One of Türkiye’s top business councils on Friday stressed an upward momentum in the country's relations with the United States, which it says offers significant opportunities that should be utilized.
The remarks by Murat Özyeğin, the head of the Türkiye-U.S. Business Council (TAIK) come ahead of President Recep Tayyip Erdoğan’s planned trip to the U.S. in May. It will be the Turkish leader’s first official visit to Washington since Donald Trump was president.
Relations between the two NATO allies boast a long history of military and economic cooperation, but their strategic partnership has seen many diplomatic ups and downs over the recent years over multiple challenges and disagreements.
The disputes include the U.S.’ cooperation with the PKK terrorist organization's Syrian wing, the YPG, its stance toward the Gülenist Terror Group (FETÖ), disagreements over Ankara’s purchase of Russia’s S-400 air defense system and Washington’s sanctions against Türkiye.
Ties somewhat thawed in recent months particularly after Ankara ratified Sweden’s NATO membership bid in January following a 20-month delay.
"I believe that the recent positive momentum in Türkiye’s relations with the United States presents a significant opportunity," Özyeğin told a meeting with journalists in Istanbul.
"It is necessary and timely to increase our efforts to develop the relations in a more comprehensive and effective manner that creates value for both sides."
Since President Joe Biden was elected in 2020, he and Erdoğan met a few times on the sidelines of international summits and spoken by phone. Erdoğan’s last White House meeting was in 2019 with Trump.
Economic relations are expected to be among the top issues on the agenda when the two leaders meet on May 9, in addition to the Israel-Palestine conflict, defense cooperation and the fight against terrorism.
Robust trade
Türkiye and the U.S. aim for $100 billion in bilateral trade, a target endorsed by Erdoğan and Biden.
The U.S. has risen to become Türkiye’s second-biggest export market after Germany. Bilateral trade volume reached $31 billion in 2023, with $14.8 billion in exports, Özyeğin said.
Exports in the first quarter of this year rose by 8.3% to $3.16 billion, according to the Turkish Exporters Assembly (TIM) data.
"Looking at Türkiye’s exports to the U.S., we observe an increase of approximately 60% over the past five years," said Özyeğin.
He said U.S. investments in Türkiye have reached $14.3 billion, while Turkish investments in the U.S. amounted to around $9.7 billion.
"There are more than 2,000 companies in our country with U.S. capital. As TAİK, we will make intensive efforts in the coming period to achieve the $100 billion bilateral trade target," he added.
Contacts between Ankara and Washington intensified since the start of Israel's war on Gaza.
Ankara has long been critical of the U.S. stance on the conflict, particularly Washington's unconditional support of the Netanyahu administration, which Erdoğan accused of committing war crimes in Gaza.
Despite discord over the U.S. military presence in Syria and U.S. support for Israel, Washington and Ankara recently sealed a long-delayed deal for Türkiye to purchase U.S. F-16 fighter jets.
Özyeğin noted intense diplomatic traffic between Türkiye and the US amid recent regional and global developments and said positive developments in bilateral relations have been reflected in economic ties as well.
"Considering the positive trajectory of relations between the two countries, we anticipate that this trend will continue in the future. Following Sweden's approval of NATO membership and the steps taken by the U.S. regarding F-16, relations between the two countries will regain momentum," he noted.
"The favorable atmosphere is expected to translate into concrete cooperation steps in the future. The potential for cooperation in third countries is also important."
Özyeğin last month held talks with representatives from the U.S. Department of State, Department of Commerce, Senate and Congress, amid engagements sought to carry the momentum recently gained in bilateral relations into the economic sphere.
Meetings with investors, funds
Erdoğan, among others, is expected to attend roundtable meetings and hold talks with the American business world and investment funds.
He is also expected to attend the American-Turkish Conference (ATC), which Özyeğin says is considered a reference point for Turkish-American economic relations.
The 39th edition of the event in Washington on May 9-10 will feature a panel series focused on policy, defense, energy, digitalization and economy with the participation of top officials from both countries.
"While the meeting between American investors and our President stands out in this meeting, we attach great importance to our firms conveying their needs and problems to our President and feeling the support of the Turkish government behind them," said Özyeğin.
"Within this scope, during the roundtable meeting with leading investors of both countries, the parties will have the opportunity to convey their demands and concerns regarding investments and partnerships to our President."
Among others, Özyeğin said that the Türkiye Investment Conference, TAIK's flagship event, will be held with three separate events this year, expanding the scope of activities.
"As part of the 14th Türkiye Investment Conference, which will be held in collaboration with Citi, we will bring together American fund managers and top executives of credit rating agencies with Türkiye's Treasury and Finance Minister Mehmet Şimşek on April 22 in New York," he noted.
The last event of the year will be held on Sept. 23-14, during the Nations General Assembly week.
Erdoğan, as well as Şimşek and Trade Minister Ömer Bolat, are expected to meet American fund and portfolio managers and Fortune 100 executives, according to Özyeğin.