Minister Bolat assessed the transformation of Türkiye’s economy in recent years and Türkiye-U.S. economic relations at the fourth Turkish-American Business Gathering organized by the Anatolian Lions Businessmen’s Association in New York.
Bolat said Türkiye had an economy worth approximately $60 billion and annual exports of $2.9 billion in 1980. He said there were around 25,000 companies and approximately 1,000 exporters in the country at the time, adding that Türkiye’s economic capacity had increased significantly over 45 years.
Exports reach $405 billion
Bolat said Türkiye’s output had reached $1.706 trillion as of June, while goods exports stood at $280 billion and services exports at $125 billion as of August. He said total exports had thus risen to $405 billion and that total foreign trade volume, including imports, had reached $860 billion.
Bolat said Türkiye was the world’s 16th-largest economy and ranked 11th according to purchasing power parity. He said the country had recorded average annual growth of 5.4 percent over the past 23 years, adding that significant transformation had taken place in infrastructure, superstructure, education, health, energy, the environment, culture, youth, sports and transportation.
Bolat drew attention to Türkiye’s production and technology capacity, the image of Turkish goods and the country’s international reputation. He said the services sector had also come to the fore in areas including tourism, contracting, health, education, information technology, software, gaming and trade fairs. Bolat said these areas formed an ecosystem together with Türkiye’s economy, foreign trade and tourism.
Türkiye and U.S. set $100 billion trade target
Assessing economic relations between Türkiye and the United States, Bolat said the United States was Türkiye’s second-largest export partner and fourth-largest import partner. He said the United States was the second-largest source of investment in Türkiye and that approximately 1 million tourists from the country visited Türkiye.
Bolat said bilateral foreign trade volume had reached $38 billion, adding that the Turkish business community in the United States played an important role in developing this trade. He said Türkiye’s economy would become stronger if the country improved its exports and balance of payments.
ASKON Chairman Orhan Aydın said the global economy was undergoing a rapid transformation and that they attached importance to the goal of increasing trade between Türkiye and the United States to $100 billion.
Aydın said the $100 billion target would mean more Turkish companies entering the U.S. market, more U.S. investors investing in Türkiye, joint production, technology transfer and increased employment. He said Türkiye’s production strength and the United States’ technology and capital capacity could be turned into joint projects in energy, the defense industry, aviation, software, artificial intelligence, agriculture, tourism and high-tech manufacturing.
The Turkish diaspora’s contribution to economic ties
Minister Bolat also spoke at the Global Turks New York Forum organized by the Global Turks Foundation in New York. Bolat said an intensive program was being carried out in New York, adding that they had attended President Recep Tayyip Erdoğan’s bilateral meetings and that ministers had held various engagements.
Bolat said Turks living abroad had made significant progress in recent years in organizing and conducting diaspora activities. He said the spheres of influence created by Turkish organizations in different countries contributed to promoting Türkiye, adding that Turks living abroad could serve as a bridge between Türkiye and the countries where they live.
Bolat said developments involving Turkish Airlines, Turkish television series, the gaming sector and industry had increased Türkiye’s global visibility. He said the Turkish diaspora contributed to strengthening Türkiye’s economic, commercial and global ties.
