The trade volume between Turkiye and Switzerland is expected to reach $5 billion by the end of this year.
According to the statement made by the Presidential Investment Office, a “CEO Roundtable Meeting” was held in Istanbul with the cooperation of the Swiss Chamber of Commerce, the Swiss Embassy in Ankara and the Presidential Investment Office.
At the meeting held to discuss the strengthening of commercial and economic relations between the two countries, representatives of Swiss companies in Turkiye evaluated cooperation opportunities in terms of innovation, sustainability and start-up ecosystems, as well as bilateral trade and investment opportunities.
Speaking at the opening of the roundtable meeting, Presidential Investment Office Chairman Ahmet Burak Daglioglu stated that Turkiye has a strong, resilient and fast-growing economy.
Daglioglu said, “Turkiye provides access to global markets at the intersection of Europe, Asia and Africa, as well as investor-friendly policies and a large talent pool to attract sustainable international direct investments.”
Daglioglu noted that the investment stock of Switzerland, which is an important player in the global direct investment volume, in Turkiye exceeded $5 billion in 2021. “With the support of Ambassador Ruch (Swiss Ambassador to Ankara Jean Daniel Ruch) and the Swiss Chamber of Commerce, we had the opportunity to meet with Swiss business people who have investments in our country and discuss their current investments and investment projects in the near future.”
“Swiss business people are aware of Turkiye’s potential”
Swiss Ambassador to Ankara Jean Daniel Ruch also stated that important economic actors in Switzerland are aware of the long-term potential offered by Turkiye.
Noting that Swiss companies rank first in international direct investment from the beginning of the year until today, Ruch said, “While Switzerland takes the first place in the innovation lists in the world, Turkiye has displayed a remarkable program in innovation activities in recent years. We will see whether the two ecosystems will meet at some point in the coming years.”
Arpat Şenocak, President of the Swiss Chamber of Commerce in Turkiye, also stated that bilateral trade recovered with normalization and followed a continuous upward trend.
Şenocak said, “We expect the imminent entry into force of the modernized free trade agreement between Turkiye and EFTA countries (including Switzerland) to help further growth in commercial exchange.”
Trade between the two countries is growing steadily
According to the information given in the statement, the regular relations between Switzerland and Turkiye are also evident in the regular increase in trade figures.
While Turkiye is Switzerland’s 24th largest trading partner, the trade volume between the two countries reached $4.6 billion in 2021. While the trade volume is predicted to increase further in the coming period, it is expected to reach the level of $5 billion in 2022.
Among the products Switzerland exports to Turkiye are chemicals, medicines, machines and watches. Turkiye, on the other hand, mainly exports textiles, precious metals, vehicles and agricultural products to Switzerland.
While Turkiye stands out as an important tourism destination for Switzerland, more than 200 thousand Swiss tourists visited Turkiye in 2019. This figure is expected to reach 300,000 in the post-COVID-19 period.
300 Swiss companies operate in Turkiye
Switzerland is among the leading countries in the world for direct investments abroad. Standing out with its investments in different parts of the world, Switzerland, especially when investing in long-term projects, With more than 300 companies in machinery, medicine, chemistry, banking, insurance, tourism, food, transportation and different fields, it is also the 8th largest international investor in Turkiye.
Swiss companies contribute to Turkiye’s construction and infrastructure globally and locally, providing not only materials but also engineering and construction expertise in areas such as waste-to-energy generation, railways, highway construction and seaport infrastructure.
Source: Trthaber / Translated by Irem Yildiz