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U.S. Consul General in Istanbul Michael Lally said Türkiye and the United States are making strong progress in trade and investment, as the two countries work toward a $100 billion bilateral trade volume target.
Lally made the remarks during the SelectUSA Investment Summit 2026, where Turkish investors and U.S. summit organizers came together at a reception hosted by Türkiye’s Embassy in Washington.
“Our presidents have set a target of $100 billion in trade volume between our countries,” Lally said. “The good news is that we are making really good progress on this in both trade and investment.”
In addition to Consul General Lally, the reception was attended by Türkiye’s Ambassador to Washington Sedat Onal, U.S. Deputy Under Secretary of Commerce for International Trade Diane Farrell, Shepherd Futures Chair Mehmet Kirdar and Jennifer Miel, vice president for the Middle East, Central Asia and Türkiye at the U.S. Chamber of Commerce.
Lally said 33 Turkish companies participated in this year’s SelectUSA Investment Summit delegation.
“This is where Turkish investors have the opportunity to understand what opportunities exist in the United States,” he said.
Lally said Türkiye-U.S. trade volume, together with mutual investments, has approached $48 billion. He also said that companies from both countries held hundreds of meetings to explore cooperation.
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Ambassador Onal said there is full political will at the presidential level to turn Türkiye-U.S. relations into cooperation in every possible field.
“Turkish-American cooperation is also critical in terms of providing added value in addressing and resolving regional conflicts from Ukraine to the Middle East and the Caucasus,” Onal said. “Our cooperation is very important and can make a difference in the context of political solutions.”
Onal also pointed to the importance of the economic and commercial side of relations. He said investments in the U.S. should be considered not only at the federal level but also at the state level, adding that investment opportunities in U.S. states should be evaluated.
He said Turkish companies in the SelectUSA delegation had the opportunity to meet representatives from all states.
Lally said the two countries’ trade relationship has further growth potential.
“There are currently 2,400 American companies operating in Türkiye, and this creates many ties with Turkish firms that now see the United States not only as an export market, but also as an investment market,” he said.
Lally said U.S. Ambassador to Ankara Tom Barrack had taken bilateral relations to a higher level.
According to Lally, Barrack believes the U.S. and Türkiye should not only work together but also cooperate in solving regional problems, as seen in Syria and across the region.
Lally pointed to advances in Türkiye’s economy in artificial intelligence, robotics, information technology, construction, engineering and energy, saying these areas would be important in developing relations with Türkiye as an ally and partner.
He said American and Turkish businesspeople are natural partners and have worked together successfully for many years.
Lally also said both sides are able to quickly evaluate opportunities and that cooperation in third countries is progressing well.
On Syria, Lally said Barrack had played an important role by working with Turkish counterparts.
“I know that, especially on Syria, Ambassador Barrack is an extraordinary figure who has produced very important and positive changes by working in partnership with our Turkish colleagues,” Lally said.
He said cooperation between the U.S. and Türkiye showed concrete results, especially in areas such as economic development and regional stability.
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