UNGA: ERDOGAN HOLDS CLOSED-DOOR INVESTMENT TALKS WITH TOP U.S. EXECUTIVES, FOLLOWING TURKISH TECH INDUSTRY EVENT AT META
TAIK hosted President Recep Tayyip Erdogan and top Ministers in a discussion with Amazon, Meta, SpaceX, Boeing and others, on same day as its conference co-hosted with Meta on Türkiye's burgeoning tech industry and bilateral economic relations
NEW YORK, Sept. 22, 2022 /PRNewswire/ -- The Türkiye-U.S. Business Council (TAIK) yesterday hosted its first ever Türkiye Business Roundtable, a closed-door, intimate forum for Türkiye's political leadership and decision-makers from top businesses in the U.S. and Türkiye to discuss bilateral trade and investment. Türkiye's President H.E. Recep Tayyip Erdogan led the discussion, joined by top cabinet members. The Roundtable featured participation from Amazon, AmerisourceBergen, Boeing, Citigroup, Coca Cola Company, General Electric, Ford, Goldman Sachs, Meta, Pratt & Whitney, and SpaceX, and took place over dinner at Cipriani 42nd Street.
A rare and important discussion, all attendees had the opportunity to speak candidly with Türkiye's President and senior cabinet ministers about opportunities and obstacles for deepening trade and investment between Türkiye and the U.S.
Türkiye has attracted over $14 billion in FDI inflows from the U.S. in the last two decades, including from the world's leading companies. Today, Türkiye hosts more than 2,000 American companies looking to tap into its growing market, vibrant consumer base, and strategic location at the crossroads of Europe and Asia, Africa, the Caucasus, and the Middle East.
The Roundtable followed a first-of-its-kind Turkish tech conference held at Meta's New York offices, and jointly hosted by TAIK and Meta. At the conference, Turkish and U.S.firms discussed collaboration, joint innovation, and bilateral investment. In a keynote speech, Turkish Minister of Trade Mehmet Mus said, "we are certain that economic cooperation can always be a prevailing positive in Türkiye-U.S. relations. Our business communities can drive our relations and stimulate dialogue." Minister of Industry and Technology Mustafa Varank said that Türkiye has an enabling business environment, much of which is untapped by U.S. investors. John Medel, Coinbase's Chief Policy Officer, shared his view that the Turkish opportunities are large-scale and exciting, and that U.S. investors should visit and connect. The event was held under the umbrella of the 12th Annual Türkiye Investment Conference (TRICON).
In recent years, Türkiye has grown into an exciting technology hub, with Meta/Facebook, Google and Oracle investing, alongside Tesla's plans for a strategic launch of EVs in the country and Amazon's plans to build a logistics base in Türkiye. Türkiye's start-up industry has grown rapidly – attracting global recognition, investment, and billion-dollar valuations. In just two years, the country has given birth to 5 unicorns and the top decacorn in Europe.
"Last year, bilateral trade between the United States and Türkiye increased by about 30%. Türkiye may become the single largest U.S. LNG importer in the world in the coming years. As TAIK, we are prepared to lead integration into U.S. supply chains and create partnerships between Turkish and American firms in Africa and Central Asia," said TAIK Chairperson Mehmet Ali Yalçindag. "On the other hand, we need to take steps to eliminate obstacles like Section 232. These protective instruments against U.S. allies are clouding our business ties and increase costs, hence creating more inflation – including in the U.S. We believe that business should always be separate from politics, like Türkiye's with the U.K. and Israel, because our business ties can only become a facilitator for good things. As allies, we should do more in business and trade – not less."
TAIK is a member of the Foreign Economic Relations Board of Türkiye (DEIK), an umbrella organization with a mission of business diplomacy. DEIK President Nail Olpak said, "We are committed to supporting stronger bilateral economic relations. We plan to grow into a destination of choice for investment across myriad sectors, and one of the most exciting prospects for Türkiye is hosting cutting edge tech activity and serving as a hub for global tech-driven trade."
As the oldest and the largest bilateral trade organization in Türkiye, TAIK has been committed to strengthening economic relations between the United States and Türkiye since 1985.
SOURCE The Türkiye-U.S. Business Council (TAIK)