Turkey Aims to Boost Trade and Investment with the UK

Emporium Development

Emporium Development

Turkey is hoping to boost trade and investment with the UK, with plans to open diplomatic attaches in Edinburgh and Birmingham. The attaches will work alongside its trade counselor in London.

Ankara has decided to increase Turkey’s trade counselors from 115 to 250, in the hope of making it easier for British individuals and companies to invest in Turkey, and it feels that Edinburgh and Birmingham are key centres of trade.

In spite of its optimism in opening these new diplomatic attaches, Ankara is worried about the state of the UK economy and feels that its recovery is still somewhat fragile after the global crisis. Gross domestic product in the UK is expected to grow by just 1.2% this year, making it one of the worst performing economies in the OECD.

However the UK is still the seventh largest economy in the world and is second only to Germany in Europe. It’s also the sixth largest importer, and accounted for 15% of Turkish exports in 2010, making it Turkey’s second largest market. Even though the UK economy is still weak, exports to the country increased by 20% during the first seven months of 2011, and the UK is the top importer for many industrial products produced by Turkey.

A joint trade and economy meeting was held in Istanbul earlier on in the month, bringing together more than 300 business people from Turkey and the UK. The business secretary, Vince Cable is also due to visit Turkey towards the end of September and will lead a delegation of key business people from a number of different sectors.