Turkish firms have advantages for US companies

By Gokhan Ergocun

ISTANBUL (AA) - This is the right time to invest in the U.S., and Turkish firms are more advantageous than Chinese firms for U.S. companies, according to U.S. Commerce Secretary Wilbur Ross.

Cooperation between governments is not enough, the public sectors should collaborate, he stressed during a weekend meeting organized by the Turkey-U.S. Business Council (TAIK) and Turkey's Foreign Economic Relations Board (DEIK).

He also said over 1,700 U.S. companies are active in Turkey and this situation has opportunities for enriching bilateral relations.

The goal of reaching $100 billion in trade between the U.S. and Turkey should be contributed halfway by both countries, he said.

Nail Olpak, the head of DEIK, said: "Although there have been some issues between the two countries of late, the trade volume posted an increase."

DEIK prepared a report on the $100 billion trade target with the coordination of the Turkish Trade Ministry and sent it to the U.S. side, said Olpak.

Since arriving in Turkey on Sept. 6, Ross has met with several business associations in the financial hub Istanbul such as the DEIK, TAIK and the Turkish Industry and Business Association.

He met with Turkish Treasury and Finance Minister Berat Albayrak on Monday and he will meet with his Turkish counterpart Ruhsar Pekcan in the capital Ankara on Tuesday.

In 2018 Turkish-U.S. trade was around $20.6 billion -- including $8.3 billion in exports from Turkey -- according to TurkStat, the Turkish Statistical Institute.