TABA President Mr. Ugur Terzioglu recently reported that it is crucial to express ourselves better and more directly in order to increase the bilateral trade between Turkey and the US, and this trip is an important opportunity for that. He also added that it’s the first time that such a group gathered for a trip like this. Local politicians from different states and several chamber representatives are going to personally experience Turkey and it’s great potential and they will share their personal views with their peers back in USA. He also adds: “Turkey and USA are allies in many ways but the trade figures are still not at the desired level. Last December, US President Mr. Barack Obama and Turkish Prime Minister Mr. Recep Tayyip Erdogan started a “Model Partnership” initial and this visit is also created to comply with the aims of this project. The group will have meetings with chamber presidents in Istanbul, Kocaeli, Bursa and Izmir and discuss possible partnerships. They will also have the chance to meet local authorities, visit industrial zones and meet Turkish businessmen who are eager to work with US companies.”

This event is organized by Turkish American Businessmen Association (TABA/AmCham), Turkish – American Chamber of Commerce and Industry (TACCI), Honorary Consul of Republic of Turkey in Georgia Ms. Mona  Diamond, Istanbul 2010 European Cultural Capital Agency, Izmir Development Agency (IZKA), Bursa Chamber of Commerce and Industry (BTSO) and Kocaeli Chamber of Commerce.

“Turkey and Brazil are at the top in terms of market growth at present. Turkey has the potential to become a major player in the global automotive industry”, said BMW’s second in command, stating that BMW is expecting growth beyond the BRIC countries, with Turkey being at the top of the list. “The Turkish economy is sound; the banking industry is strong and well-structured. Compared with European markets, Turkey is far better.”

Yeni Asir - Duong Huynh Lap, Vietnam’s Ambassador to Turkey, and Ekrem Demirtas, President of the Istanbul Chamber of Commerce (ITO), had a meeting to discuss the trade ties and investment opportunities between Turkey and Vietnam. 

Ambassador Duong Huynh Lap said the trade between Turkey and Vietnam is rapidly increasing and that USD 1 billion of trade volume can be reached by the next year.  

Giving information about the Vietnamese economy in his meeting with Demirtas, Ambassador Huynh Lap said Vietnam, with a population of 86 million people and a developing economy, held important opportunities for Turkish businessmen. Emphasizing that Turkish businessmen should go to Vietnam to see these opportunities first hand, Huynh Lap called attention to the fact that although Vietnam and Turkey are geographically distant, there is an environment of friendship and cooperation by tradition. “The trade volume has reached USD 700 million this year”, said Vietnam’s top diplomat in Turkey, adding that the 2011 target for Turkey-Vietnam trade volume is USD 1 billion.

 Ozince said Isbank is close to a deal regarding the acquisition of a Russian bank and, as a sign of increased international operations, intends to have branch offices in surrounding countries. “We aim to have branches in the Balkan countries such as Bosnia-Herzegovina, Albania, Macedonia and Ukraine”, said Ozince. The Isbank General Manager said their German subsidiary, Is Bankasi GmbH, is currently in the process of expanding to Bulgaria and Romania. “We are also assessing Georgia and awaiting a reply from Azerbaijan with regard to opening a branch”, added Ozince.

The promising outlook of the automotive sector is evident in the report’s forecasted 1.1 million units of production and 600,000 strong workforce for the year 2012. Singling out Turkey as the country with the largest growth potential for the automotive industry, the E&Y report states Turkey’s strong industrial base and its efforts to reach EU standards as the main factors that increase the country’s appeal for the automotive producers.