Turkey, Netherlands target initial $10B trade volume
The Turkish-Dutch Joint Economic and Trade Committee (JETCO) met in the Turkish capital Ankara last week. Speaking at the event, Turkey and the Netherlands said their initial aim is to increase their trade volume to $10 billion, up from the current level of $8 billion, said Turkey’s trade minister Ruhsar Pekcan. Trade and economic ties between the two countries had picked up momentum after a pause, she added.
“We signed a memorandum of understanding with the Netherlands, prioritizing fields such as bilateral investments, standardization, energy, transport, smart and green cities, the recycling economy, science, innovation, and women’s entrepreneurship,” said Pekcan.
At the meeting, Turkey’s Scientific and Technological Research Council (TUBITAK) and the Netherlands Organization for Scientific Research signed a letter of intent to cooperate in the fields of science and innovation.
Top investor, trading partner
Turkey is determined to maintain close relations with the Netherlands, as sharing know-how in technology and innovation would be beneficial, said Pekcan.
Dutch Foreign Trade and Development Cooperation Minister Sigrid Kaag, for her part, underlined that the Netherlands is the number one investor in Turkey and one of its top ten trading partners. “The Netherlands is the gateway to Europe, and JETCO hopefully opens new doors, certainly new partnerships,” said Kaag.
She said that she and Pekcan discussed ways to advance cooperation through innovation, achieve sustained development goals through trade, building an inclusive economy, and tackling sustainable production chains and women’s entrepreneurship. Saying that ties between the two countries have grown stronger of late, Kaag said: “One of the possibilities we see are health and tech ecosystems.”
“The Netherlands and Turkey are both important trading partners to each other and we are looking to continue to harness and to strengthen that,” the Dutch minister said. “We had an excellent, productive day, well-attended by the Dutch business side as well as Turkish companies.” She said the meeting was “precisely” meant to explore opportunities, discuss challenges, sign business deals, and pursue stronger bilateral ties.
Asked about boosting her country’s trade volume with Turkey, Kaag said Dutch officials are looking to expand markets for companies from the viewpoint of sustainability. “But we do not have a particular price tag [goal] on country A or B,” she explained. “We promote businesses and their job ultimately is to invest and to move forward with our support.”
According to Turkey’s Industry and Technology Ministry, the Netherlands is the largest investor in Turkey, with foreign direct investment over the 2002-2019 period totaling $24.6 billion.