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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Placing a great emphasis on innovations, Unilever allocates about EUR 1 billion per year for R&D operations and pioneers scientific studies, while offering the highest quality products to its consumers.

Unilever is conscious of the responsibilities associated with being an industry leader and manufacturer of several major brands. In recognition of this, Unilever is aiming to grow its business, reduce its environmental footprint, and increase its positive social impact in an effort to leave a better future to next generations through its Sustainable Living Plan launched in 2010. The plan is built on three key pillars of decoupling business growth from the environmental impact, helping more than a billion people to improve their health and well-being, and sourcing 100 percent of agricultural raw materials sustainably by 2020.

SUBCOMPANIES
Existing in Turkey since the second half of the 19^th century, Unilever has been creating added-value for Turkey and its citizens for over 100 years. Unilever continues operating as part of the lives of 51 million Turkish consumers every month with its 30 brands on the market. The Unilever Turkey portfolio includes;

• OMO,
• Rinso,
• Yumoş,
• Domestos,
• Cif,
• Sunlight,
• Elidor,
• Dove,
• Dove Men,
• Toni&Guy,
• Signal,
• Clear,
• Rexona,
• Lux,
• Axe,
• Sana,
• Lipton,
• Knorr,
• Calve,
• Becel,
• Algida,
• Carte d’Or,
• Cornetto,
• Fruttare,
• Nogger,
• Magnum,
• Max,
• UFS,
• Vaseline

UNILEVER IN TURKEY
Unilever had its first investment in Turkey in 1952 in the Sana factory in Bakırköy, Istanbul, and has positioned Turkey as a priority country in terms of investments ever since. Attaching great importance to investing in the Turkish people, farmers, and suppliers, Unilever considers Istanbul, now a shining star worldwide, to be a hub for R&D, brand-product development, logistics, information-communication, and finance.

“Unilever Turkey today is a company manufacturing in eight factories, employing over 5,000 people, touching thousands of suppliers, and exporting millions of dollars worth of goods per year. Turkey is one of the priority markets for Unilever. That is why Unilever Global keeps on investing constantly in Turkey, a key regional hub, to improve the sustainable growth capacity. Following our investment worth EUR 95 million in our Algida ice-cream factory in Konya that began operating in June 2013, we are now investing in the home and personal care category in Konya this time. With this new factory and this new investment, we are creating a value of about EUR 350 million along with our future suppliers. Anticipated to start operating in 2016, our new factory will be one of the five largest manufacturing plants of Unilever worldwide and will be a driver of growth for the next 40-50 years.”

Mehmet Altinok

CEO Unilever Turkey

 Date: 13 March 2017

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.