New cooperation opportunities that will strengthen the economic and commercial relations between the two countries were discussed at the Türkiye-Slovakia Business Forum held in Bratislava, Trade Minister Ömer Bolat said Tuesday, highlighting the aim to elevate trade volume between the two countries to $3 billion (TL 92.7 billion) in short-term, and $5 billion in medium-term.

"We opened a new chapter in our bilateral relations by signing the Founding Declaration of the Türkiye-Slovakia Joint Economic and Trade Committee (ETOK/JETCO)," Bolat said in a post on his social media account on X, formerly Twitter.

"During the ETOK Founding Declaration Meeting, I had a bilateral meeting with Deputy Prime Minister and Minister of Economy Denisa Sakova of Slovakia. Following the forum attended with Ms. Sakova, we signed the ETOK Founding Declaration," he added.

The minister further said that JETCO would transform "our economic and trade relations into a strategic partnership, enabling collaborative efforts between business communities from both countries."

He noted that as of 2023, the trade volume with Slovakia reached $2.3 billion, marking the highest figure between the two countries. "In our bilateral relations with Slovakia, there is significant potential in various sectors, including automotive, innovation, information technology and renewable energy," he added.

"During the Türkiye-Slovakia Business Forum, we discussed new collaboration opportunities to strengthen the economic and trade relations between the two countries," the minister also said.

"We aim to increase our bilateral trade volume to $3 billion in the short term and $5 billion in the medium term. Green transformation, digitalization, and mobility emerge as key areas where we can enhance our collaboration," noted Bolat.

Highlighting Türkiye's dynamic economy, strategic location, and robust trade network, he also noted they called on Slovak companies to benefit from the attractive investment opportunities offered by Türkiye.

"Additionally, within the scope of the Business Forum, we witnessed the signing of the Memorandum of Understanding (MoU) between the Foreign Economic Relations Board of Türkiye (DEIK) and the Slovak Investment and Trade Development Agency (SARIO)."

"We find the signing of both documents significant in establishing an institutional framework to deepen economic and trade relations between Türkiye and Slovakia," the minister said.

"Additionally, we discussed topics related to EU-Türkiye economic relations. In this context, we delved into the potential for mutual investments and collaboration in energy, tourism, and technology," he said.

"Through the JETCO mechanism and in line with these priorities and our renewed perspective, we will strengthen our economic relations further," he concluded.