Türkiye may reach $100B trade volume with US 'in a short time': President

NEW YORK

Türkiye's trade volume with the US will reach $100 billion "in a short time" if the current momentum is kept decisively, President Recep Tayyip Erdogan said Wednesday.

Speaking at an investment event hosted by the Türkiye-US Business Council in New York, President Erdogan said the US and Türkiye are "friendly" and "strategic" partners and the cooperation between the two nations has contributed to the peace in certain regions around the world.

Erdogan said Türkiye’s trade volume with the US increased by nearly 30% in the first eight months of this year compared to the same period of the previous year and reached $22 billion.

"If this momentum is maintained with the right and decisive steps, our trade volume will reach the goal of $100 billion in a short time," he added.

He said direct investments from the US in Türkiye reached $14.1 billion and Turkish companies' investments in the US reached the level of $8.6 billion.

Erdogan recalled that the COVID-19 pandemic and Russia's war in Ukraine have disrupted supply chains mainly in the food and energy sectors and many countries are struggling with high inflation rates.

He said Türkiye managed to overcome these challenges in terms of growth, exports and employment, adding Türkiye's economy recorded 11% growth last year, which he said was the largest rate among G20 nations.

Despite the pandemic, Türkiye maintained its balanced growth, and its exports exceeded $250 billion on an annual basis as of September, said Erdogan.

Between 2003-2021, Türkiye attracted more than $240 billion in foreign direct investment and $14 billion last year, said the president.

Stating that Türkiye and the US have mutual trade and investment opportunities in almost every sector, Erdogan said Türkiye has a key role in diversifying routes and resources for energy security.

The president recalled that the US is Türkiye's second largest liquefied natural gas (LNG) supplier and said Türkiye wants to purchase more LNG "on favorable terms," adding it is ready for cooperation in the delivery of American LNG to other nations in the region.

The president also called for the lifting of US steel and aluminum tariffs imposed on Türkiye in 2018, which will significantly contribute to joint efforts between the two nations.

The president also said that Türkiye hosted more than 500,000 American tourists in the first seven months of this year.

Erdogan said that happened thanks to the contribution of Turkish Airlines flying from Istanbul to 12 destinations in the US.

"I believe that this number will increase in the coming period," he said.