ERDOGAN HELD INVESTMENT NEGOTIATIONS WITH TOP US EXECUTIVES BEHIND CLOSED DOORS AFTER TURKISH TECH INDUSTRY EVENT AT META

TAİK hosted President Recep Tayyip Erdoğan and leading ministers in discussions with Amazon, Meta, SpaceX, Boeing and others on the same day that its conference was co-organized with Meta on the development of Turkey’s technology industry and bilateral economic relations

NEW YORK, September 22, 2022 /PRNewswire/ — The Turkish-American Business Council (TAİK) yesterday held its first-ever Turkish Business Roundtable, a closed, intimate forum for Turkey’s political leadership and executives from leading US and Turkish companies to discuss bilateral trade and investment. Turkish President Recep Tayyip Erdogan led the discussion, which was joined by senior government officials. The roundtable included Amazon, AmerisourceBergen, Boeing, Citigroup, Coca Cola Company, General Electric, Ford, Goldman Sachs, Meta, Pratt & Whitney and SpaceX, and was held over dinner at Cipriani 42nd Street.

A rare and important discussion in which all participants had the opportunity to speak frankly with the President of Turkey and senior cabinet ministers about the opportunities and obstacles to deepening trade and investment between Turkey and the US

Turkey attracted attention 14 billion dollars in FDI inflows from the US over the past two decades, including from the world’s leading companies. Today, there are more than 2,000 US companies operating in Turkey, seeking to tap into a growing market, an active consumer base, and a strategic crossroads location Europe and of Asia, AfricaCaucasus and middle east.

The round table was held after the first of its kind Turkish technical conference held at Meta’s New York offices and organized jointly by TAİK and Meta. At the conference, Turkish and American firms discussed cooperation, joint innovation and bilateral investments. In a keynote speech, Turkish Trade Minister Mehmet Muş said: “We are confident that economic cooperation can always be a dominant positive point in Turkish-American relations. Our business communities can drive our relationships and stimulate dialogue.” Industry and Technology Minister Mustafa Varank said Turkey has a favorable business environment, much of which is not being used by American investors. John Middle, Coinbase’s Chief Policy Officer, shared his view that the Turkish opportunities are vast and exciting, and that US investors should visit and engage. The event was held under the auspices of 12thousand Turkey Annual Investment Conference (TRICON).

Turkey has become an exciting tech hub in recent years, thanks to investments by Meta/Facebook, Google and Oracle, as well as Tesla’s plans to strategically launch electric cars in the country and Amazon’s plans to build a logistics base in Turkey. Turkey’s startup industry is booming, attracting global recognition, investment and billion-dollar valuations. In just two years, 5 unicorns and the best decoration were born in the country Europe.

“Last year, bilateral trade between the United States and Türkiye increased by about 30%. In the coming years, Turkey may become the largest importer of US LNG in the world. As TAİK, we are ready to lead integration into US supply chains and create partnerships between Turkish and US firms in Africa and Central Asia“, said TAİK Chairman Mehmet Ali Yalcindag. “On the other hand, we need to take measures to remove obstacles like Section 232. These protective tools against US allies obscure our business ties and increase costs, thus creating more inflation, particularly in the U.S. We believe that business should always be separated from politics, as in Turkey with Great Britain and Israel, because our business relations can only become an impetus for good. As allies, we must do more in business and trade – not less.”

TAİK is a member of the Turkish Foreign Economic Relations Board (DEİK), the main organization with the mission of business diplomacy. President of DEİK Nail Olpak said: “We are committed to maintaining stronger bilateral economic relations. We plan to become the destination of choice for investment in many sectors, and one of the most exciting prospects for Turkey is hosting advanced technology activities and serving as a hub for global tech trade.”

As the oldest and largest bilateral trade organization in Turkey, TAİK aims to strengthen economic relations between the United States and Turkey since 1985.

SOURCE Turkish American Business Council (TAİK)

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