Turkey, with its strategic geographical location, has always been a bridge between the East and the West. And now, the country is using this advantage to attract Chinese investors who are eager to access the European markets tariff-free. Recently, Turkey successfully lured a major carmaker to set up a production plant in the country, thanks to its EU customs deal.
Turkey’s location between Asia and Europe has always been a key factor in its economic growth. The country has been a hub for trade and commerce for centuries, connecting the continents and facilitating the flow of goods and services. And now, with the help of its EU customs deal, Turkey is taking advantage of its position to attract more foreign investment, particularly from China.
The EU-Turkey Customs Union, which was established in 1995, has been a driving force behind Turkey’s economic growth. This agreement allows for the free movement of goods between Turkey and the EU member states, without any customs duties or quotas. This has made Turkey an attractive destination for foreign investors, especially those looking to access the European markets.
China, with its booming economy and growing global influence, has been eyeing the European market for quite some time now. And Turkey, with its strategic location and EU customs deal, has become an ideal entry point for Chinese investors. The recent success in luring a major carmaker to set up a production plant in Turkey is a testament to this.
The Chinese carmaker, which remains unnamed, will be investing $1.3 billion in Turkey to set up a production plant for electric and hybrid vehicles. This investment is expected to create thousands of jobs and boost the country’s economy. And the fact that Turkey offers a gateway to the European market with its EU customs deal was a major factor in the carmaker’s decision to choose Turkey over other potential locations.
This is not the first time Turkey has attracted Chinese investment. In recent years, Chinese companies have invested in various sectors in Turkey, including energy, infrastructure, and manufacturing. And with the country’s focus on developing its renewable energy sector, there is a huge potential for further Chinese investment in this area.
The Turkish government is also taking steps to make the country more attractive for foreign investors. In addition to the EU customs deal, the government offers various incentives and tax breaks to foreign investors, making it easier for them to do business in the country. The government has also been working to improve the business climate in the country, making it more investor-friendly.
Turkey’s efforts to attract Chinese investment are not limited to just the economic sector. The country has also been working towards strengthening its cultural and diplomatic ties with China. In 2018, Turkey and China signed a cooperation plan aimed at increasing bilateral trade to $50 billion by 2023. This plan also includes initiatives to promote tourism and cultural exchange between the two countries.
The relationship between Turkey and China is not just beneficial for the two countries, but it also has a positive impact on the global economy. With Turkey’s strategic location and China’s economic power, the two countries can work together to create a win-win situation for both sides. And with Turkey’s EU customs deal, Chinese investors have a golden opportunity to access the European market and expand their businesses.
In conclusion, Turkey’s geographical position and its EU customs deal have made it an attractive destination for Chinese investors looking to access the European market. The recent success in luring a major carmaker to set up a production plant in the country is a testament to this. With its focus on improving the business climate and strengthening ties with China, Turkey is poised to become a major player in the global economy. And with more Chinese investment, the future looks bright for both Turkey and China.
