China-Turkey Trade: Business leaders meet in Istanbul to boost cooperation

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02:45

In a move to boost economic cooperation, business leaders from both China and Turkey attended a trade and investment conference in Istanbul to discuss opportunities. CGTN's Michal Bardavid reports.

China and Turkey have been seeking ways to increase bilateral cooperation. Chinese businesses from industries such as infrastructure, finance, security and agriculture have shown interest in increasing trade with Turkey.

MICHAL BARDAVID ISTANBUL "According to the Chinese Consul General in Istanbul, over the past five years, Chinese investment in Turkey grew by 120 percent. But leaders from both countries are still hoping to attract more investors. Meanwhile, Turkish companies are exploring new ways to enter the Chinese market."

On March 28th, business leaders from both countries attended the Turkey-China Trade and Investment Conference. A Chinese delegation including 28 enterprises and over 40 entrepreneurs were also present during the event where the Chinese Ambassador made the opening speech.

DENG LI CHINESE AMBASSADOR TO TURKEY "I think that to export to China, two things need to be done. First, you need to find the right path and reach the right people in China to create partnerships. Secondly, you need to find ways to make your brand known in the Chinese market. For example, Turkish pistachio nuts are famous worldwide, but how many Chinese people are aware of them?"

Officials stated that since China and Turkey began cooperating under the Belt and Road Initiative, the trade volume between the two sides reached $100 billion dollars, and more could be expected.

LYU XINHUA CHAIRMAN, COUNCIL FOR PROMOTING SOUTH-SOUTH COOPERATION "The Chinese government's Belt and Road Initiative started to bear fruit within a few years of its launch, in terms of partnerships with other countries, including Turkey. For example, we collaborated with them on the high-speed rail project. Now, we need to continue with these efforts."

Last November, 38 Turkish firms attended the annual Chinese International Expo in Shanghai and signed deals worth $680 million dollars. Many Turkish business leaders also emphasize the importance of this fair.

MURAT KOLBASI CHAIRMAN, TURKEY-CHINA BUSINESS COUNCIL FOREIGN ECONOMIC RELATIONS BOARD OF TURKEY "I advise those who want to invest in China or enter the Chinese market to attend this expo (CIIE). This is like the first door to the Chinese market. Next, I advise businesses to attend fairs for their corresponding industry in different cities like Shanghai, Guangzhou, Hong Kong, and Shenzhen."

In 2021, China and Turkey will be marking the 50th anniversary of the establishment of diplomatic relations. By then, both countries hope to increase cooperation in trade, culture and tourism. Michal Bardavid, CGTN, Istanbul.