Turkey trade minister Ruhsar Pekcan said on Tuesday, September 22 in the Turkey-Korean Business and Investment Meeting Forum that the country eyes on more investments by South Korean companies. In the virtual forum organized by the Korea Chamber of Commerce and Industry along with Turkey’s Foreign Economic Relations Board (DEIK), the trade minister was speaking about Turkey's expectation, developing win-win bilateral trade ties in a balanced and sustainable manner. South Korea-Turkey’s trade volume was around $6.07 billion in 2019, but the trade gap was still disadvantageous for Turkey. Trade deficit for Turkey, even on the FTA (free trade agreement), is not sustainable, she added.
The local currency trade importance for Turkey also was highlighted, as minister Pekcan encouraged firms to use local currencies as much as possible in bilateral trade. In this regard, the conversation with the South Korean government currently ongoing with an aim to reach a swap agreement.
South Korea's trade minister, Yu Sung-mo, said emotional and historical bonds between two countries cultivate economic cooperation, as over 300 Korean companies are contributing to job creation and Turkey’s economic growth, adding that the bilateral trade volume is still expanded every year. Despite the pandemic growing major challenges, Seoul and Ankara are working to overcome the economic cooperation focusing both on responding to coronavirus in the short-term, while preparing for the post-pandemic era. Broadening the cooperation from traditional, conventional manufacturing to green industries is also crucial for both countries sustainable development. Speaking of Turkey’s mass producing electric vehicles goal which set by 2023, Yu said that both countries can integrate the technologies and capabilities to heighten industrial competitiveness.
Heads of DEIK, Nail Olpak, suggesting more diversified and fruitful cooperation to strengthen the bond of the two countries as the FTA can provide Turkish-Korean business relations in a mutually favorable and balanced manner.
