At the 15th Türkiye Investment Conference in New York, President Recep Tayyip Erdogan spoke to American and Turkish business leaders, highlighting the bolstering US-Türkiye economic ties. Organized by the Türkiye-U.S. Business Council (TAIK), the event highlighted spurred trade over the past two years.
“Economic and commercial matters constitute one of the most significant aspects of our relations with America,” Erdogan said, noting that the U.S. is now Türkiye’s second-highest export market and fifth-largest import source. Trade between the two nations exceeded $30 billion last year, and Erdogan expressed confidence in reaching the goal of $100 billion with strategic efforts.
He stressed the removal of trade barriers, including tariffs on steel and aluminum, and sanctions under the Countering America’s Adversaries Through Sanctions Act (CAATSA), pointing to potential benefits for both sides.
Türkiye’s Economic Growth
Erdogan highlighted Türkiye’s strong economic performance, with an average growth rate of 5.4% over two decades. He also noted $270 billion in infrastructure investments and Türkiye’s position as a top global drone exporter.
Erdogan pointed to recent economic reforms that have lowered inflation and improved public finances, even after natural disasters. Unemployment has improved beyond expectations, and international credit rating agencies have upgraded Türkiye’s ratings in 2024, reflecting economic stability.
Future Goals
Looking ahead, Erdogan outlined plans to increase Türkiye’s share of global investment from 1% to 1.5% by 2028, focusing on high-tech sectors such as renewable energy, biotechnology, defense, and automotive. He encouraged U.S. companies to invest in Türkiye’s growing economy.
Defense Ties and Business Expansion
In defense, Erdogan called for renewed cooperation, citing the F-16 modernization project as a major milestone. He announced Turkish plans to establish production facilities in Texas, strengthening U.S.-Türkiye defense ties.
He also called for streamlined visa processes for Turkish businesses entering the U.S. market, recognizing the private sector’s role in advancing bilateral relations.
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