Türkiye and Spain on Thursday hailed close relations crowned with robust growth in economic cooperation and trade and stressed potential and ambitions to further enhance their partnership.
President Recep Tayyip Erdoğan described Spain as "a friend and NATO ally" after arriving in Madrid for an intergovernmental summit that he will co-chair with Spanish Prime Minister Pedro Sanchez.
The summit will primarily focus on the economy, trade and investment, Erdoğan told the Türkiye-Spain Business Forum on Thursday.
Addressing the same event, Sanchez called Türkiye a "key economic partner" for Spain and an "important player in its region."
"Spain and Türkiye are two countries with the most magnificent relations in every field," he said.
Erdoğan said the "immense" potential and dynamism that trade and investment relations between the two countries hold "give us the courage to pursue more ambitious goals."
The trade volume between Türkiye and Spain increased tenfold to $19.2 billion (TL 620.12 billion) in 2023, compared to just around $2 billion before 2002.
"This brings us close to our $20 billion target. I am confident that we can take this volume much further together," he noted.
Erdoğan said Spain is the sixth largest investor in Türkiye, with 740 companies and approximately $11 billion in stock. He extended an invitation and said Türkiye would like to see many more investors from Spain.
In the construction sector, Turkish firms have undertaken six projects worth around $1.1 billion in Spain, including the stadium project of Barcelona, which Erdoğan described as "a concrete example of our cooperation in this field."
"Our companies, which are recognized worldwide for their projects, will provide even greater contributions if given the chance," he asserted.
Spain's trust in Türkiye
Sanches said Spanish companies appreciate the improving outlook of the Turkish economy, the bold measures taken and the robustness of the government's medium-term economic program.
"We have always had confidence in Türkiye. We have very solid foundations for this. While some were withdrawing from Türkiye, we doubled our investments. We maintained this confidence," said the prime minister.
"Türkiye will continue to increase its economic weight and importance in the coming decades. Türkiye and Spain are friendly countries with mutual trust and special relationships."
Erdoğan noted that recent global challenges, such as the COVID-19 pandemic and regional conflicts, have exacerbated difficulties in global trade.
He expressed a strong desire to further enhance economic and commercial relations with Spain based on a win-win principle.
"In a world fraught with various risks, we aim to develop our economic and trade relations even further," he said.
Erdoğan highlighted Türkiye's strategic geographic advantage, noting that "with a few hours' flight from Istanbul, we can reach 1.3 billion people and significant portions of the global economy."
He advocated for reimagining trade and investment partnerships with a bold and innovative perspective, which could unlock new opportunities.
"Reconstructing our trade and investment collaborations with a bold and innovative approach will open new windows of opportunity," he said. He viewed the sectoral sessions under the business forum, covering areas from transportation and infrastructure to energy, industry, and finance, as a solid foundation for expanding collaboration.
EU front
Erdoğan reiterated Türkiye's aspiration for full EU membership but lamented that Ankara's sincere steps are often thwarted by some members.
"Despite our sincere efforts, some EU members, who only consider their own interests, fail to recognize the added value Türkiye would bring to the union," he said.
He expressed concerns over the impact of the recent European Parliament elections and the rise of far-right politics in Europe.
"The results of the European Parliament elections and the rise of far-right politics across Europe undoubtedly fuel this mindset," he said.
Erdoğan stressed the failure to update the customs union and strict visa applications imposed on Turkish businesspeople "prevent the full realization of our economic and trade potential."
Antonio Garamendi, the head of the Spanish Confederation of Business Organizations (CEOE), said there were many shared values between Spain and Türkiye.
Highlighting Türkiye's strategic importance and Spain's prominent role as an EU member and its connections with Latin America, Garamendi said, "Our commitment is to bring Türkiye closer to the Latin American market."
"We have many shared values and opportunities in areas like digitalization and green energy," said the CEOE chair, adding: "Trust will be key for us. Therefore, the close relations between the governments of Türkiye and Spain are of vital importance."
Carlos Torres Vila, the chairperson of BBVA, said the banking giant has "great confidence in Türkiye."
"Türkiye is a leader in the region and globally. It also holds a significant position in Europe. This makes it very attractive for foreign investors," he noted.
Villa also referred to the steps the Turkish authorities have taken and that these are starting to reduce inflation and risk premiums. "We congratulate the Turkish government for this."
Nail Olpak, head of the Foreign Economic Relations Board (DEIK), stated that they foresee expanding the existing sectoral cooperation to new areas, particularly green and digital transformation.
Olpak emphasized, "The modernization of the EU-Türkiye Customs Union agreement is extremely important for us, and we expect support."
Ebru Özdemir, chair of the DEIK Türkiye-Spain Business Council, conveyed the goal to create a "lasting impact in bilateral economic relations, to carry this to third countries, and to make it sustainable."