El Salvador could become logistic hub for Turkish trades: Foreign business board

El Salvador has the potential to serve as a logistics hub for Türkiye’s trade with third countries, according to Ali Galip Ilter, vice president of the Türkiye-Latin America and Caribbean Business Councils under the Foreign Economic Relations Board of Türkiye (DEIK).

A delegation of Turkish businesspeople, led by Ilter, visited the Latin American nation on Sunday to explore investment and cooperation opportunities.

During the visit, the Turkish delegation held meetings with key Salvadoran officials, including Minister of Economy Maria Luisa Hayem, Minister of Tourism Morena Valdez, Minister of Public Works and Transportation Romeo Herrera, Presidential Investment Secretary Miguel Kattan, President of the Investment and Export Promotion Agency (INVEST) Rodrigo Ayala, and Deputy Foreign Minister Adriana Mira.

The meetings were organized in coordination with Türkiye’s Embassy in San Salvador and El Salvador’s Ministry of Foreign Affairs.

The delegation also met with representatives from major business organizations, such as the Salvadoran Chamber of Commerce and Industry (CAMARASAL), the Salvadoran Association of Industrialists (ASI), and the Salvadoran Exporters Corporation (COEXPORT), signing memorandums of understanding (MoUs) to strengthen bilateral trade ties.

Ilter remarked that under the leadership of President Nayib Bukele, El Salvador is undergoing a significant transformation.

He emphasized that the country’s strategic location between North and South America could create new opportunities for Türkiye’s trade with the region.

Largest private foreign investment in El Salvador comes from Türkiye

Highlighting Türkiye’s potential role as a key gateway to the Middle Eastern and Eurasian markets for El Salvador, Ilter underscored the strong prospects for economic cooperation between the two nations.

He also pointed out that the Turkish delegation initiated discussions on business partnerships in various sectors, including mining, telecommunications, highway construction, information technology, agriculture and coffee production.

Ilter praised Turkish port operator Yilport for undertaking the largest private investment in El Salvador’s history—a $1.6 billion port modernization and operation project. He noted that Yilport’s investment would encourage further cooperation between Turkish and Salvadoran firms.

On Aug. 12, 2024, President Bukele announced that Yilport would invest $1.6 billion to expand El Salvador’s largest port, Acajutla, modernize La Union Port, and co-manage it alongside the local port authority.

Plan Económico / Fase 3: Logística

Economic Plan / Phase 3:
Logistics pic.twitter.com/2cmn8T3g5p

— Nayib Bukele (@nayibbukele) August 12, 2024

Türkiye’s Ambassador to San Salvador, Gul Buyukersen, highlighted the growing momentum in relations between the two countries in recent years.

She recalled that El Salvador’s Foreign Minister Alexandra Hill visited Türkiye in 2019, followed by President Bukele’s official visit in 2022, during which the two nations signed seven agreements.

Buyukersen also noted that the visits led to the opening of reciprocal embassies and emphasized that Yilport’s investment marks not only the largest Turkish investment in El Salvador’s history but also one of the most significant Turkish investments in Latin America.

She expressed confidence that the DEIK delegation’s visit would further boost bilateral economic relations.