Turkey eyes $1 trillion trade volume by 2023

June 19, 2012, Tuesday/ 02:06:00

The Turkish prime minister has said Turkey is aiming for a $1 trillion trade volume by 2023, when it will mark the 100th anniversary of the Turkish Republic, noting that the country's economy is being carefully watched by markets across the world.

Turkish Prime Minister Recep Tayyip Erdoğan, addressing participants of the B-20 Business Summit “Trade and Investment” task force, spoke at length about the business environment in Turkey, trade goals and opportunities for doing business in the country. He underlined that Turkey has become a country that international traders are watching very carefully because of its rapid growth rate, increasing foreign trade volume, lucrative investment environment and investment promotions in recent years.

He noted that Turkey was affected from the global crisis to a limited degree because of the implementation of effective fiscal and monetary policies, improvements to the public debt structure and the reduction of the risk of liquidity in the banking system. Erdoğan said while many countries have continued to struggle with economic and financial problems since 2008, Turkey is marching forward on a new path.

The Turkish premier noted that with an 8.5 percent growth rate in 2011, a $772-billion national income and a $376-billion foreign trade volume, Turkey has become an “island of stability” in the region it is located.

Erdoğan asserted that there is almost no country where Turkish products are not sold and that Turkey's goal is to increase its current market share in countries all around the world. He said Turkey is planning to reach $1 trillion in foreign trade volume, half of it in exports, by 2023.

The Turkish prime minister also added that Turkey has many advantages that will allow it to reach its goals, listing the transparency of Turkish laws in guaranteeing business rights and granting equal rights to investors.

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