exports to the US are around 300 million dollars, which is a very small figure," Yörük said, stressing that there is a significant opportunity to increase furniture trade between the two countries to at least 10 billion dollars per year.
TIM Brand Council Vice-President Süleyman Orakçıoğlu, on the other hand, emphasised the issue of extremely high US customs tariffs in bilateral trade.
“I believe we should reconsider the customs tariffs and strike a new agreement because there is currently a win-win business opportunity for both parties,” said Orakçıoğlu.
Stating that they learned about the global competition by opening up to markets in Europe, the Middle East, and Africa, Orakçıoğlu added, "Last year, the trade volume between the US and Türkiye reached a record 28 billion dollars. We see a positive trend in trade. There are numerous opportunities for us to meet the 100-billion-dollar target, but customs tariffs are a major issue that must be addressed."