Minister of Science, Industry and Technology of Turkey Dr. Faruk Özlü said new agreements between Turkish, Azeri and Georgian businessmen will establish strong partnerships between the countries. Turkish republic is ready to take every step to build stronger economic and commercial relations with Azerbaijan and Georgia since they hold a significant geostrategic position in South Caucasia.
Turkey is growing despite global adversity but also its macroeconomic indicators are in a positive trend. Turkish economy has been affected slightly from the neighboring countries and the world, nevertheless, Turkey is determined to do business with local currency. Relations with Azerbaijan and Georgia advance faster in comparison to those with other countries yet trade volume growth needs to be accelerated. Turkish construction companies bring investment along with their services; as a result, Turkish construction business should not be undermined. Trans Anatolian Natural Gas Pipeline Project (TANAP) is being conducted with Azerbaijan and Baku-Tbilisi-Kars railway will be completed in 2017. Efforts for the revival of mid corridor of Silk Trade Route still continue and businessmen play a key role to enhance relations.

Minister of Economy of Azerbaijan Şahin Mustafayev stated that Azerbaijan, Georgia are united with Europe thru Turkey. He highlighted Azerbaijan’s investment in Turkey since its worth is 9 billion USD. Turkey is Azerbaijan’s number 1 trade partner, furthermore, investment in Turkey will continue to increase. 330 Turkish companies operate in Azerbaijan and trade agreements between 3 countries increase trade volume tremendously.

Minister of Economy and Sustainable Development of Georgia Giorgi Gakhariaexpressed the existing collaboration between three countries should continue. Turkey and Azerbaijan are Georgia’s key trade partners and new regulations are enacted to facilitate investment and business operations in Georgia. Georgia ranks 23 in World Bank’s List of Ease of Doing Business and it holds Free Trade Agreements with Commonwealth of Independent States, European Union and Turkey thus have access to one third of global market.

Deputy Minister of Economy of Turkey Fatih Metin underlined the significance of this meeting that united business communities from three partner countries. Georgia, Azerbaijan and Turkey should remove every trade barrier in order to elevate trade volume to 20 billion USD. Three countries will meet the target in near future by uniting Turkey’s R&D and innovation infrastructure with Georgia’s rich natural resources and Azerbaijan’s strong energy infrastructure to develop joint projects.

DEİK Board Member Rona Yırcalı expressed that Turkey, Azerbaijan and Georgia are trying hard to build sustainability in the region. Economic and commercial relations between three countries lay a foundation for the triad partnership. In the previous Business Forum trade volume target has been set to 20 Billion USD yet current volume is 14 billion USD. As representatives from the business communities of three countries, our responsibility is to reach the target and make the trade volume grow. Key topics of the Business Forum will be regional business opportunities, mainly focusing on project finance models and how we can cooperate in the fields of transportation and logistics.

Turkey-Azerbaijan Trade Figures (Ministry of Economy- 2016)
Turkish Export to Azerbaijan: 1.278 Billion USD
Main Export items:Guns and ammunition, furniture, towel, iron and steel, construction materials
Turkish Import from Azerbaijan:278 Million USD
Main Import Items:Ethylene polymers, processed aluminum, electric energy, acyclic alcohols, petroleum oils
Trade Volume:1.568 Billion USD
Trade Balance: 1.008 Billion USD

Turkey-Georgia Trade Figures (Ministry of Economy- 2016)
Turkish Export to Georgia:1.177 Billion USD
Main Export Items:Plastic hoses, pipes and fittings, iron and steel, hygienic towels
Turkish Import to Georgia: 212 Million USD
Main Import Items: Meat, offal, marine animals, textile, iron, fish and marine mammals.
Trade Volume: 1.389 billion USD
Trade Balance: 965 million USD

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During Luxembourg’s Deputy Prime Minister and Economy Minister Etienne Schneider’s speech at the Business Forum, he highlighted the importance of developing bilateral economic and trade relations between two countries, and cooperation of finance sectors. Even though, finance sectors makes up the 25% of Luxembourg’s GDP, other sectors such as information technology, steel industry, renewable energy and automotive must be taken into consideration. Confidence and sustainability is important regarding investment. Schneider stated his hopes that the recent tensions between Turkey and EU member states will soon end and reminded that communication channels between stakeholders must be open.

Turkish Ecconomy Minister Nihat Zeybekci stated that two countries have reached current trade volume of 200 million USD just in 15 years, thus, a target of 1 billion USD can be reached in a short amount of time. He reminded once more that there is no other country that want to renew 40% of its total housing and has a potential of 200 billion USD. He expects cooperation in the sectors of logistics and finance. Luxembourg is Turkey’s biggest fifth foreign direct investor and Turkey has reached a milestone regarding Turkish-EU economic relations. Renewal of Custom Union will expand Turkey’s economic relations with EU and it will make Turkey a decision maker. Zeybekci also thanked to the Luxembourg government for its firm stance to 15^th of July. He highlighted Turkey’s economic performance in 2016 and added that export has been increasing since November.

DEİK’s President Vardan reminded that there is a business opportunity in the fields of logistics, finance, ecotechnology, renewable energy, aerospace technology, biotechnology and innovative technology. “Turkey is an important center for international investments and investors, and a crossroad for investments in third countries. Many European countries manage its investments and operations over Turkey and set partnerships with Turkey” said Vardan during his speech. He invited businesspeople from Luxembourg to invest in Turkey.

There is a huge economic potential in logistics and finance sectors, he continued “At the heart of Europe, Luxembourg is Western Europe’s logistics center and it can complete its mission by getting together with Turkey. We know that our government is actively supporting this sector, as Turks we believe in the power of Turkish logistics sector and that cooperation between two countries should increase”. Luxembourg has the world’s third largest fund and has highest ratings from three different credit rating agencies. Turkey needs to cooperate with Luxembourg in finance sector and Islamic finance instruments can stand out in Turkey.

DEİK/Turkey-Luxembourg Business Council President Pınar Eczacıbaşı, stated that increasing cooperation between two countries will enable trade growth. “Our goal as the Business Council is to increase mutual investment of 1 billion USD. Total trade volume is 200 million USD, thus as business communities we need to try and work harder”.

Turkey-Luxembourg Trade Figures (Ministry of Economy- 2016)
Turkish export to Luxembourg: 60 Million USD
Main export items: Passenger boats, plastics, iron-steel, textile
Turkish import from Luxembourg: 134 Million USD
Main import items: Iron-steel, plastics, machine and devices
Trade volume: 194 milllion USD
Trade balance: 75 million USD in favor of Luxembourg

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