Türkiye aims to emerge as 'a global powerhouse,' join top 10 economies

By Aysu Bicer and Nuran Erkul Kaya

LONDON (AA) - Türkiye aims to emerge as "a global powerhouse" and join the top 10 economies, Burak Daglıoglu, president of the Investment Office of the Presidency of Türkiye, said on Monday.

“This is an ambitious target, and I am sure that we will achieve it," said Daglıoglu.

In a gathering at the Turkish Embassy Residence in London, an event called “Türkiye: Your Durable Investment Partner” hosted by Ambassador Osman Koray Ertas brought together influential figures from the world of business and finance, including Daglıoglu and Arda Ermut, the head of the Türkiye Wealth Fund.

During the reception, Daglıoglu delivered a captivating speech highlighting Türkiye's remarkable economic progress and ambitious goals for the future.

"This is our first reception among the capitals because this is our centennial of the Republic of Türkiye," Daglıoglu said. "We believe that we did a really good achievement to get ranked among the top 20 economies currently, with a compound annual growth rate of 5.4% since 2003. I believe this is a substantial figure."

Daglıoglu went on to emphasize the outstanding growth in Türkiye's exports.

"In 2002, Türkiye's exports were just $36 billion, which has now surpassed $250 billion. This is like a seven-fold increase," he said. "We attribute this success to the significant contributions made by international investors, including those companies that have operated in Türkiye for more than 100 years."

Determined to position Türkiye as a global powerhouse, Daglıoglu invited international investors to participate in a wide range of sectors.

"We are inviting you to invest not only in production activities but also in R&D, logistics, regional management activities, and industries like clean energy, clean infrastructure, financial services and digital businesses."

- UK, Türkiye forge strong bilateral trade relationship, eye further growth

Nusrat Ghani, the UK's minister of state for science and investment security, also highlighted the remarkable growth and resilience of the bilateral trade relationship.

"Our thoughts continue to be with you and those affected by the terrible earthquake in February. The UK continues to offer support and solidarity as you prepare for recovery and rebuilding," said Ghani. "Such recovery includes a continued positive drive into trade and investment."

Ghani underscored the strength of the UK-Türkiye bilateral trade relationship, revealing that it had reached a historic high of £23.5 billion ($29.4 billion), representing growth of over 30% in the past year alone.

She also highlighted the upward trend in Turkish investment in the UK, signaling a mutual commitment to further enhance trade ties.

"There is even more we can do to increase our trade. We should continue to foster this," Ghani said.

Ermut, the general manager of the Türkiye Wealth Fund, said the event underscores the importance of the friendship between the UK and Türkiye while fostering stronger relations regarding investment opportunities.

“This year carries a profound meaning for us, as it marks our nation's centennial anniversary. 2023 is the beginning of our new vision, the center of Türkiye, building upon the momentum gained in the recent years,” he said.

"Our goal is to crown this progress with this century of Türkiye elevating our country amongst the top 10 leading nations in the political, economic and even sporting domain.”

He said the fund can also play a role to help British investors to invest in Türkiye as a strategic partner, creating opportunities through its portfolio companies in different sectors.

Ambassador Ertas also said Türkiye and the UK are two major non-EU partners on the edges of the continent and they are seeing each other as real strategic partners and allies within NATO.

"And our short to medium-term objective is to expand our free trade agreement. Both governments are adamant on this. Obviously, during election times, many things are put on hold. But now elections are over...We could kickstart action just after the elections and focus on bilateral investments and trade."