Turkish Trade Center opens in New York’s Manhattan

NEW YORK – Anadolu Agency

A new Turkish Trade Center was opened in New York’s Manhattan on Sept. 21.

“New York is where everything begins, is designed, born and distributed all around the world,” Economy Minister Nihat Zeybekci said at the opening ceremony of the center.

“New York’s gross domestic product is around $1.4 trillion, higher than the GDP of Russia,” Zeybekci added. 

Located near Fifth Avenue, the center will provide offices for Turkish companies that want a physical presence in the world’s biggest economy to access the U.S. market.        

The 2,500 square meters of space is divided into four sectors - home textile, apparel, carpet and business contacts.

The goal of the center is to increase the volume of Turkish exports to the U.S.        

“Turkey’s export volume to the U.S. was $6.6 billion last year, while the import volume was $10.9 billion,” Turkish Exporters Assembly (TİM) Chairman Mehmet Büyükekşi said.

“But these numbers are not sufficient, they must be increased. However, when we look at the first eight months of 2016, there is a 36 percent increase in Turkish exports to the U.S. compared to last year,  reaching $5.1 billion,” Büyükekşi added.        

Zeybekci emphasized the importance of an export-oriented economic growth model.      
  
“Some 3.9 percent of the 5.2 percent growth rate during the first two quarters of the year came from exports and production,” he said.        

After growing by 3.2 percent last year, Turkey’s economy posted strong growth rates of 5.2 percent and 5.1 percent in the first and second quarters of 2017 respectively.      
  
Those figures were above major economies such as the U.S., the U.K. and  Germany, which saw second quarter year-on-year growth of 2.2 percent, 1.7 percent and 2.1 percent respectively, according to the Organization for Economic Cooperation and Development (OECD).

Outlining ways to avoid debt and a current account deficit, Zeybekci highlighted attracting sustainable foreign investment and transferring Turkey’s resources towards exports.        

“That’s why, as a government, we are providing $3 million per annum to  support Turkish Trade Center in New York,” he said.      

The center follows similar Turkish enterprises in Iran, Dubai and Chicago. Others are due to be opened in Moscow, Frankfurt, London, Tokyo and Oslo, Zeybekci stated.