Friday, Oct 23

Turkish Trade Minister calls on Korean firms to boost investment

"Turkey eyes more investments by Korean companies,” Ruhsar Pekcan said on Tuesday.
22.09.2020 - 14:43

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, 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."

"WE SHOULD ENCOURAGE OUR FIRMS TO USE LOCAL CURRENCIES"

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."

Besides expanding bilateral trade volume,