World Bulletin / News Desk
Luxembourg's Deputy Prime Minister Etienne Schneider invited Turkish banks to open branches in Luxembourg on Monday.
"We are a significant finance center but there is no Turkish bank in Luxembourg," he told a Turkey-Luxembourg Joint Economic and Trade Committee meeting in Istanbul.
Schneider said the trade volume between the two countries was short of its potential and ways should be sought to increase this.
"As a successful country in the logistics sector, we want to establish a solid line and relation in logistics. There are many opportunities to take the situation further. Our national air cargo company is also promoting its activities in Turkey," the minister added.
Recalling the significance of stability and predictability in investment, Schneider said people wanting to invest more in Turkey had adopted a "wait and see" strategy.
"We are sure that the difficult period between Europe and Turkey will normalize in the following months," he added.
Turkey seeks to boost trade ties
Also attending was Turkey's Economy Minister Nihat Zeybekci who said the current bilateral trade volume of $200 million did not reflect potential dealings.
"We want to increase it immediately," he said.
Zeybekci said the trade volume might swiftly reach $1 billion in the future.
Luxembourg has $9-billion-worth of direct investments in Turkey; the number of Luxembourgish companies in Turkey is 460.
Zeybekci said 29 Turkish companies had invested $1.2 billion in Luxembourg
Recalling significant export activities in the two countries' relations, Zeybekci said there was a great opportunity for Turkey's Eximbank to receive finance from Luxembourg.
Turk Eximbank is a state-owned bank that acts as the government’s major export incentive instrument in Turkey’s sustainable export strategy.
Cavusoglu speaks with Palestinian counterpart on the phone over developments in Jerusalem
Turkish president blasts German economy minister’s remarks 'aimed at frightening companies investing' in Turkey
Countries sign deals on energy, industry and trade
Turkish citizens arrived in Aegean resort of Bodrum after being stranded on Kos
Muslim Turks in Greece's Western Thrace region welcome promotion of new Deputy Prime Minister Hakan Cavusoglu
Premier Yildirim warns against making 'worrying statements' targeting businessmen keen on investing in Turkey
President will seek to resolve crisis among Gulf countries during visit to Saudi Arabia, Kuwait and Qatar
Warrants also issued in capital Ankara for over 150 suspects, including 20 Forestry and Water Affairs Ministry staff
BIST 100 index drops 0.25 percent while US dollar/Turkish lira rate stands at around 3.52
Nationwide demonstrations in Turkey planned for after Friday prayers
Turkish General Staff shared details of counter-terrorism operations from July 13 to 20
Handover ceremony held at many ministries following Cabinet reshuffle on Wednesday
More than 194 million vehicles used Turkey's bridges, highways in first half of 2017
March aims to commemorate young teacher killed by PKK terrorists, CHP lawmaker says
Presidential spokesman Ibrahim Kalin reiterates Turkey's expectation from Europe, US to extradite FETO members
Ferit Polat was among 7 terrorists killed in counter-terrorism operation in Kars province