Officials from Israel and Turkey look to increase economic cooperation

Representatives from Israel and Turkey will meet here this week with the hopes of boosting their economic cooperation, which has already quintupled since the two countries entered into a trade agreement in 1997.

By MATTHEW KRIEGER
March 5, 2007 07:05
1 minute read.
Officials from Israel and Turkey look to increase economic cooperation

Abdullah Gul 298.88ap. (photo credit: AP)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Representatives from Israel and Turkey will meet here this week with the hopes of boosting their economic cooperation, which has already quintupled since the two countries entered into a trade agreement in 1997. The delegation of at least 30 Turkish businessmen, under the auspices of the Turkish Minister of Foreign Trade, Kursad Tuzmen, will participate in a conference organized by the Manufacturers Association of Israel, the Israel Export Institute, the union of trade offices, and the Turkish embassy in Israel. Minister of Industry, Trade and Labor Eli Yishai will meet with Tuzmen over the course of the conference, and the two ministers are expected to sign an agreement that will standardize products shipped between the two countries as well as expedite the shipping process. Israel and Turkey did $2.1 billion worth of trade in 2006 with Israel exporting $838 million worth of products. Israeli companies mainly exported chemicals and electronic equipment, consisting mostly of cellphone accessories. The communications market in Turkey, however, is vast, worth approximately $12b., and is expected to grow over the upcoming years. Israeli cellphone companies realize the tremendous potential in the Turkish market and, therefore, are focusing their energy into getting more of their products shipped to Turkey, according to the Manufacturers Association. Additionally, Israeli companies, which manufacture medical equipment are anxious to tap into the medical market in Turkey, worth an estimated $2b. Turkey, which exported $1.27b. worth of products to Israel in 2006, is similarly looking to expand its presence in the Israeli market. Chief among Turkish exports to Israel were textiles and building materials and supplies. The agreement that is expected to be signed between Yishai and Tuzmen would allow both countries to increase their revenues from imports and exports, as well cut down on the amount of time it takes to process shipments. Also, over the course of the conference, the two sides will check on the progress of the industrial research and development agreement that was signed between Turkey and Israel a number of years ago. In addition to increasing exports to Israel, large Turkish companies are considering investments in Israel. Zorlo, the energy giant, is seeking to invest $200m. to conduct tests in Israel that research the possibility of producing electric energy from natural gas, and five large Turkish chemical companies are looking to open offices here. Among the industries that will be represented at this week's conference are medical equipment, textile, building material and military equipment manufacturers.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS