Türkiye’s global trade share doubles in 22 years

Türkiye’s trade footprint has expanded significantly over the last 22 years, with the nation’s share of global trade more than doubling, according to Turkish Trade Minister Omer Bolat.

Speaking at the Independent Industrialists and Businessmen’s Association (MUSIAD) Expo 2024 in Istanbul on Tuesday, Bolat highlighted Türkiye’s rise to become the 17th-largest economy in the world by GDP and the 11th-largest in terms of purchasing power parity.

“These achievements are something we should be proud of, but they are not enough,” Bolat said during his address. “We have a long way to go.”

The four-day expo, which kicked off on Tuesday, aims to generate $1 billion in trade through business-to-business (B2B) meetings, serving as a crucial international platform for business leaders and investors from across the globe. The event has attracted 2,150 participants from 115 countries, with 300 companies from sectors including textiles, energy, construction, defense, and high technology.

MUSIAD, a key player in organizing the event, is bringing together a diverse mix of global delegations, including large groups from Algeria, Iraq, Malaysia, and the UK. The event is also hosting 19 country pavilions and over 650 procurement delegations, all geared towards fostering new trade and investment opportunities.

Bolat emphasized the importance of the expo in promoting Türkiye as a central hub for international trade, particularly among Muslim-majority nations. The expo spans regions from the US and Indonesia to South Africa and Russia, helping to connect Turkish businesses with global markets.

“The Trade Ministry has always supported exporters, working tirelessly to increase exports and provide essential resources,” Bolat said, noting that the ministry plays an active role in facilitating trade pacts with foreign countries, hosting international summits, and collaborating with various sector stakeholders.

Vice President Cevdet Yilmaz, also present at the event, underscored the fair’s significance in driving regional and international economic cooperation. He noted that the expo would serve as a springboard for new partnerships and investments, contributing to Türkiye’s broader economic goals.

Now in its 20th year, the MUSIAD Expo continues to be a cornerstone of Türkiye’s trade diplomacy, reflecting the country’s growing economic influence and its aspirations to strengthen ties with both regional and global markets.