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Posted On: 23/06/2012
One of the Turkish prime minister's long-term goals is for Turkey to achieve a $1 trillion trade volume by 2023. This date is significant as it will mark the 100th anniversary of the Turkish Republic, and the Prime Minister Recep Tayyip Erdogan is confident it is achievable.
He recently addressed participants of the B-20 Business Summit Trade and Investment task force to speak about Turkey's business environment, as well as the opportunities for doing business in the country and Turkey’s trade goals.
Turkey is well aware that the international community is watching closely due to its rapid economic growth. Over the past few years it has substantially increased foreign trade volume, and has presented lucrative investment opportunities.
Although Turkey was affected by the economic crisis, the real effect has been limited due to effective monetary and fiscal policies, combined with improvements to the public debt structure. Last year the Turkish economy grew by 8.5%, and achieved a national income of $772 billion. Foreign trade volume reached $376 billion as Turkey has made substantial inroads into forging new links with different countries, and strengthening existing ties.
Turkey is also strategically located, and is seen as being one of the most stable countries in the region. According to Erdogan, Turkish products are sold in almost every country throughout the world, and Turkey’s aim is to increase this current market share.
The Turkish Prime Minister pointed out investors into the country will find Turkey has many advantages, especially the transparency of Turkish laws which guarantee business rights and which grant equal rights to investors. There is little doubt Turkey’s goal to increase trade volume to $1 trillion is ambitious, but the economy has shown such strength over the past few years that it's possible to believe it is achievable.
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