An exodus from Russia over son invasion of Ukraine can drive American companies’ switch in Turkey, according to American officials and leaders, who also see it as a unique opportunity for one more grand partnership between the two countries.
“Some of American companies are leaving Russia. And some said they’d change a part of their productions in Turkey,” said Jeffrey Flake, U.S. Ambassador to Ankara. on Wednesday.
“I also think american companies should consider turkish marketFlake said in a meeting in the capital Ankara.
In a quick withdrawal, a vague of Western companies have limited, put on hold or get out business Activities in Russia following a series of penalties imposed on Moscow after launching son invasion of Ukraine last month.
In addition to all the challenges the conflict has also brought strategic opportunities for Turkey, said Myron Brilliant, Executive Vice President and head of the United States House International Affairs Division of Trade.
Turkey could attract some investments and tradea rated Brilliant, also praising the aid deployed by Turkey government and private sector to alleviate the humanitarian crisis in Ukraine.
“We need to know of the current situation and really focus more on this partnership. This represents an opportunity that has not presented itself before in terms of US-Turkish relations,” Brilliant noted.
“I must say that this situation creates an opportunity for in the United States and Turkey.
“If Turkey met in place the right economic policies and continues to improve son digital and physical infrastructure, there is an opportunity for American companies to expand their presence here and deepen their investments,” he said.
Remarks from US officials came on margins of a signing ceremony of a memorandum of agreement (MoU) between the Union of Chambers and stock exchanges of Turkey (TOBB) and the United States Chamber of Commerce, as they seek to lay the groundwork for further strengthening commercial ties.
Brilliant emphasized the importance of Turkey’s strategic locationclaiming it to be a hub that connects Europe, the Middle East and Central Asia.
But he also says the country needs to improve son digital framework and infrastructure and also ensure a more attractive regulatory environment for investors.
“Along with the challenges which emerged due to Russia invasion of Ukraine, we think there is also various opportunities that Turkey can take advantage of of here.”
Flake said there would be disruption in trade in the close term arising from the sanctions, but underlined need strengthen trade and business ties as partners and allies.
“About 1,100 American companies were doing business in Russia. Some of they are leaving now. Some also said they would change some of their operations in Turkey,” the Ambassador noted.
“I always tell American companies that Turkey is a market they or they should Think about for their products, services and investments.
Stronger trade connections
He called it an opportunity when also drawing attention to the increase trade Turkey-US ties
the trade the volume between the two NATO allies reached 28 billion dollars in 2021, almost 30% year-over-year to augment.
“Of course, the increase in Turkey’s exports to the United States have contributed to this. It is very impressive. During the pandemic, Turkey’s exports to the United States increased by 45%,” Flake said.
Both countries objective for $100 billion in bilateral tradean objective endorsed by President Recep Tayyip Erdoğan and son American counterpart, Joe Biden.
Insisting on the invasion would have a tragic outcome from a human and economic perspective, Brilliant said despite all this, “we believe there is an opportunity to further develop our trade existing relationships and partnerships.
“We can evaluate these opportunities together. There can be new trading modelsespecially in areas of digital health, energy transformation, supply chain, sustainability, agriculture and raw materials,” he said. added.
“We have invested in this country for a very long time and we will continue to do so.
For his part, TOBB Chairman Rifat Hisarcıklıoğlu pointed out that Turkey is an attractive regional production hub, calling on American investors to value the country as an investment and trade hub.
“We should increase Turkey-USA trade at a level suitable for both allies countries,” Hisarcıklıoğlu also noted.
“I want to underline it again. Turks and Americans business world could reach 100 billion dollars trade goal. We believe this goal is realistic. There are serious opportunities for American investors in Turkey.”
