Trade Minister Ömer Bolat highlighted Tuesday what he said was positive momentum in trade ties between Türkiye and the United States and invited American business circles to evaluate investment and trade opportunities within the country.
Delivering a speech at the "Trade Winds" forum, the largest U.S. government-led trade mission and business development event, organized annually by the U.S. Department of Commerce and hosted by Türkiye again after 16 years, he touched upon the development of the trade ties over the past decade and trade volume target of $100 billion between the two NATO allies.
"If we can evaluate opportunities together with business circles in the U.S. and Türkiye, we can easily turn the $100 billion trade volume target set by our presidents into a reality. If we remain determined, this is an achievable goal," Bolat said at the event in Istanbul.
Noting that Türkiye continuous progress in areas such as manufacturing and foreign investments over the past 20 years is not a coincidence, he said, "The fact that Türkiye has been chosen to host this event for the second time clearly shows that the U.S. government and companies are aware of the importance of Türkiye for American companies and investors."
"This also demonstrates that Türkiye is positioned as an international trade and investment center for accessing markets in Europe and Eurasia," he added.
Moreover, the minister said this event is also "further proof of the determination of the Turkish and U.S. governments to work together and increase bilateral trade and mutual investments."
He pointed out that the commercial ties between Türkiye and the U.S. have been developing positively, saying, "Thanks to this momentum, our commercial relations have been going very well over the past 10 years."
He recalled that when the initial Trade Winds forum was held in Istanbul in 2008, the trade volume stood at $16 billion and rose by 110% to reach $33.5 billion in 2023.
"Our exports to the U.S., which were $4.3 billion at that time, have risen to $14.8 billion today. Today, the U.S. has become Türkiye's second-largest export market," he explained.
Bolat also stated that investments, like trade, have become an important element of the economic relations between the two countries. This indicates that the flow of investments is quite active in both directions and, more importantly, mutual investments have diversified into different sectors.
Thanks to proactive policies implemented consistently over the past 20 years, the total foreign investments in Türkiye reached $265 billion between 2002 and 2024, Bolat noted that during this period, U.S. companies increasingly positioned Türkiye as a production and export hub.
The minister also said that foreign investments from the U.S. have reached $15 billion, making the U.S. the second-largest foreign investor in Türkiye.
"During this period, more than 2,000 American companies invested in Türkiye, believing in the strength and potential of the Turkish economy. These companies contribute over $60 billion to the Turkish economy and provide employment to over 110,000 people," he said.
"We are very pleased to see that American companies are contributing to our production, employment and exports and that their numbers are increasing day by day," he added.
Similarly, Bolat said they had observed that in recent years, Turkish companies have been directed toward investing in the U.S., with their investments reaching $11 billion by the end of 2023, and the share of the U.S. in overseas investments reached 16%.
Referring to the trade volume target between Türkiye and the U.S., Bolat said, "Despite the significant levels of trade and investments reached in the last few years, we still have a long way to go to achieve the vision of $100 billion trade volume set by our presidents."
"Türkiye is fully committed to this vision and is ready to engage in joint efforts to develop our commercial relations. To achieve this ambitious target, we must increase dialogue at every level between our countries and business communities," he said.
For his part, U.S. Ambassador to Ankara Jeffry Flake said that trade in goods and services between the U.S. and Türkiye is approaching $40 billion and U.S. direct investments in Türkiye have reached $15 billion.
Speaking at the event, he recalled that the 39th American-Turkish Conference was held in Washington last week, adding that the security issue is considered the most important issue when discussing Türkiye-U.S. relations.
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.
Ties somewhat thawed in recent months, particularly after Ankara ratified Sweden’s NATO membership bid earlier this year, but tensions persist over Syria, Russia and the war in Gaza.
Flake recalled that it is the 72nd year of Türkiye's NATO membership and that it boasts the largest army and largest air force in the alliance after the U.S.
Stating that the recent approval of the $23 billion F-16 sale by U.S. Congress to Türkiye shows the ability of Türkiye-NATO cooperation, Flake said that U.S. and Turkish defense industry companies signed agreements and that soon approximately one-third of all artillery shells in the U.S. inventory would be of Turkish origin.
Flake also said that 1.5 million U.S. citizens would visit Türkiye this year and that the target for next year is 2 million, adding: “If you want a place where East meets West, this is where you want to be."
The three-day Trade Winds event, which converges business actors and hosts dozens of managers representing large and medium-sized American companies, is due to conclude on Wednesday.
