Minister of Trade Ömer Bolat stated, “Currently, we host over 83,000 multinational corporations with a total investment of 270 billion dollars. We aim to increase our share in global foreign direct investments to 1.5%. Our country now serves as a regional hub attracting global companies.”

The 15th Bosphorus Summit organized by the International Cooperation Platform (ICP) under the theme “Building Bridges to the Future: Peace, Technology, Sustainability” continues on its second day. Bolat, in his speech at the event, highlighted that the Turkish economy sustained high growth performance, expanding by 3.8% in the first half of this year, with gross domestic product (GDP) increasing over 9 times from 1990 to 2023. He mentioned that Turkey’s GDP surpassed the 1 trillion dollar mark for the first time, reaching 1.2 trillion dollars in the first half of this year, positioning Turkey as the 11th largest economy worldwide according to the IMF. Bolat emphasized the significant growth in Turkey’s exports over the past 22 years, with the value of exported goods rising to approximately 255.6 billion dollars in 2023, marking a 7-fold increase from 2002. He also noted the growth in service exports, which similarly expanded by 7 times.

Addressing Turkey’s standing in global trade, Bolat pointed out that as of the end of last year, Turkey accounted for around 1.08% of global goods exports and approximately 1.35% of services exports, emphasizing a steady rise in Turkey’s global trade share since 2020. He expressed the target to reach 2% in service trade by 2028.

“GLOBAL E-COMMERCE VOLUME HAS REACHED A HISTORIC SCALE OF 5.8 TRILLION DOLLARS BY 2023”

Bolat mentioned that global e-commerce has become a universal bridge enhancing international cooperation, linking economies around the world and boosting communal prosperity. He noted that e-commerce in Turkey is growing above the average economic rate and evaluated that the global e-commerce volume, which has grown by 75% since 2019, is set to reach a historic scale of 5.8 trillion dollars by 2023. Bolat highlighted that Turkey’s success in the financial field has led to a promising scenario for investments, hosting over 83,000 multinational corporations with a total investment of 270 billion dollars. He reiterated the target to increase Turkey’s share in global foreign direct investments to 1.5%, emphasizing Turkey’s status as a regional hub attracting global companies. Bolat pointed out the opportunities Turkey offers to foreign companies, highlighting the potential for partnerships and additional investment opportunities with Turkish construction firms in Turkey or third markets. He showcased the expertise of Turkish construction companies, which have undertaken over 12,000 projects in 137 different countries since 1972, with a total volume of 522.2 billion dollars.

“HOPING FOR THE REDUCTION OR ELIMINATION OF SOME OBSTACLES TO TURKEY’S TRADE WITH THE US”

Minister Bolat stated that the trade volume between Turkey and the US had almost doubled over the past 5 years, reaching 35 billion dollars. He recalled the 100 billion dollar trade volume target set between Turkey and the US five years ago. Bolat expressed expectations for the new US administration to work towards reducing or eliminating some obstacles to Turkey’s trade with the US, particularly concerning textiles and iron-steel products. Bolat drew attention to the fact that the Gulf Cooperation Council (GCC) countries constitute the 8th largest economic bloc globally, with bilateral trade between Turkey and GCC countries increasing from 2.1 billion dollars to 31.4 billion dollars between 2002 and 2023. He also highlighted that the Organization of Turkic States is one of the most vital international organizations for Turkic nations, pointing out the significant progress made by the organization despite being relatively new. Bolat concluded by stating that the Organization of Turkic States offers promising prospects for the future, with member and observer countries amounting to a total GDP of 2 trillion dollars, a population of 180 million, and a foreign trade volume approaching 1.2 trillion dollars, leading to a trade volume of 31.5 billion dollars with member and observer countries.