Türkiye intends to enhance exports, bolster trade relations with Japan
Date
10/17/2024 1:35:57 AM
(MENAFN) Türkiye has made significant strides in enhancing its trade relationship with Japan, a key target for increased exports. Between 2019 and 2023, the trade volume between the two nations surged by 49 percent, rising from USD4.1 billion to USD6.1 billion. This growth reflects Türkiye's commitment to boosting its exports to Japan as part of its broader economic strategy. Official figures reveal that Türkiye’s exports to Japan grew from USD503 million to USD645 million during this period, indicating a positive trend in bilateral trade relations.
To further enhance this partnership, Türkiye has set an ambitious target of reaching USD10 billion in bilateral trade volume with Japan in the short term. In addition to trade, foreign direct investments (FDI) from Japan to Türkiye have also shown promising figures, with an average annual investment of USD152 million between 2002 and 2023. Notably, last year alone saw approximately USD3.5 million invested in Türkiye, contributing significantly to Japan's FDI in the Middle East and Eastern Europe. Currently, over 250 Japanese firms are operating in Türkiye across various sectors, including wholesale and retail trade, hotels and restaurants, and construction, with total direct investments amounting to USD3.5 billion.
The growing trade ties will be further reinforced at the upcoming 27th Türkiye-Japan Joint Economic Commission meeting, scheduled to take place in Tokyo. Turkish Deputy Trade Minister Mustafa Tuzcu will lead the delegation, emphasizing the importance of Japan as a major trade and investment partner for Türkiye. Tuzcu highlighted that technology-based joint projects are becoming increasingly significant, both domestically and internationally, as the two countries collaborate on various initiatives.
Tuzcu expressed the goal of establishing a sustainable and development-oriented trade structure that benefits both nations. He underscored the need for increasing the volume of existing products exchanged between Türkiye and Japan while introducing more value-added Turkish products to the Japanese market. This approach aims to balance bilateral trade to acceptable levels. Additionally, Tuzcu emphasized the importance of the Türkiye-Japan Economic Partnership Agreement, which will facilitate easier access for Turkish products into the Japanese market, further strengthening their economic relationship.
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