Turkish economic system min. to go to South Korea to spice up commerce

nihat-zeybekciTurkish Economic system Minister Nihat Zeybekci will meet South Korea’s Commerce, Trade and Vitality Minister Yoon Sang-jick on Thursday in Seoul to spice up bilateral financial ties.
Zeybekci is predicted to carry conferences with the CEOs of Samsung, CJ Group, Doosan Group and Hyundai to persuade them to spend money on Turkey, the Turkish Ministry of Economic system stated in a press release Saturday.
Turkey and South Korea will signal free commerce offers within the funding and repair sectors to enhance a free commerce settlement that got here into impact in Might 2013.
The 2 international locations reached a de facto settlement without cost commerce within the funding and repair sectors in July 2014 after a seventh spherical of negotiations to slender their remaining variations on the textual content of the free commerce settlement.
“After the implementation of the settlement, we will even mark Turkey’s first-ever free commerce pact within the service and funding sectors,” the ministry stated.
Turkey, an rising economic system, has additionally demanded free commerce agreements with the EU and the U.S. Up to now, it has signed 17 free commerce agreements; nonetheless, these solely cope with merchandise.
“The Turkish economic system and labor market will develop after the settlement comes into impact. South Korean companies’ direct funding into our nation will even be positively affected. The settlement is an indication that Turkey doesn’t concern worldwide competitors in any space,” the assertion stated.
“The settlement is a crucial instrument to attain a commerce quantity of $10 billion in a brief interval,” the ministry added.
Commerce between two international locations stood at $7.5 billion final 12 months. It’s comprised of $471 million in exports to South Korea and $7.5 billion in imports to Turkey, in line with the ministry.
South Korean firms are very energetic in Turkey, significantly within the automotive, IT, mining, tourism and manufacturing industries.

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