TAIK, BRINGS TURKISH AND THE U.S. BUSINESS WORLDS CLOSER WITH NEW PROJECTS

TAİK’s six working groups provide a roadmap for introducing Türkiye to American investors, increasing the power of Turkish companies in the U.S. , and putting trade relations on a more solid footing

Murat Özyeğin, Chairperson of the DEİK/Türkiye-U.S. Business Council, explained to the readers of Business Diplomacy the state of play of new projects in Turkish-American economic relations and assessed the strategic goals and roadmap between the two countries.

IF YOU LOOK AT THE RELATIONS BETWEEN TÜRKİYE AND THE USA HISTORICALLY, HOW HAVE THEY DEVELOPED FROM THE PAST TO THE PRESENT? WHAT ARE THE TURNING POINTS IN THE BILATERAL RELATIONSHIP?

Relations between Türkiye and the United States have historically been characterized by strategic depth and a long-term perspective. Although there have been ups and downs between the two countries occasionally, and although they have different perspectives on some global issues, great attention has been paid to this strategic partnership relationship. Today, Türkiye and the United States, even though they disagree on some issues, are focused on putting these differences aside and moving forward on a more positive and constructive agenda. Our NATO partnership and the potential for cooperation in various fields are the solid foundations of our relationship. In this framework, I believe that Türkiye-U.S. relations will always follow a constructive and forward-looking course in the future, transcending periodic political fluctuations as they have done in the past.

AMERICAN AND TURKISH BUSINESS PEOPLE CAME TOGETHER AT THE 15TH TÜRKİYE INVESTMENT CONFERENCE ORGANIZED BY TAİK. WHAT ARE THE ECONOMIC AND COMMERCIAL BENEFITS OF THIS CONFERENCE FOR TÜRKİYE?

The 15th Türkiye Investment Conference has achieved important successes in presenting Türkiye’s economic and commercial strength on the international platform. This year, as we completed the first year of our Medium Term Program, it was extremely valuable to share the first concrete results of Türkiye’s new economic program. During the conference, Türkiye’s success in the fight against inflation, future recovery trends, and strong signs of economic predictability were shared with investors. The interest of American businessmen in the event was very high. The results of the first year of the Medium Term Program were presented by our Minister of Treasury and Finance, Mr. Mehmet Şimşek, to senior executives of 25 American companies that have invested in Türkiye.

This presentation provided detailed information on both the economic outlook and the steps taken. Subsequently, our President and six ministers met with the senior executives of 25 international companies listed on the Fortune 100 list, which are among the largest companies in the world. During the meetings, each executive had the opportunity to express their thoughts and ask questions about business and investment relations with Türkiye. Executives from 10 leading companies in Türkiye also contributed to this mutual dialogue by sharing their views and experiences. The reception we organized at the New York Public Library after the conference brought together the Turkish community in the United States as well as the participants who were there for the United Nations General Assembly.

and attended by nearly 100 investors, including our Minister of Trade, Prof. Dr. Ömer Bolat, Minister of Treasury and Finance Mr. Mehmet Şimşek, Central Bank Gov. Dr. Fatih Karahan, and DEİK President Nail Olpak also took the floor. Detailed presentations were made on Türkiye’s economic performance, growth potential, and investment environment. On the third day of the conference, our Minister of Energy, Dr. Alparslan Bayraktar, met with 35 energy investors hosted by Citi, while Mr. Fatih Kacır, Minister of Industry and Technology, met with 35 technology investors. Fatih Kacır held a separate meeting with 35 technology investors.

This year’s conference also stood out as the most attended investment conference in our history. 15th Türkiye Investment Conference, we were able to send a strong message that Türkiye has entered a period of increased economic predictability, the disinflation program has started to yield successful results and our Central Bank reserves are strengthening. Investors had the opportunity to see the future potential of our program. As Türkiye, we left this conference with renewed investor confidence and deepened cooperation, and we are confident that we will gain strong economic momentum in the period ahead.

TÜRKİYE AND THE U.S. ARE TARGETING A TRADE VOLUME OF 100 BILLION DOLLARS. HOW WOULD YOU EVALUATE THE ECONOMIC AND TRADE RELATIONS BETWEEN THE TWO COUNTRIES IN LINE WITH THIS GOAL?

The goal of increasing the trade volume between Türkiye and the U.S. to 100 billion dollars shows a long-term growth potential in the economic relations between the two countries. We aim to gradually increase our trade volume, which currently stands at $42 billion in the services sector, and bring it closer to this great goal. To this end, we have set an interim target of $75 billion and are in the process of strategic planning to achieve this goal. As part of this process, we plan to work with a professional consulting firm to identify the key sectors and priority trade areas that will help Türkiye achieve this momentum. We aim to present this roadmap in a concrete framework by preparing a comprehensive business plan with our consultant. Within this framework, the $100 Billion Working Group, one of TAİK’s six working groups, is conducting the necessary sectoral analysis and market research.

The comprehensive report that we will produce as a result of these analyses and research will include the steps that need to be taken to ensure that the trade relations between Türkiye and the U.S. are placed on a more solid foundation and to achieve the interim goals that have been set. In this way, we aim to realize a road map that will further strengthen Türkiye’s role in global trade.

WHAT STRATEGIES AND PROJECTS ARE TAİK WORKING ON TO IMPROVE TRADE BETWEEN TÜRKİYE AND THE U.S.?

TAİK has a comprehensive strategy with six main working groups to improve trade and strengthen economic relations between Türkiye and the U.S. The first of these groups is the ‘$100 Billion Working Group’. This group develops detailed projects to achieve the goal of increasing the volume of trade between Türkiye and the U.S. to $100 billion. It is carrying out detailed studies to ensure the growth of trade in the following areas. Our second working group is called ‘Select Türkiye’ or ‘Choose Türkiye’. This group encourages U.S. direct investors to consider Türkiye as an investment destination.

By identifying the needs of U.S. investors and supporting them, we aim to increase direct investment in Türkiye. Our third group is called ‘Select USA’ and aims to create opportunities for Turkish companies that want to invest in the United States. This group provides guidance to Turkish companies to make the most of the market potential in the U.S. and pursue various business opportunities. Our fourth working group is the ‘2 Million Tourists’ group. The aim of this group is to increase the number of tourists coming to Türkiye from the U.S. and to increase our tourism revenues. We are working on Türkiye’s cultural richness and tourist attractions to encourage U.S. tourists to choose Türkiye. Our fifth working group is the ‘Digital Working Group’ where we support digital transformation with our ‘Go Global’ project.

This group is doing important work to help Turkish companies participate more effectively in international markets through digitalization. Finally, one of our most critical groups, the Third Country Cooperation Group, focuses on bringing Türkiye and the U.S. together to develop cooperation with third countries. We connect U.S. technology providers and fund managers with Turkish companies, particularly in strategic regions such as Central Asia, Africa, and the Middle East, and work to expand these collaborations. In addition to our working groups, we continue our activities through our state committees in California, Florida, Illinois, New York, Massachusetts, and Texas.

These state committees play an important role in achieving our business goals by increasing opportunities for collaboration at the regional level. As TAİK, we intend to expand our activities with more participants in 2025 and to deepen and broaden our existing projects. Through these activities, we aim to bring the business communities of Türkiye and the U.S. together more frequently and to make our economic ties permanent.