Turkish union, US chamber ink deal to boost investments in strategic sectors

ANKARA

Türkiye’s Union of Chambers and Commodity Exchanges (TOBB) and the US Chamber of Commerce signed a memorandum of understanding (MoU) on Friday, setting a two-year plan to bolster investments in Turkish firms, with a focus on critical sectors such as defense and digital transformation.

Turkish Deputy Trade Minister Mustafa Tuzcu, speaking at the signing ceremony, highlighted the importance of the partnership, noting that the US delegation’s two-day visit to Türkiye includes meetings with key stakeholders across various sectors. He underscored the growing economic ties between the two nations.

“US companies’ total investments in Turkish firms are now close to $15 billion, while our bilateral trade volume reached a record $34 billion,” Tuzcu said. “Our goal is to achieve $100 billion in bilateral trade with the US.”

The MoU will further address issues such as improving visa application processes and facilitating smoother business interactions.

TOBB President Rifat Hisarciklioglu emphasized the growing role of US businesses in Türkiye, with nearly 2,000 American firms currently operating in the country. He also pointed out the importance of Turkish investments in the US, which amount to $11 billion. Hisarciklioglu urged more American investors to explore opportunities in Türkiye, citing the newly opened Chicago branch as a gateway for US companies.

“We will strengthen cooperation in post-earthquake reconstruction, health, defense, climate change, energy, and digital economy sectors,” he added, mentioning specific plans to support women entrepreneurship.

Khush Choksy, senior vice president of the US Chamber of Commerce, acknowledged ongoing discussions on key issues, including defense, e-commerce, and corporate tax. He also highlighted efforts to repeal Section 232, which currently imposes extra taxes on steel and aluminum products, as part of a broader strategy to increase bilateral trade.

Choksy concluded by expressing the US chamber’s commitment to visa facilitation for businesspeople and the modernization of the Customs Union to further improve trade relations between the two countries.

*Writing by Emir Yildirim