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American Chamber of Commerce (AmCham) Türkiye Board Chairman Emre Karter announced that Türkiye-U.S. trade relations continue to develop positively despite global challenges, with trade volume reaching $33 billion by the end of 2024.
"Türkiye's vision of becoming a regional center also creates logistical and operational advantages for many American companies," Karter stated, emphasizing the strategic benefits of bilateral cooperation.
Responding to questions from an AA correspondent, Karter noted that the long-standing economic and commercial relationship between Türkiye and the US presents a positive and growing economic picture.
Karter highlighted that Türkiye's trade volume with the US increased from $20 billion in 2013 to $33 billion by the end of 2024. Including energy and services, the trade volume exceeds $40 billion.
"This trade volume is extremely balanced in terms of imports and exports," Karter noted. "Today, the U.S. is Türkiye's second-largest export market and fifth-largest import market."
Karter emphasized Türkiye's unique global potential, stating: "As we always emphasize, Türkiye has a potential that few countries worldwide possess. The ongoing investments of U.S. firms also support this view."
"Today, there are nearly 2,000 American-origin companies in Türkiye. Among these companies, nearly 150 U.S.-based member companies with large investments contribute $60 billion annually to our country's economy," he said.
The member companies span diverse sectors including automotive, pharmaceuticals and medical devices, information technologies, finance, insurance, aviation, industry, fast-moving consumer goods, food-agriculture, transportation-supply chain, law, entertainment, advertising, and research.
"Additionally, brands that have gained prominence in recent years, like Netflix and Amazon Web Services, as well as large Turkish companies with offices in America like Turkish Airlines, are among our members," Karter noted.
He stated they continue contributing to the goal of bilateral trade reaching $100 billion.
"We implement organizations aimed at developing Turkish-American bilateral economic relations," Karter explained regarding the association's activities, noting their continued determination to increase investment and trade between the two countries.
Regarding AmCham's second priority of strengthening Türkiye's role as a regional center, Karter emphasized the importance of developing mutual relations with the Central Asia and Caucasus regions.
"A portion of American companies in our country position Türkiye as a regional center. In fact, 20 of our members from different sectors manage nearly 80 countries from Türkiye," he said.
According to a report prepared with PwC examining American investments in Türkiye, "American companies generally make long-term investments and implement investment decisions with 7-10 year perspectives," Karter noted.
As an association, they organize events to develop Turkish-American bilateral economic relations, conduct visits to the U.S., and maintain contacts with Congress, Senate members, and leading think tanks.
Karter noted they also host regional events in Türkiye, stating: "Trade Winds, held in Istanbul in May 2024, is one of the prominent examples. Trade Winds, for which AmCham Türkiye undertook Platinum Sponsorship, positions itself as the U.S. Government's largest trade event and business development forum."
"The '1st AmChams Eurasia Economic Summit' was held for the first time in Istanbul on Oct. 24-25, 2024, hosted by AmCham Türkiye with participation from American Chambers of Commerce and members from 12 countries. The '2nd AmChams Economic Summit' was held in Athens on June 12-13 with contributions from AmCham Türkiye, AmCham Greece, and AmCham Bulgaria," he added.
Karter emphasized that Türkiye continues to offer significant opportunities for American companies through its strategic location, young and dynamic population, developed infrastructure, and growing domestic market.
Pointing to serious growth potential, particularly in sectors like digital economy, health, finance, and advanced manufacturing, Karter stated: "At the same time, Türkiye's vision of becoming a regional center also creates logistical and operational advantages for many American companies."
"Considering numerous factors such as a growing market and strategic location, regional center advantages, and diversity of investment areas, we can say opportunities outweigh challenges. Long-term investments made by U.S. firms also support this," he noted.
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"When we look at investments, we can say US companies view Türkiye as an attractive investment destination. In 2024, Türkiye attracted $11.3 billion in foreign direct investment despite global downward trends. The US maintained its position as one of Türkiye's most important investors, comprising 10.3% of total foreign direct investment," Karter stated.
U.S. company investments concentrate in areas including technology (artificial intelligence, financial technologies, data centers, and software), e-commerce and digital economy, financial services and banking, health and life sciences, and advanced manufacturing and logistics.
"Additionally, recent mergers and acquisitions conducted by U.S. companies in Türkiye demonstrate growth in technology, gaming, chemicals, health, media, and manufacturing sectors," Karter added.
Addressing U.S. President Donald Trump's high additional tax policies, Emre Karter emphasized that commercial relations between the two countries, with a 200-year history, have passed every stress test.
Karter noted they had the opportunity to observe firsthand that a common sense prevails, evaluating events within a broader timeframe from this perspective.
"U.S.-Türkiye commercial relations continue developing daily. Indeed, increasing economic relations serve as indicators of this. As an association, reaching our $100 billion trade volume target, determined through mutual agreement between Trump and our president during his previous presidency, remains our fundamental priority," he concluded.
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