News & Analysis

Belarus-Turkey Investment Forum to increase investment and trade between the two countries

“Belarus-Turkey cooperation has huge potential. It is not just another popular phrase mentioned during bilateral talks. It is true. There are huge opportunities for expanding mutually beneficial trade and economic cooperation. Now, the Belarus-Turkey trade stands at $400 million, but it is obvious that the figure fails to reflect the existing opportunities. Belarus and Turkey are mutually complementary in the industrial sphere,” said Elnur Osmanov, Deputy Coordinator of the Turkey-Eurasian Business Councils in the Foreign Economic Relations Board (DEIK) under the aegis of the Turkish Economy Ministry, in Grodno on August 12.

Osmanov added that he was confident the work would produce results. “Cooperation with leading industry organisations of Turkey has been established already. Apart from that, work on creating a guidebook on doing business in Belarus is in progress. This substantial and rather concrete book will target Turkish business people, who, I have to admit, know little about Belarus’ investment appeal now. Nevertheless, Belarus still possesses factors, which are important for business success: political stability, no corruption, preferential business terms in free economic areas, and an advantageous geographical location,” he said.

The automotive sector is one of the most promising industries. “Turkey makes a lot of components, automobile parts that Belarus needs. On the other hand, Turkey has no enterprises that make harvesters,” Osmanov said.

The upcoming Istanbul forum is expected to gather up to 300 participants from each side. Agreements on cooperation between several free economic zones in Belarus and Turkey are expected to be signed.

Source: NAIP