Türkiye, Czech Republic target $10B in trade

Türkiye and the Czech Republic aim to raise their bilateral trade volume to $10 billion in three to four years, Trade Minister Omer Bolat said Wednesday.

Speaking at the Türkiye-Czech Republic Joint Economic and Trade Commission (JETCO) meeting in Prague, Bolat noted: “The Czech minister and I signed the Türkiye-Czech Republic JETCO agreement, enhancing our constructive and friendly relations.”

Czech Trade Minister Jozef Sikela and ambassadors from both countries attended the meeting. Bolat highlighted the mutual support in political, military and defense fields as NATO members.

Bolat stated that bilateral trade volume grew from $450 million in 2002 to $5.8 billion, with Czech exports to Türkiye at $3.8 billion. Czech investments in Türkiye total $660 million, while Turkish investments in the Czech Republic stand at $40 million.

“The Czech Republic has a strong economy in the automotive, energy, porcelain, crystal, and machinery sectors. Additionally, they have many investments in hydraulic dams and power plants in Türkiye,” Bolat pointed out.

Bolat emphasized opportunities in renewable energy, noting that 42% of Türkiye’s energy comes from water, wind and solar sources, aligning with the goal of a carbon-free economy by 2053.

Commitment to $10B trade volume

Tourism between the two countries is thriving, with 100,000 Turks visiting the Czech Republic and 400,000 Czechs visiting Türkiye annually.

Bolat praised Türkiye’s competitive services sector, highlighting tourism, logistics, health, education and cultural tourism.

He emphasized the complementary nature of the two economies and expressed confidence in reaching the $10 billion trade volume target with private-sector cooperation and increased participation in international expos and business forums.

“We made a commitment for Türkiye and the Czech Republic to reach a trading volume of $10 billion in the next three to four years, and we will accomplish this together with the private sector, as well as increasing participation in international expos and business forum meetings,” Bolat stated.

Czech support for Türkiye-EU relations

Bolat also expected Czech support in facilitating visas for Turkish nationals concerning Türkiye-E.U. relations, noting the Czech Republic’s interest in a stable and developing Turkish economy for enhanced business prospects.