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Turkey to Boost Economic Relations with Germany

Written by: Bridgewest

At the end of October, Turkey and Germany held a joint economic forum in Ankara through which a deeper cooperation between the two countries was established. According to the new bilateral agreement, Turkey and Germany will improve their economic relations by boosting trade and by cooperating in new projects. If you want to open a company in Turkey, our local consultants can guide you through the procedure.

The Joint Economic and Trade Commission between Turkey and Germany

The Joint Economic and Trade Commission was one of the largest meetings held by Turkish and German officials and represented one of the most important moments of 2018, as the two countries have decided to boost economic relations in terms of trade and several joint projects, among which a few related to the energy industry.

One of the key discussion points was related to more investments of German companies in Turkey, as well as welcoming more Turkish companies in Germany. Several joint ventures will also be created and partnerships between German and Turkish companies would lead to projects in third countries.

If you need information on how to open a joint venture, our company formation consultants in Turkey are at your disposal. We can also help with the registration of such a business form.

Trading volumes between Turkey and Germany to grow

The meeting in Ankara was also important for trading companies in Turkey and Germany which are expected to enhance their cooperation with the purpose of increasing trading volumes between the two countries. Germany is currently Turkey’s largest trading partner and a stronger economic collaboration will further help raise the import-export volumes in both countries. Other cooperation agreements target new renewable energy, tourism and infrastructure projects.

The two government also plan on creating a joint trade commission with the purpose of supporting SMEs which are very important for both economies. In Turkey, SMEs are the most important contributors to the economy.

Foreign entrepreneurs who are interested in starting businesses in Turkey benefit from many incentives, among which tax cuts. If you need help in registering a company, please contact our Turkish company formation representatives.

 

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