17 countries under focus for exports

17 countries under focus for exports

17 countries under focus for exports

Turkey has identified 17 countries and five strategic industries to boost the country’s exports under, Trade Minister Ruhsar Pekcan said on Aug. 28 in an event in Istanbul where she unveiled the Export Master Plan.

“Those counties on our radar account for 60 percent of the world’s GDP while their share in global imports is 43.7 percent and their share in Turkey’s total exports is 25.2 percent,” Pekcan said.

Those countries are the U.S., Brazil, China, Ethiopia, Morocco, South Africa, South Korea, India, Iraq, the U.K., Japan, Kenya, Malaysia, Uzbekistan, Russia and Chile.

“We also identified the machinery, automotive, electric-electronics, chemicals and food as the strategic industries. We target to increase the share of high-tech product exports in the country’s total exports to 5 percent from the current 3.5 percent,” Pekcan said.

She noted that the government’s 11th Development Plan, covering 2019-2023, is based on the understanding that a stable economic growth depends on exports.

“When we laid out this Export Master Plan, we took into account the targets set in the Development Plan. We are aiming at achieving $226.6 billion in export revenues,” she said.

The minister reminded that Turkey’s national income stood at $784 billion and its exports hit a record $168 billion in 2018.

“In 2001, Turkey’s share in global export volume was only 0.51 percent but the country’s share rose to 0.87 percent last year. We target to double Turkey’s share in those 17 countries’ imports,” Pekcan added.

“We want to transform free trade zones in our country into high-tech goods production centers, export centers and technology ‘greenhouses.’ We target to boost high-tech production and lure foreign investments to those centers. We invite high-tech investors to our country. We are setting a new course for a Turkey which increases its exports through productivity, innovation and digitalization,” the minister said.

Pekcan noted that the software and information technology industry’s share in global exports is 10.5 percent whereas the same sector’s share in Turkey’s total exports is only 1.3 percent.

“Our target is to catch up with global trends and become a successful exporting country in such fields.”

The minister also said the number of companies benefitting from Eximbank’s financial support will be increased to 12,500 and further to 15,500.

“This year, Eximbank will provide $48.4 billion in financial support. We aim to boost this support to $70.4 billion 2023,” she noted.