Wed Oct 02 06:26:58 UTC 2024: ## Turkey Seeks Deeper Economic Ties with US, Highlighting Growth and Investment Opportunities
**New York, NY** – Turkish President Recep Tayyip Erdogan, speaking at the 15th Türkiye Investment Conference in New York, called for strengthening economic and commercial ties between Turkey and the United States. He highlighted the significant growth in bilateral trade over the past two years, with the US becoming Turkey’s second-largest export market and fifth-largest import source.
Erdogan emphasized the potential for even greater collaboration, aiming to increase bilateral trade to $100 billion through joint efforts. He urged the removal of trade barriers, including additional tariffs on steel and aluminum, and sanctions imposed under CAATSA.
The President also showcased Turkey’s economic progress over the past two decades, pointing to a 5.4% average growth rate, $270 billion in infrastructure investments, and a growing presence in global exports, including becoming a leading drone supplier. He reassured investors that the country’s recent economic program is showing positive results, specifically in addressing inflation.
Looking ahead, Erdogan outlined Turkey’s ambitious plans to attract high-tech investments and integrate deeper into the global economy. He revealed a goal to increase Turkey’s share of global investment from 1% to 1.5% by 2028, with a focus on renewable energy, biotechnology, defense, and automotive. He encouraged US companies to capitalize on these opportunities in Turkey’s burgeoning economy.
Erdogan also addressed defense cooperation, acknowledging recent setbacks due to restrictions. He expressed hope that the F-16 modernization project could mark a new chapter, calling for the permanent removal of export barriers in this field. He also highlighted joint efforts in defense manufacturing, such as the production of 155-millimeter artillery shells, and announced plans for Turkish companies to establish production facilities in Texas.
Finally, Erdogan urged for greater visa facilitation for Turkish companies looking to invest in the US. He emphasized the need for streamlined processes to enable Turkish businesses to enter the American market. He expressed gratitude for the private sector’s role in advancing US-Turkey relations and encouraged continued collaboration in the future.
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