Presidential Investment Office Chair Burak Dağlıoğlu on Monday told investors that Türkiye aimed to emerge as "a global powerhouse" and join the top 10 economies.
"This is an ambitious target, and I am sure that we will achieve it," said Dağlıoğlu.
His remarks came during an event called "Türkiye: Your Resilient Investment Partner” at the Turkish Embassy Residence in London, which gathered influential figures from the world of business and finance. The event was also attended by Arda Ermut, the head of the Türkiye Wealth Fund.
During the reception, Dağlıoğlu delivered a captivating speech highlighting Türkiye's remarkable economic progress and ambitious goals for the future.
"This is our first reception among the capitals because this is our centennial of the Republic of Türkiye," Dağlıoğlu said. "We believe that it is a really good achievement to be ranked among the top 20 economies currently, with a compound annual growth rate of 5.4% since 2003. I believe this is a substantial figure."
Despite multiple headwinds, the Turkish economy remained resilient in the first quarter. The economy expanded 4% in the January-March period, growing strongly despite the impact of the devastating February earthquakes.
Dağlıoğlu went on to emphasize the outstanding run in Türkiye's exports, which grew almost sevenfold in the last two decades.
"In 2002, Türkiye's exports were just $36 billion, which has now surpassed $250 billion," he said. "We attribute this success to the significant contributions made by international investors, including those companies that have operated in Türkiye for more than 100 years."
Determined to position Türkiye as a global powerhouse, Dağlıoğlu invited international investors to participate in a wide range of sectors.
"We are inviting you to invest not only in production activities but also in research and development (R&D), logistics, regional management activities, and industries like clean energy, clean infrastructure, financial services and digital businesses."
Nusrat Ghani, the U.K.'s minister of state for science and investment security, highlighted the remarkable growth and resilience of the bilateral trade relations between the two countries.
"Our thoughts continue to be with you and those affected by the terrible earthquakes in February. The U.K. continues to offer support and solidarity as you prepare for recovery and rebuilding," said Ghani. "Such recovery includes a continued positive drive into trade and investment."
The catastrophic tremors that struck Türkiye’s south on Feb. 6 killed over 50,000 people, leveling hundreds of thousands of buildings and causing massive infrastructural damage.
Ghani underscored the strength of the U.K.-Türkiye bilateral trade relationship, revealing that it had reached a historic high of 23.5 billion pounds ($29.4 billion), representing growth of over 30% in the past year alone.
She also highlighted the upward trend in Turkish investment in the United Kingdom, signaling a mutual commitment to further enhance trade ties.
"There is even more we can do to increase our trade. We should continue to foster this," Ghani said.
For his part, Türkiye Wealth Fund's Ermut said the event underscores the importance of the friendship between Britain and Türkiye while fostering stronger relations regarding investment opportunities.
"This year carries a profound meaning for us, as it marks our nation's centennial anniversary. The year 2023 is the beginning of our new vision, the center of Türkiye, building upon the momentum gained in recent years,” he said.
"Our goal is to crown this progress with this century of Türkiye elevating our country amongst the top 10 leading nations in the political, economic and even sporting domain.”
He said the fund can also play a role in helping British investors to invest in Türkiye as a strategic partner, creating opportunities through its portfolio companies in different sectors.
Türkiye's Ambassador to London Osman Koray Ertaş said Türkiye and the U.K. are two major non-EU partners on the edges of the continent and they are seeing each other as real strategic partners and allies within NATO.
"And our short to medium-term objective is to expand our free trade agreement. Both governments are adamant on this, Ertaş said. "Obviously, during elections, many things are put on hold. But now elections are over... We could kick-start action just after the elections and focus on bilateral investments and trade."
President Recep Tayyip Erdoğan was reelected on May 28 to extend his rule into a third decade. His governing Justice and Development Party (AK Party), along with its allies, secured parliamentary majority in the May 14 parliamentary vote.
