Turkey calls on Korean firms to boost investment

By Merve Ozlem Cakir

ANKARA (AA) – Besides expanding bilateral trade volume, Turkey eyes more investments by Korean companies, the Turkish trade minister said on Tuesday.

Speaking at the Turkey-Korea Business and Investment Meeting Forum organized by Turkey’s Foreign Economic Relations Board (DEIK) and Korea Chamber of Commerce and Industry, Ruhsar Pekcan said: "We expect concrete steps from Korea to ensure that the two countries can develop their bilateral trade ties with a win-win principle, in a balanced and sustainable manner."

The bilateral trade volume between Turkey and Korea was around $6.7 billion in 2019, Pekcan said, also pointing out the trade gap to the disadvantage of Turkey.

"The foreign trade deficit with Korea against Turkey despite a free trade agreement (FTA) is not sustainable," Pekcan underlined.

She added that the country expects the FTA to serve increasing bilateral investments.

Stressing the importance of trade in local currencies for Turkey, Pekcan said: "We should encourage our firms to use local currencies as much as possible in bilateral trade."