Foreign trade bridge extends to Pacific

As the economy keeps growing and depending on foreign trade, Turkish businessmen are seeking to establish strong footholds in international markets to preserve this upward trend.

Foreign trade bridge extends to Pacific

As the economy keeps growing and depending on foreign trade,Turkish businessmen are seeking to establish strong footholds in internationalmarkets to preserve this upward trend.

 

As a part of these efforts, the Confederation of TurkishBusinessmen and Industrialists (TUSKON) is establishing a "trade bridge" withthe Pacific region, an economic zone including 14 countries. This marks a thirdmajor step in knitting a web of trade after TUSKON initiated two other organizationsfor the Africa and Eurasia regions last year.

The Turkey-Pacific trade bridge meetings will be held in Ýstanbul, at theCevahir Congress and Culture center on April 7 and 8. These meetings will hostbusiness talks between 1,200 Turkish businessmen and 220 Pacific entrepreneurs.TUSKON Chairman Rýzanur Meral said they hoped to mobilize the potential of theregion in accordance with the "strategy of developing commercial and economicrelations with Asia-Pacific countries" of the Undersecretariat for ForeignTrade (DTM).

The 14 countries will be represented by not only businessmen but also bysome six ministers, 30 bureaucrats and other state officials from Australia,New Zealand, Papua New Guinea, South Korea, Japan, Singapore, Brunei, Thailand,Laos, Cambodia, Malaysia, Indonesia, Burma and Vietnam. In contrast withprevious similar events, foreign media members were also invited. Meral saysthese gatherings offer very productive and fertile ground to build new tradeextensions between countries as well as to appreciate the potential forinvestment.

Turkey'sexports to the countries in the region amount to only $1 billion, whereas itsimports are nearly $11 billion. Meral says they want this imbalance to shifttoward Turkey'sfavor. He underlines that the region is offering very good opportunities,especially in the fields of construction equipment, iron and steel, oilproducts, textile and apparels, mining and foodstuffs. He also points out that Turkey, amongthe world's largest 20 economies, has strong and attractive investmentopportunities as well.

Foreign Trade Undersecretary Tuncer Kayalar noted that this initiative wasespecially crucial with respect to the fact that the Asia-Pacific region hasbecome a center for global investors, which in turn drives these economies.

As of 2005, 27.4 percent of the world's total exports and 24.7 percent ofworld's total imports are from the Asia-Pacific region. The foreign tradevolume of the region is $5.4 trillion ($2.8 trillion in exports and $2.6 trillionin imports). Six countries in this region are among the first 10 in worldtrade. These bright figures, moreover, are likely to grow brighter consideringthe existing trends in global trade. The region offers a great market with over3 billion consumers.

Kayalar enlisted the major pillars of his department's Asia-Pacific strategyto accelerate economic relations in the region, increase Turkey's marketshare and eliminate the sectoral and regional dependencies that are astructural problem in exporting. He estimates that Turkey will be reaping rewards fromits exports to the region within the next five years. He also said ongoingcontracting projects in the region worth around $3 billion at present woulddouble in five years. "The TUSKON summit is creating a crucial opportunity todevelop better relations with Pacific nations," said Kayalar.

The Pacific summit is being supported by the Foreign Ministry, DTM, TurkishExporters' Assembly (TÝM), Association of Social and Economic Solidarity withPacific Nations (PASÝAD), Turkish Cooperation and Development Agency (TÝKA),Ýstanbul Exporters' Association (ÝÝB), General Secretariat of Ýstanbul Mineraland Metals Exporters' Association (ÝMMÝB) and the Ýstanbul Textile and theApparel Exporters Association (ÝTKÝB).

Economy Minister and chief negotiator with the EU Ali Babacan and Industryand Commerce Minister Ali Coþkun will also participate in the summit that willtake place under the auspices of Foreign Trade Minister Kürþad Tüzmen.

 

Last Mod: 20 Eylül 2018, 18:16
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