Medium-Term Target of $40 Billion in Foreign Trade Volume Between Turkey and Italy
During his contacts in Rome, the capital of Italy, Trade Minister Ömer Bolat stated that they aim to increase the trade volume between the two countries to $40 billion in the medium term.
Trade Minister Ömer Bolat met with his Italian counterpart, Antonio Tajani, and business representatives in Rome, announcing the target to increase the Turkey-Italy foreign trade volume to $40 billion in the medium term and reporting that they agreed on developing investments.
Contacts in Rome and Trade Target
Trade Minister Ömer Bolat met with Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs responsible for foreign trade, in the Italian capital of Rome, and with senior executives of leading Italian companies at a roundtable meeting. Recalling that total trade between the two countries has exceeded $30 billion and approached $32.5 billion in 2024, Minister Bolat stated that in line with the leaders' shared goal, the aim is to increase the foreign trade volume to $40 billion in the medium term.
Mutual Investments and Sectoral Cooperation
Stating that economic relations between the two countries are not limited to foreign trade alone, Bolat noted that 1,645 Italian companies having invested over $4 billion in Turkey operate through employment, production, exports, and taxes. He also conveyed that Turkish companies have approximately $1 billion in investments in Italy in the white goods, ceramics, defense industry, and automotive sectors.
European Union and Customs Union Messages
Minister Bolat reported that during his contacts in Rome, they also addressed EU-related issues, emphasizing the critical importance of the industrial acceleration law and the 'Made in EU' concept for Turkey. Stating that Turkey, as part of the Customs Union, should be included domestically within the 'Made in EU' scope like the 27 EU member countries, taking into account dependency factors, he conveyed that they requested support from Italy for the automotive sector.
Consultations with the Italian Business Community
Minister Bolat stated that together with Tajani, they met with senior executives of approximately 15 Italian companies that have major investments in Turkey in sectors such as the defense industry, communications, space technologies, energy, pipelines, automotive, port operations, and Ro-Ro transportation. He noted that they answered these firms' questions and explained the new incentive regulations aimed at increasing international direct investments in Turkey.