PM Yildirim invites Hungary to invest in Turkey

By Tuba Sahin

ANKARA (AA) - Turkish Prime Minister Binali Yildirim has invited Hungarian investors to invest in the country that offers lucrative incentives in several sectors.

Speaking at a Turkey-Hungary Business Forum in Ankara Friday, Yildirim said that Turkish and Hungarian investors should benefit from incentives introduced in the last one year in order to achieve their bilateral trade target.

The environment is convenient for $5 billion trade target between the two nations, from current level of $2.1 billion, the prime minister said.

"As politicians, it is our duty to reduce bureaucracy, remove barriers and prepare a substructure," he added.

Yildirim praised transportation network between the two countries, but admitted that "visa issue" had not been solved yet.

"Transportation was first and foremost in order to increase trade volume. However, it is not enough to set up airways or highways.

"Measures to ease visa process for at least business people have not been taken, which is the primary need," he added.

About 500 investors from Turkey made an investment of $100 million in Hungary in sectors of logistic, industry and services, compare to 40 Hungarian investors with just $20 million investment.

"The amount of their investment is low, around $20 million. This should increase,” he said.

"There was a great tourism potential in both countries, therefore companies operating in the sector should form new formulas to increase tourism number," Yildirim added.

Speaking on the occasion, Turkey's Economy Minister Nihat Zeybekci said that Turkish Eximbank provided $750 million while Hungarian Eximbank provided $255 million credit volume.

"We want that these Eximbanks come together in order to support Turkish and Hungarian investors' business in other countries." Zeybekci said.

He also asked Hungarian investors to discover power and potential of Turkey.

Turkey's export to Hungary stood at $831.7 million while its import to the country was $1.3 billion, according to Turkish Statistical Institute.