Turkish trade body, German SMEs group ink cooperation deal

Turkish trade body, German SMEs group ink cooperation deal


The Foreign Economic Relations Board of Turkey (DEIK) signed an agreement with the German Association for Small and Medium-sized Businesses (BVMW) on Oct. 28.

A memorandum of understanding was signed at the DEIK headquarters in Istanbul by Nail Olpak, head of the DEIK, and Markus Jerger, general manager of the BVMW.

Olpak said both the Turkish and Germany economies are reliant on small and medium-sized enterprises (SMEs), and the agreement between the DEIK and BVMW represents a historic move in the field.

As part of the agreement, a Turkey-Germany Business Summit will be held next year, according to the official.

He pointed out that Turkey and Germany have also been discussing ways to boost their cooperation in Africa, adding that this agreement will bolster their collaboration overseas and greatly benefit the two countries.

Olpak called for both countries to enter new markets, explore use of latest technologies, and work together on green transition initiatives.

He said Turkey and Germany’s current bilateral trade volume is around $40 billion and their medium-term target is $50 billion.​​​​​​​