Turkish Minister of Economy Nihat Zeybekci stated that Turkey and Uzbekistan complete each other and together they have a population of 110 million. Total bilateral trade volume is 1.2 billion USD, as a result, export mobilization has been initiated in both countries. He called out for partnerships in the areas of agriculture, textile-confection, tourism, and logistics. Investment Protection and Incentive Agreement signed on 1995 will be revised to avoid double taxing. There is an agreement that has been signed yet still has not been executed, we will activate this agreement. We will come together more often and 2017 will be a restoration year in terms of economic relations, legal and technic infrastructure.
Turkey has reached a trade volume of 160 billion USD with European Union thanks to Customs Union. It must be revised until the first half of 2018 to include topics of agriculture, service and public procurement. Projects that have been carried out by Turkish companies in Uzbekistan have a value of 2 billion USD, nevertheless, approximately 110 Turkish companies operate in Uzbekistan yet this is not sufficient. Turkey will follow a win-win strategy with Uzbekistan from now on.

Uzbekistan Deputy Prime Minister Rustam Azimov reminded that Turkey is the first country to recognize Uzbekistan’s independence and Uzbekistan will never forget this favor. Uzbekistan is always ready to collaborate with the Turkish Business Community and extend its partnership with Turkey. Uzbekistan has set 5 principles: economy’s superiority over politics, superiority of law, reformist government, strong social policy and free market economy.
With a growth rate of 8%, Uzbekistan is one of the fastest growing economies according to International Monetary Fund (IMF). Uzbekistan targets Southeast and East Asia, European Union, Middle East and African markets. Azimov stated that structural reforms have been enacted to achieve macroeconomic stability. There are business opportunities in the fields of hydrocarbon, chemical, petrochemical, precious metals, construction, leather and footwear industry, textile, pharmaceutical industry, vegetable-fruit, meat and dairy products, food processing and tourism. He called Turkish investors to invest in Uzbekistan.

DEİK Vice President and TİM President Mehmet Büyükekşi stated that collaboration between two countries will advance further. There is huge potential in the fields of tourism, health, mining and leather. Turkish companies are ready to establish bonds with Uzbekistani business community.

Turkey-Uzbekistan Trade Figures (Ministry of Economy- 2016)
Turkish export to Uzbekistan: 553 Million USD
Major export items: Miscellaneous manufactured goods, machinery and mechanical appliances, plastics and articles thereof; rubber and products and chemical industry and related industrial products
Turkish import from Uzbekistan: 709 Million USD
Major import items: Articles of precious metals, plastics and articles thereof; rubber products and herbal products.
Trade volume: 1.2 billion USD
Trade balance: 176 million USD in favor of Uzbekistan

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

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

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.