Baykar-Piaggio deal ‘historic step’ in Türkiye-Italy business ties

Turkish Industry and Technology Minister Mehmet Fatih Kacir described Turkish defense giant Baykar’s acquisition of Italy’s Piaggio Aerospace as a ‘historic step,’ highlighting ongoing efforts to boost trade relations beyond the current $30 billion level.

Following a meeting with Italy’s Minister for Enterprises and Made in Italy, Adolfo Urso, at Istanbul’s Dolmabahce Presidential Office on Tuesday, Kacir highlighted the enduring economic relationship between the two Mediterranean nations.

Over the past 22 years, more than 1,500 Italian companies have invested $5 billion in Türkiye, contributing significantly to the local economy. “Turkish firms, in turn, have made notable investments in Italy, strengthening our bilateral ties,” he added.

“Our medium- and high-tech product exports soared to $101 billion last year,” Kacir noted, emphasizing Türkiye’s technological transformation.

Kacir pointed to Türkiye’s innovation landscape which boasts 105 technoparks, housing over 11,000 tech startups and more than 1,600 R&D and design centers. “We have positioned ourselves as one of Europe’s rising stars in tech entrepreneurship,” he said.

“Highlighting Türkiye’s advantages for foreign investors, Kacır listed numerous factors, including a dynamic workforce, favorable logistics due to its Customs Union membership, and access to markets with a combined population of one billion through free trade agreements.

“We envision our partnership with Italy as part of a broader strategic vision to strengthen both countries’ global market positions,” Kacir concluded.

‘We are at the perfect moment’

Minister Urso echoed Kacir’s optimism, acknowledging Türkiye’s growing influence in global industry and trade.

“Türkiye has advanced remarkably over the past decade,” Urso said. He expressed his personal involvement in monitoring Baykar’s acquisition process, recalling his visit to Piaggio Aerospace to introduce the new ownership.

“The workers welcomed the news with applause,” Urso said. “This deal not only secures jobs but also propels us into the promising field of drone production.”

Urso emphasized the importance of sustained cooperation in the lead-up to the upcoming intergovernmental meetings in April. “Turkish President Recep Tayyip Erdogan and Italian Prime Minister Giorgia Meloni share a clear vision for joint projects, particularly in the Mediterranean and Africa,” he said.

“We are at the perfect moment to elevate our already excellent trade and industrial relations to new heights,” Urso concluded.