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Türkiye aims to boost its trade volume with Venezuela to $3 billion in the medium term, Trade Minister Omer Bolat said on Monday during the opening of the Venezuela Trade Fair and bilateral business meetings in Istanbul.
Bolat noted that trade between the two countries reached approximately $665 million in 2024, more than quadrupling from $152 million in 2019, despite global challenges.
Minister Bolat emphasized that almost all legal agreements required to advance economic and commercial ties between Türkiye and Venezuela have been completed. These include a Free Trade Agreement, an agreement on the prevention of double taxation, and a bilateral deal to promote and protect investments. He added that these accords are expected to come into force soon after domestic ratification processes are finalized on both sides.
Highlighting the impact of high-level political dialogue, Bolat pointed to the directives issued by President Recep Tayyip Erdogan and Venezuelan President Nicolas Maduro during 2024 BRICS summit in Astana. He said the Venezuela Export Products Fair, held for the first time in Istanbul, was one of the outcomes of these directives.
“Despite the difficulties caused by unilateral sanctions, the pandemic, and global logistics disruptions, we have managed to significantly increase trade,” he said, underlining the role of political support and close bilateral relations in achieving these figures.
Bolat also noted that Turkish Airlines currently operates eight weekly flights between Türkiye and Venezuela, a service that began in 2016. The high passenger demand, he said, reflects a growing interest in trade, investment, and tourism between the two nations. He added that flight frequency is expected to increase soon, pending a decision from the Venezuelan Transport Ministry.
The minister recalled a recent cooperation agreement signed between Türkiye’s Association of Travel Agencies (TURSAB) and Venezuela’s national travel agency, Venetur. He announced that Venetur plans to open an office in Istanbul in the near future.
The number of visitors from Venezuela to Türkiye, including business travelers, has grown ninefold over the past five years, reaching 27,000, Bolat said. He also highlighted a recent visit by Türkiye’s culture and tourism minister to Venezuela and confirmed that outbound tourism from Türkiye to Venezuela is also rising.
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