The closing event of the Turkish-Italian Economic Forum at the Venice Palace in Beyoğlu was held with the participation of the Italian Credit Agency (SACE), the Italian Trade Agency (ICE), the Italian Embassy in Ankara and the Consulate General in Istanbul, as well as Turkish businessmen.
At the event, Trade Minister Ömer Bolat stated that today's meeting took place at a very promising time for relations between Turkey and Italy and that the two countries have one of the strongest and most dynamic economic partnerships in the Mediterranean.
Stating that this partnership is built on mutual trust, complementary industrial capabilities and a long-standing tradition of cooperation, Bolat explained that Turkish-Italian relations have always developed on the basis of friendship and partnership and that the industrialists and businessmen of both countries have always worked closely together.
Stating that more than 1,600 Italian companies have been operating in Turkey for decades, and that even Italian companies that have been operating since the Ottoman period can be seen, Bolat continued his words as follows:
“The bilateral trade volume between Turkey and Italy today is about $30 billion. After Germany, Italy is one of Türkiye's most important trading partners. About a seventh of Türkiye's foreign trade with the European Union consists of trade between Turkey and Italy. Therefore, this relationship is of great importance. Our leaders have set the goal of reaching an annual trade volume of $40 billion in the medium term at the latest. I hope that we, our colleagues in Italy and the private sector of both countries will work together.” Hand in hand to achieve an ambitious but definitive goal: “We will reach the $40 billion goal, that is extremely achievable.”
“The investments of Italian companies in our country amounted to almost 3.5 billion dollars”
Minister Bolat pointed out that they successfully held the fourth intergovernmental summit between Turkey and Italy in Rome last year and that almost 500 business representatives and the heads of state and government of both countries took part in the forum. After the summit, 15 memorandums of understanding were signed. The agreements demonstrated the determination of the business community of both countries to further develop their partnership.
Bolat drew attention to the economic and investment agreements signed between the two countries and made the following assessments:
“Turkish and Italian business and industry are today inextricably linked. Because they work together, cooperate, produce parts for each other and bring these parts together in large-scale production processes in both Italy and Turkey. The total investments in our country by more than 1600 Italian companies operating in Turkey amount to almost 3.5 billion dollars. These Italian companies have made valuable contributions in a wide range of areas, especially in infrastructure, construction, energy, automotive, Finance, engineering, pharmaceuticals, etc. Turkish companies are also gradually expanding their presence in Italy, especially in the areas of logistics, transportation, port management, automotive, healthcare, chemicals, textiles and hospitality.”
“We can take our cooperation in third countries to a much higher level”
Trade Minister Bolat explained that Turkish contracting companies have implemented eight projects in Italy with a total value of $80 million and that very important joint projects have been carried out in third countries in the contracting sector, especially with the great support of SACE.
Bolat explained that the Turkish construction industry has so far carried out nearly 13,000 projects in 138 countries around the world and the total value of these projects has reached $562 billion. Turkish developers could receive comprehensive financing from SACE, the European Bank for Reconstruction and Development (EBRD), the World Bank and various financial institutions around the world.
Citing examples of projects supported by SACE and implemented by Turkish contractors in Turkey and other countries around the world, Bolat said: “This collaboration clearly shows how Turkish and Italian companies can create value together through investment models.” he said.
Explaining that they hope to continue this financial support in various projects, Bolat said: “Building on these successes, we believe that there is significant potential that will take our cooperation to a much higher level, not only in Turkey and Italy, but also in third countries. All these partnerships that I mentioned show how Turkish manufacturers and contractors can increase their competitiveness by collaborating with Italian financial institutions and manufacturers.” he said.
“Turkish and Italian companies are building strategic partnerships in many industries”
Stating that Turkish defense industry exports have increased 40 times in the last 23 years and reached a value of over $10 billion, Minister Bolat said that the partnerships formed by Baykar with Piaggio and Leonardo would strengthen Europe's defense capabilities and make a significant contribution to the successful progress of defense programs for its security.
Bolat said: “One of the topics that gives particular hope and encouragement is that Turkish and Italian companies are establishing strategic partnerships in many sectors. All these developments show that cooperation between two strong and friendly countries in the field of advanced technologies and science continues to deepen.” he said.
Bolat emphasized the contribution of the Customs Union Agreement to the economic relations between Turkey and the EU and continued his words as follows:
“We hope that our European friends and partners do not make a wrong decision that excludes Türkiye from the 'Made in EU' project. Such a decision will have serious negative consequences for the Turkish and Italian industries, which are very closely linked and integrated in terms of value chains, as well as for the European and Turkish industries in general. Any political decision that does not take this fact into account could harm both the European economies and industries and the Turkish economy.”
Bolat pointed out that there are many strong European leaders and governments supporting Türkiye, emphasizing that they are convinced that common sense will prevail in the EU and Türkiye will be evaluated within the framework of the “Made in EU” project thanks to the support and intensive efforts of Turkish, Italian and European leaders, the private sector and businessmen.
Bolat stated that they greatly appreciate the Italian government's strong and continuous support for a forward-looking and more inclusive approach: “We also trust in the support of the Italian government in starting negotiations to modernize the Customs Union.” he said.
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