Turkey-UK trade in­creases by 15 pct in last three years

Daily Sabah (Turkey) - - Business -

BRI­TISH Cham­ber of Com­merce in Turkey (BCCT) Com­mer­cial Man­ager Em­rah Öz said yes­ter­day that trade be­tween Turkey and the United King­dom has in­creased by 15 per­cent in the last three years.

Öz said with the con­tri­bu­tion of the pos­i­tive state­ment of po­lit­i­cal and com­mer­cial re­la­tions be­tween the U.K. and Turkey, trade agree­ments have shown con­ti­nu­ity in the last 15-20 years.

He noted that trade be­tween Turkey and the United King­dom has in­creased by 15 per­cent in the last three years. “We en­cour­age small or medium-sized busi­nesses to in­crease the trade traf­fic be­tween the two coun­tries,” he con­tin­ued. “In com­mer­cial size, Turkey and the U.K.’s bi­lat­eral ex­ports are show­ing an in­crease with the de­vel­op­ment of qual­ity projects. The value of the projects is in­creas­ing in line with the im­por­tance given to the qual­ity.”

Öz in­di­cated that the num­ber of qual­ity projects in Turkey has in­creased, stress­ing that Bri­tain has al­ways been a qual­ity mar­ket and that qual­ity is at the fore­front in this mar­ket in­stead of quan­tity.

He stressed that they are in con­tact with small and medium en­ter­prises. “Big projects are pro­gress­ing in some way. Small and medium sized en­ter­prises are the cap­il­lary ves­sels that re­vive ar­ter­ies, and they need to be kept alive,” Öz said, re­call­ing that last year, they en­abled Bri­tish com­pa­nies to re­al­ize 8-9 mil­lion pounds of ex­ports to Turkey. “Many of these small and medium-sized firms had not pre­vi­ously stepped in to the Turk­ish the mar­ket. Although the amount was not very high, it was a way of open­ing a door. To­day, a com­pany sells maybe 300,000 pounds of goods, but to­mor­row it can sell 1.5 mil­lion pounds,” he added.

High­light­ing that there are some com­pa­nies that in­creased their ex­ports to Turkey from 20-30,000 pounds to 6 mil­lion pounds, which is a sig­nif­i­cant in­crease in it­self, Öz said Turkey also draws at­ten­tion with its un­known as­pects in ad­di­tion to its known as­pects. “When firms en­ter the Turk­ish mar­ket, they see that life is pro­fes­sion­ally pro­gress­ing de­spite the po­lit­i­cal, eco­nomic and so­ci­o­log­i­cal dy­nam­ics. It is not dif­fi­cult to do busi­ness with Turks when in­te­grated into this struc­ture,” he noted. Sug­gest­ing that Turkey may have a mar­ket struc­ture that has not been ex­pe­ri­enced or tested be­fore and that fluc­tu­a­tions and ac­cel­er­a­tions in the mar­ket may de­velop up­wards and down­wards, he stressed that those who man­age to sur­vive in this vi­brant pe­riod in Turkey are ca­pa­ble of cap­tur­ing the great­est suc­cesses in the Turk­ish mar­ket in quiet times.

“In high-qual­ity pro­duc­tion, Turkey has a line, rec­og­nized far beyond Far Eastern pro­duc­tion lines,” Öz con­cluded.

Bi­lat­eral trade vol­ume with the United King­dom reached $16.2 bil­lion in 2017 and that this year bi­lat­eral trade grew by 39 per­cent in Jan­u­ary-March alone, reach­ing $5 bil­lion.

The two coun­tries aim to reach $20 bil­lion in bi­lat­eral trade vol­ume. The United King­dom has been among the coun­tries with the most in­vest­ments in Turkey by in­vest­ing close to $10 bil­lion di­rectly in the coun­try in the last 15 years.

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