Turkish Trade Minister signals surge in US investments as relations flourish

With Turkish-U.S. relations gaining momentum, Turkish Trade Minister Omer Bolat announced that more large American firms are showing interest in investing in Türkiye, speaking to Anadolu during the 79th session of the U.N. General Assembly in New York.

Bolat highlighted that a roundtable meeting organized by the Türkiye-U.S. Business Council (TAIK) under the Foreign Economic Relations Board of Türkiye (DEIK) attracted more participants than previous sessions.

He noted that President Erdogan invited U.S. business leaders to invest directly in Türkiye, expressing a strong desire to enhance bilateral relations.

Successful macroeconomic outcomes

Bolat stated that American investors are particularly interested in the successful macroeconomic outcomes of Türkiye’s Medium-Term Program, which aims to strengthen financial stability.

“Major American companies have expressed interest in expanding their investments in Türkiye and enhancing trade, viewing the country as a key supply and logistics base due to ongoing investments from East Asia,” he explained.

He emphasized that the U.S. has become Türkiye’s second-largest export market and the fifth-largest source of imports, reflecting the growing momentum in their economic relations.

Trade volume reaches $33B

Following the coronavirus pandemic, trade relations between Türkiye and the U.S. have accelerated, with bilateral trade volume reaching $33 billion last year and expectations to surpass $35 billion in 2024.

Bolat noted that the significant increase in Turkish exports to the US indicates a favorable trade balance for Türkiye this year.

With the onset of a rate cut cycle in the U.S. and Europe, Bolat predicted that if this trend accelerates, it would stimulate global growth and enhance trade, positioning Türkiye for increased exports. “It will then be possible to reach $40 billion and potentially $50 billion in mutual trade, on the path to $100 billion in the long run,” he said.

He also pointed out that the increasing measures by the U.S. and Europe against Chinese imports could create new market opportunities for Türkiye. As a country strategically connecting Europe and Asia, Türkiye can facilitate quicker exports to both European and US markets. “We hope to boost our exports to the U.S. in the coming period,” he added.