Türkiye-U.S. relations are on the cusp of a momentous growth and the enhancement of Turkish economy is expected to create more cooperation opportunities, a U.S. Commerce Department official said Friday.

"We are on the cusp of a significant growth and expansion and improvement in relationships between the US and Türkiye," Arun Venkataraman, the assistant secretary of Commerce for Global Markets and director general of the U.S. and Foreign Commercial Service, said at a press conference on Thursday ahead of the SelectUSA Investment Summit.

The summit, which will be held on June 23-26, plays a vital role in attracting and facilitating business investment and job creation by raising awareness about the wide range of investment opportunities in the U.S. while enabling necessary direct connections between investors and U.S. economic development organizations, Venkataraman said.

The event is expected to see nearly 5,000 attendees which includes over 2,300 foreign investor companies representing over 90 foreign markets, Venkataraman stressed.

Some $1 billion worth of investment deals are projected to be announced at the SelectUSA Investment Summit, he noted.

Responding to an Anadolu question regarding Turkish businesses’ attendance in the summit, Venkataraman said: "We have seen already a growth in business activity between our two economies. We are incredibly pleased that this year we anticipate having the largest delegation ever from Türkey to the summit."

Underlying that the composition of the Turkish delegation spoke about the "depth of economic relations," Venkataraman noted that the companies attending the summit not only operate in sectors such as pharmaceuticals and clean energy, but also key supply chain sectors and traditional industry areas such as metals and glass.

Despite the deep strategic relationship for over seven decades between the two countries, the commercial ties have still to meet the potential, he said, adding: "We are very excited about what we see in the next few years to really meet that potential, to build on what we see as an improvement in Turkey's economy going forward. And I think that will create more opportunities for U.S.-Turkish cooperation."