Turkey is keen on increasing investments and enhancing bilateral trade with Sri Lanka which is today at a take-off position with the government supporting economic growth, Turkish Ambassador Tunca Ozcuhadar told the media at a business-to-business meeting between Turkish electrical electronics services and exporters and Sri Lankan companies in Colombo last week.
He said Turkey will take steps to enhance trade with Sri Lanka from the US$ 150 million recorded so far this year to a higher level.
There are ample opportunities to increase trade between the two countries which have been maintaining cordial relations for many years.
Trade relations between Sri Lanka and Turkey has been steady over the years.
Turkey exported goods to the value of US$ 51 million to Sri Lanka up to the third quarter this year and imported goods to the value of US$ 115 million from Sri Lanka during the same period. Exports from Sri Lanka to Turkey range from tea to textiles while imports include electrical and electronic items.
A 16-member high powered business delegation was in Sri Lanka last week to meet their counterparts in Sri Lanka and explore investment and trade opportunities in Sri Lanka.
The number of visitors from Turkey increased from 664 in 2011 to 3,108 in 2015.
Turkey hopes to commence direct flights to Sri Lanka through its flagship carrier the Turkish Airlines which flies daily to Sri Lanka and operates to over 200 destination across the world.
“We have commenced an online Visa service and there is no hassle in obtaining Visas to Turkey,” Ozcuhadar said.
Turkey is mulling expanding trade ties with the SAARC region which will benefit Sri Lanka, a member of the Association. Construction, electric and electronic and tourism are some of the key sectors that both countries could explore for business enhancement, he said.
“Earlier this year, a delegation from Turkey-Sri Lanka Business Council of the Foreign Economic Relations Board of Turkey visited Sri Lanka.
They signed a Memorandum of Understanding with the Ceylon Chamber of Commerce. Within the next two weeks, responsible ministers from Turkey and Sri Lanka will negotiate at the Joint Economic Council in Ankara.
Relations between business organisations in the two countries as well as government to government relations are on a mutually beneficial path,” Ozcuhadar said.
Turkey has simplified the procedure to set up companies in the country with tax concession granted for new ventures to be set up in the North of Turkey which needs more investments.
When queried about the security condition and how conducive the country is for investments, the ambassador said there is no major security issue except in the borders which is under tight security.
Despite the global economic slowdown over the past few years, Turkey has been showing great economic performance since 2009.
In the first quarter of this year, its economy grew at the rate of 4.8 percent. According to recent data, last year, Turkey was among the top five countries with the highest growth rate.
When indicators are compared, the debt of European countries is higher than that of Turkey.
Turkey’s debt to GDP ratio is 30-32 percent while this ratio in OECD countries is 93 percent and in other European countries it is as high as 116 percent.
“Our banking system is also very strong and capital adequacy ratio is at 15.5%,” he said.