Over last 22 years, Türkiye raised its share of world trade from 0.49% to 1.08%

By Gokhan Ergocun

ISTANBUL (AA) – Over the last 22 years, under its current ruling party, Türkiye's share of global trade more than doubled from 0.49% to 1.08%, also reaching the rank of the 17th-largest economy in the world in terms of GDP and 11th in terms of purchasing power parity, the Turkish trade minister said Tuesday.

Speaking at the Independent Industrialists and Businessmen’s Association (MUSIAD) Expo 2024, which brings together businesspeople and investors from 88 countries in Istanbul, Omer Bolat said: "We should be proud of these developments and achievements, but are they enough? No, we have a long way to go."

The four-day expo, starting on Tuesday, targets $1 billion in trade volume through business-to-business (B2B) meetings, Anadolu is the global communications partner of the event.

Bolat stressed that the expo is an important international trade and investment platform that brings together the Muslim business world from the US to Indonesia, from South Africa to Russia, from Portugal and the UK to the Middle East and Türkiye.

The Trade Ministry always stands on the side of exporters and is using all its units to work to boost exports and provide resources to exporters.

On the incentives and support offered to exporters, Bolat said the ministry also makes trade pacts with foreign countries, organizes international summits and meetings, and plays a team game with all stakeholders in the sector.

Cevdet Yilmaz, the Turkish vice president, said at the opening ceremony that the fair will contribute to economic cooperation and prosperity at the regional and international level by paving the way for new collaborations and investments.

Mahmut Asmali, the head of MUSIAD, also said the event is hosting 2,150 participants from 115 countries and 300 firms in numerous sectors, including textiles, machines, construction, energy, food, defense, and high technology.

Large delegations from Algeria, Iraq, Malaysia and the UK will speed up the expansion of trade on a global scale at the fair, where there are 19 country pavilions, he said, adding that with Trade Ministry support, MUSIAD is bringing together more than 650 participating procurement delegations from 88 different countries with Turkish companies.

The expo is being held in Istanbul for the 20th time.