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.
Turkish prime minister says operation in Afrin is just like Operation Euphrates Shield
PYD/PKK terrorist group had fired 11 rockets in southern Turkey, killing Syrian national and injuring 46 others
Turkish Foreign Minister Mevlut Cavusoglu holds joint news conference with Iraqi counterpart Ibrahim al-Jaafari in Baghdad
President addresses massive crowd in western city of Bursa before ruling AK Party's Women Branch congress
'There is no other way to clear our borders from terror,' says Bahceli
Deadly siege of iconic hotel in Afghan capital leaves several people dead
Howitzers responded to PYD/PKK group’s harassing fire at Turkey’s border province of Kilis.
Free Syrian Army troops also entered PYD/PKK occupied areas in northern Syria
Turkish jets heard flying in southern Hatay province's Reyhanli and Kirikhan districts near Syrian border
Operation in Syria's Manbij to come next, Turkish president says
Premier Yildirim: Operation in Syria’s Afrin aims to end cruelty of PKK/PYD, ISIL terror groups in region
Terrorist organization's shelters, hideouts destroyed during Jan.19-20 strikes
Turkish religious head describes Juneidi as symbol of Palestinian heroic resistance to US Jerusalem move
Ibrahim Kalin, H.R. McMaster talk Syria, Iraq, Fetullah Terrorist Organization, according to Turkish presidential statement
Anti-terror police carries simultaneous operation in Arnavutkoy and Avcilar districts