Ethiopian President highlighted both parties’ effort to develop economic relations, “President Recep Tayyip Erdoğan gave us a great opportunity and during this visit we were able to come together with the business world. Historical ties between too countries is very old and by looking back at the history you will see that Ethiopia was once a neighbor. Now, Ethiopia is Turkey’s long distance neighbor and it is ready to collaborate” said the president. Foreign direct investment should not be limited to textile but the country needs investment in infrastructure and energy to complete its industrialization. Private sector will have a key role in the development. Ethiopia targets to be a mid-developed country and wants Turkey to have a part in this process. Country needs to advance in the sectors of health and education to enable high quality labor. He invited Turkish businessmen to Ethiopia to make investments in geothermal and hydroelectric power plants.

Minister of Economy of Turkish Republic Nihat Zeybekci emphasized developing relations with Ethiopia and Turkey’s 2.5 billion USD worth investment in the country. “Turkish investors’ interest in Ethiopia is growing and I personally trust and believe in Ethiopia. Financial, technical and industrial support will be provided. During our visit in Ethiopia in December we will be able to benefit from Free Trade Agreement” said Nihat Zeybekci during his opening speech.

DEİK President Ömer Cihad Vardan drew attention to DEİK’s effort in Turkey’s African Expansion strategy. “Just like DEİK/Turkey-Ethiopia, DEİK has business council in 39 countries. Thus, we are hoping to take advantage of this network. In the beginning of last November Turkey-African Economy and Business Forum took place in Istanbul. In the summit, there were 3,500 people including a team from Ethiopia. We will continue our efforts and we hope to see Ethiopia’s presence in the upcoming events. A similar event will take place in the end of April in cooperation with ministry of Agriculture. The summit will only be about agriculture and agribusiness. Ethiopia’s participation in this summit is significant since it is a powerful country regarding agriculture” said the President.

DEİK’s Counterpart Organization Ethiopian Chamber of Commerce & Sectoral Associations’ President Endalkachew Sime stated “Turkey and Ethiopia has a great partnership. Within this partnership, investment has reached a 500 million USD and if private sector also contributes a greater chapter will begin. Infrastructure in manufacturing and agribusiness is very critical and Turkey is an exceptional trade partner to establish win-win solutions.

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He also noted that the first quarter of 2017 also showed 9.2% increase in exports compared to the same period last year. He added that the foreign trade deficit decreased by 10% in April.

According to TIM data, top performing industries in March were Automotive, Sea Vessels and Jewelry with 32.5%, 87.3% and 75.4% increases respectively. In the first three month, automotive exports increased by almost 1.5 billion dollars, while steel increased by 874 million dollars and chemicals by 788 million dollars.

In March, exports to the Far East increased considerably, by 91%. Exports to EU-28 also continued its steady growth with a 20% increase with the largest increases in Malta and Portugal with 95.9% and

92.1% respectively. In addition to these countries, exports to Russia increased by 45.3% in March and by 40.3% in the first quarter.

Source: Ministry of Economy

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Turkish Economy Minister Nihat Zeybekci, drew attention to the significance of the agreement signed between Turkish and Italian Eximbanks as well as the need of new trade volume target. DEİK and its Counterpart Confindustria will establish a joint platform to seize business opportunities and to boost trade volume from 18 billion USD to 30 billion USD.
Renewal of Turkey- EU Custom Union will contribute significantly to EU and trade volume will increase by 55-60 percent. Turkish and Italian business communities will benefit from the renewal and he announced that Turkish Trade Center will be established in Italy in 2017. In the sectors of tourism and energy two countries complete each other; furthermore, new investments are kicked out in the energy sectors.

Italian Economic Development Minister Carlo Calenda, stated that Turkey can always trust Italy in the matters of EU, furthermore, during the Custom Union renewal Italy will act as supervisor and will follow up the procedure. Turkey shouldered great responsibility regarding illegal migration and Calenda thanked Turkey for its great efforts. The agreement between to Exim Banks will accelerate investment and necessary studies will be carried out to correctly inform and guide investors.
Italian Economic Development Minister Carlo Calenda expressed that Turkey and Italy are stronger in different countries of Africa and partnership efforts should be accelerated. Turkey and Italy do not only have economic interest, as a result, their partnership will be very fertile.

DEİK President Ömer Cihad Vardanstated that Turkey and Italy is in a great harmony and synchronization. In the past two years trade is declining between two countries, thus, business communities from both countries should expand this volume as soon as possible. Italy has chosen Turkey as a “Target Country” and this is very important for Turkey, as a result, many new partnerships will be established in the sectors of energy, agriculture, automotive, food, start-ups, innovative technology and renewable energy.
Turkey-EU Custom Union negotiations will start soon and DEİK hopes that Custom Union will be completed soon addressing many chronicle problems between Turkey and EU. Turkey hopes for permanent solutions to chronicle problems such as transportation quota, driver license, Visa practice to Turkish citizens. Business communities of Turkey and Italy can do much greater projects than today via joint projects.

DEİK/Turkey-Italy Business Council President Burak Vardanindicated that opportunities in both countries should come to live. Both economy complete each other, thus, project in third countries should be initiated. Partnerships in the field of health, infrastructure and energy would be beneficial for both countries. “To be a key player in the global economic arena, both countries should form partnerships not only in Italy and Turkey but in Africa, Iran, Middle East and Central Asia”.

Turkey-Italy Trade Figures (Ministry of Economy-2016)
Turkish export to Italy: 7.5 billion USD
Main export items: Automobile, motor vehicles, crustaceans, parts and components for land vehicles, iron-steel
Turkish import from Italy: 10.2 billion USD
Main import items:Parts and accessories for land vehicles, petroleum oils, diesel, semi-diesel engines, motor vehicles
Trade Volume: 17.8 billion USD
Trade Balance:2.6 billion USD in favor of Italy

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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

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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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