Strong relations between Italy and Turkey date back to the Ottoman Empire, and these relations have gradually deepened, allowing centuries of active trade between Rome and Istanbul to continue today, Italy's Ambassador to Ankara, Giorgio Marrapodi said Wednesday.

Marrapodi said that these ties include Florentine and Ottoman bankers who have been working together. He believes in Turkey's strategic power, potential, the importance for Europe and the future of its close relations with Italy.

The Italian ambassador was speaking at the "Turkey, Italy and the U.S. Trade, Investments and Arbitration Panel" that was held at the Venice Palace in Istanbul.

Besides, Marrapodi, Ahmet Burak Dağlıoğlu, head of the Presidential Investment Office, Livio Manzini, head of the Italian Chamber of Commerce and Industry Association (CCIIST), Erinç Sağkan, the president of the Union of Turkish Bar Associations (TBB) and Arzu Ongur, president of International Law, Investments and Development Association (ILIDA) also spoke at the event as distinguished guests.

Noting that Turkey is a country with a high young population and that invests heavily in education, Marrapodi said: "Turkey is Europe's gateway to the Middle East. Personal relationships and building bridges that will last for centuries are very important."

"The importance of international trade and communication tools such as energy and telecommunications are increasing day by day," he said, noting that providing macroeconomic initiatives to companies from both countries is a must to develop cooperation.

"We must give investors effective tools to solve their problems," the Italian diplomat said.

Dağlıoğlu, for his part, said that the commercial relations between Italy and Turkey are in balance, which is what makes the ties valuable.

He emphasized that Turkey's long-term economic success and its involvement in the international supply chain came to the fore, especially at a time of disruptions in global supply chains.

"Many sectors such as the industrial sector, chemicals, and the food and beverage sector operate in sync with the world trade," he said, giving the example of Amazon's recent $100 million (TL 1.4 billion) investment decision in Turkey.

"This makes Turkey a power center in the region as a logistics and production base. It clearly shows that Turkey is progressing in the right direction," he said.

Dağlıoğlu further added that financial investors are also increasing in the country and that the country’s startups continue to attract investments from international giants who want to invest in Turkish technologies.

Manzini pointed out that the bilateral trade volume between Turkey and Italy has increased to $23 billion and said, "If Turkey were an EU member country, it would be the third-largest economy of the bloc."

"The trade volume (of Turkey) with the European Union increased by 25%. This corresponds to 36% of Turkey's total foreign trade," he said.

About the foreign investment, he said "the entry of foreign investment into Turkey has reached good points" and "Italy has reached third place in foreign country investments in Turkey with nearly $5 billion industrial investments."

He also noted that Western states, particularly the U.S., want to break away from China, making Turkey an alternative.

"Loyalty to China has reached alarming proportions and the demand for trade from nearby geographies has increased as the pandemic has damaged supply chains."

"Turkey has become a major production base," he said.

"Currently, Europe's largest production center is in Germany. Italy comes second. If Turkey were a member of the European Union, it would be the third country in this ranking. Its land, people and industrial infrastructure are suitable for this. As long as an environment is created where foreign investors can see their way," Manzini said.

Safe investment environment

Sağkan, meanwhile, stated that the commercial relations between Turkey and Italy are also of great importance in terms of the legal profession and stated that they follow the development of the bilateral commercial relations with high interest.

"As we know, Italy is the second-largest partner of Turkey among the EU. When we consider it within the scope of the Mediterranean region, it is the largest commercial partner. This close commercial partnership with Italy, with which we share the same sea, also offers important opportunities in terms of the legal profession," he said.

Noting that over 2,000 Italian companies are operating in Turkey, Sağkan went on to say that they are aware that these investors will apply to "our colleagues in many legal disputes that are likely to arise both in pre-investment consultancy services and in the investment processes."

"Arbitration, which is one of the dispute resolution methods, is an application that provides opportunities for the settlement of disputes in a fair and fast manner, including international countries," he said.

Arzu Ongur of ILIDA further emphasized that it is critical to resolve disputes in foreign investments quickly and transparently.

"Investors focus on two important issues. One is profitable and the other is a safe investment. The only mechanism that can ensure safe investment is the law and the rule of law," she said.