Turkish American Chamber of Commerce & Industry Northwest (TACCINW) President Kurt Gokhan Olcer said that one of the most important factors for the growth of Turkey’s economy is to boost exports to the United States. Olcer said: “By taking concrete steps, Turkey’s exports to the United States can triple in five years.”
Olcer underlined that Turkey’s export policies and incentives to strengthen growth of exports provide very important opportunities for producers and continued as follows:
“One of the most important target markets for Turkey is the United States; growth in Turkey’s economy can accelerate by focusing on exporting to the United States.
Turkey’s exports to the United States is limited only to about $ 8 billion USD per year, despite the fact the the US is an import leader in the world with 2.4 trillion USD of annual imports.
This figure is below 5 per cent of total annual exports from Turkey and that is not acceptable.
Distance, market size, market entry costs and some recent political developments have led Turkish producers to be reluctant to invest in the US market.
However, these fears are unfounded, because we do not see a change in the American business world’s commercial approach to Turkey, and developments in recent years in logistics and e-commerce have led to greatly reduced market entry costs when compared to the past.
In addition, the rising dollar-lira exchange rate in financial markets is an opportunity for Turkish exporters.
The US import volume continues to increase every year and this growth will continue.
So far, raw materials, intermediate products and machinery industry took the largest share of exports from Turkey to the US.
It is possible to take advantage of other opportunities and achieve a 20 to 25 percent growth a year. This means that, Turkey can almost triple its exports in 5 years.
Companies that want to do business in the US must be data-driven, analytical, customer-focused and have good partners and counterparts in the US to reach the target audiences and offer highly demanded products at competitive prices. This is one of the most important issues for Turkish companies.
We, as TACCINW, have supported many Turkish companies in the USA, who have come to do business in our region. We arranged business meetings and networking events between companies and trade associations from the two countries.
We will continue to support Turkish companies and producers to grow and develop in the US market and ultimately for the development of the Turkish and US economies” – Istanbul