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Türkiye’s business world gears up for President Erdogan’s US visit, eyes trade boost

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The Türkiye business world is gearing up for President Recep Tayyip Erdogan’s US visit in May after a five-year hiatus, with hopes of further growing Türkiye-US trade ties.

U.S. President Donald Trump greets Turkey’s President Tayyip Erdogan during a joint news conference at the White House in Washington, U.S., November 13, 2019.

Erdogan’s previous visit took place in 2019, during which US President Donald Trump and Erdogan set a $100 billion bilateral trade target.

According to data compiled by Anadolu from Turkish Statistical Institute data, the bilateral annual trade volume, which was at $20.77 billion in 2019, rose to $30.6 billion in 2023, marking a 47.3% increase during the five-year period.

The US was the second main destination for Türkiye’s exports last year; Turkish exports to the US increased by 65% to $14.8 billion over the same period.

Business world pins high hopes on Erdogan's upcoming US visit
Murat Ozyegin, the head of Türkiye’s Foreign Economic Relations Board’s (DEIK) Türkiye-US Business Council (TAIK)

Murat Ozyegin stated at a press conference that his organization is ready to work to increase the strategic mechanism between Türkiye and the US to an axis where economic and trade relations are represented at a high level.

He stated that TAIK is rapidly continuing engagement in Washington and New York in order to carry the recent momentum in Turkish-American relations to the field of economy.

 U.S. investments reached $14.3 billion in Türkiye

Ozyegin said, “We are witnessing a period of rapid change characterized by significant geopolitical transformations that affect lives and livelihoods, fueled by accelerating technological advances and new economic paradigms.”

He added, “As TAIK, our goal is to carry the increasing level of cooperation even further and to work together to identify the common areas of both countries.”

Ozyegin also highlighted that US investments reached $14.3 billion in Türkiye, and Türkiye investments totaled $9.7 billion in the US so far. Türkiye has over 2,000 US-origin companies.

He stated that there has been intense contact traffic in Türkiye-US relations with the impact of recent regional and global developments and that a positive atmosphere has been observed in economic terms.

Ozyegin noted, “Following the approval of Sweden’s membership to NATO and the steps taken by the US on the F-16 issue, relations between the two countries will gain momentum again. In the coming period, the moderate atmosphere is expected to turn into concrete cooperation steps.”

He emphasized the importance of the potential for cooperation with the US in third countries and noted that TAIK has signed a cooperation agreement with the American Turkish Business Roundtable (ATBR) within the scope of the 13th Türkiye Investment Conference in September 2023, witnessed by President Erdogan.

Türkiye Investment Conference in New York

TAİK - Türkiye-U.S. Business Council | 5th Turkey Investment Confer...

Ozyegin also stated that the Türkiye Investment Conference, which is the brand event of TAIK, will be organized with three events and expanded activities this year.

He said the 14th Türkiye Investment Conference to be held by TAIK will bring together American fund managers and senior executives of credit rating agencies and the Minister of Treasury and Finance Mehmet Simsek in New York on April 22.

Ozyegin stated that the last Türkiye Investment Conference of the year will be held on Sept. 23-24 within the scope of the UN General Assembly week, and said, “We will bring together US fund and portfolio managers with Mehmet Simsek and Minister of Trade Omer Bolat. Our President Recep Tayyip Erdogan will meet with leading business people and Fortune 100 executives of the US.”

Simsek, currently in the US, is already meeting with officials.

Previously, Simsek and the Türkiye Central Bank governor also held meetings in the US with Fed and economy officials.

President Erdogan’s meeting with US President Joe Biden

Ozyegin said they will hold the 39th America Türkiye Conference (ATC) in Washington on May 9-10 after a long break.

He noted that President Erdogan’s meeting with US President Joe Biden is also planned and said, “As TAIK, we have started our work to arrange the president’s meetings with the US private sector.”

Source: Newsroom

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