Business groups urge Trump, Erdogan to meet as dispute hits investments

WASHINGTON: US-Turkey business groups warned that a political dispute between the NATO allies was affecting investor confidence and had forced some firms to suspend investment plans.

In interviews with Reuters, the heads of the American Turkish Council and Turkey-US Business Council, which jointly represent 250 companies, called on President Donald Trump and President Tayyip Erdogan to meet to end the dispute over the release of American pastor Andrew Brunson.

“Only the two presidents can put this relationship back on track,” said Mehmet Ali Yalcinda, chairman of the Turkey- US Business Council. “We need to end this before it strains and permanently damages the relationship.”

The countries are deadlocked over demands by Washington for the release of Brunson, while Turkey wants the US Treasury to halt an investigation into majority state- owned Halkbank , which faces a potentially hefty US fine for violating Iran sanctions.

Brunson has denied Turkey’s allegations that he was involved in a plot against Erdogan two years ago.

Howard Beasey, president and CEO of the American Turkish Council, said a $ 300 million merger and acquisition deal by a Turkish firm in the United States was suspended last week over political uncertainty.

A second Turkish company was reconsidering plans to produce a steel product in the US after Washington recently imposed additional steel and aluminum tariffs on Turkish imports. — Reuters