Minister Bolat: Türkiye-EU economic integration also matters to Europe

Trade Minister Ömer Bolat said during his meetings in Rome that total trade between Türkiye and Italy had exceeded $30 billion and that a $40 billion target had been set for the medium term. Bolat said 1.

Minister Bolat says Türkiye-EU economic integration also matters to Europe

Trade Minister Ömer Bolat attended a roundtable meeting in Rome with Antonio Tajani, Italy's deputy prime minister responsible for foreign trade and foreign minister, and executives of Italian companies. Bolat assessed the economic dimension of Türkiye-Italy relations.

Bolat said Italy was a valuable partner and NATO ally for Türkiye, adding that it was Türkiye's second-largest foreign trade partner within the European Union, fifth-largest worldwide and largest in the Mediterranean Basin. He said total trade between the two countries had exceeded $30 billion and noted that the figure had approached $32.5 billion in 2024.

Bolat said Türkiye and Italy aimed to reach a foreign trade volume of $40 billion in the medium term. He added that economic relations were not limited to trade and that bilateral investments had also reached a significant volume.

Italian investment in Türkiye exceeds $4 billion

Bolat said 1,645 Italian companies that had invested more than $4 billion in Türkiye were operating in the country. He said these companies contributed to employment and production, exported goods and paid taxes. He added that Turkish companies' investments in Italy stood at approximately $1 billion.

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Bolat said the investments were concentrated particularly in the white goods, ceramics, defense industry and automotive sectors. He said his meeting with Tajani had been productive and constructive, adding that they had agreed to develop cooperation not only in trade and investment but also in energy, contracting activities in third countries and cooperation between Exim Bank institutions.

Italy asked to support “Made in EU” regulation

Bolat said the European Union's industrial acceleration law and the “Made in EU” concept were also discussed during the meetings in Rome. He recalled that Türkiye had been part of the Customs Union for 30 years and said close supply chains and mutual interdependence existed between Turkish and European industries.

Bolat said they had asked for Italy's support, arguing that Türkiye should also be included in the scope of “Made in EU” in the automotive sector, like the European Union's 27 member states. He said Tajani had stated that the issue had only recently begun to be discussed within the EU and that Italy supported Türkiye's arguments.

Bolat calls on Italian companies to make new investments

Bolat said he and Tajani had met with senior executives of approximately 15 Italian companies that had investments in Türkiye in areas including the defense industry, communications, space technologies, energy, pipelines, automotive, port operations and Ro-Ro transport.

Bolat said they had answered the companies' questions at the meeting and encouraged them to make further investments in Türkiye. He added that the government had explained its new incentive regulations aimed at increasing international direct investment.

Emphasis on Türkiye-EU economic integration

Bolat said mutual resolve had been demonstrated to preserve stability in the Mediterranean, Eastern Mediterranean, Red Sea, Bab al-Mandab, the Middle East and Libya, as well as in Türkiye-EU relations, and to increase Türkiye-Italy cooperation.

Bolat said Türkiye-Italy relations would be developed bilaterally, while Türkiye-EU relations would be advanced within the framework of the Customs Union and economic integration. He added that they were conducting meetings in EU member states and Brussels for this purpose.

Bolat said total foreign trade between the European Union and Türkiye had reached $1 trillion over the past five years, while trade volume had amounted to $233 billion last year alone. He said they continued to explain that Türkiye-EU economic integration was important and beneficial for both Türkiye and the European Union.