Turkey-Italy Trade Will Double and Reach $30 Billion
The Economic Forum, which was held at the end of 2021, was held at the Venetian Palace with the participation of leading figures from the Turkish and Italian business world.
Livio Manzini, President of the Italian Chamber of Commerce and Industry, who made the opening speech of the forum, expressed his thoughts. “This year, the business volume between Italy and Turkey, including imports and exports, will exceed 20 billion dollars in total. We aim to increase this figure to 30 billion dollars in 5 years. Italy has a support package of over 200 billion Euros to receive from the European Union. This will bring a great revival to the Italian economy. We anticipate that Italian companies will therefore increase imports.”
Moreover, Italy’s Turkey Ambassador, His Excellency Massimo Gaiani also added, “Turkey is a truly positive partner. There is a real sense of trust between Italy and Turkey in the political and economic field. The support given by the Turkish state to companies in terms of exports is very important. The importance of transformation and technology in the pandemic is once again understood. The contribution of such events to financial cooperation between countries is very great.”
Big Trade Moves
Between 2015-2020, approximately 93 billion dollars of exports and imports were made between Turkey and Italy. Motor vehicles and engines came to the fore in trade. Moreover, in 2021, the trade volume between the two countries exceeded 15 billion dollars. In the 8 months of 2021, Turkey’s exports to Italy increased by 49.7 percent and therefore, exceeded 7 billion dollars. Turkey’s imports from Italy increased by 37.4 percent and reached 7.4 billion dollars.
Turkey’s Significant Success
Despite the difficulties of the pandemic crisis, the Turkish economy grew by 7 percent in the first quarter of 2021. Hence, Turkey displayed the best performance after China among the G20 countries. At the end of 2020, Turkey, with some exceptions, had a positive performance of 1.8 percent in the context of the global recession.
This growth is mainly due to expansionary policies adopted by the government last year in response to the Covid-19 pandemic and an increase in consumption. Turkey has allocated a substantial economic stimulus package. It is equal to 12 percent of GDP, even larger than that made by G20 members.
Overall, Turkey had a successful year. In 2021, Turkey’s exports reached an all-time high of $225.4 billion, exceeding the medium-term target of the program. Exports increased by 32.9 percent year-on-year in 2021, leading to an upward revision of the 2022 export target. Finally, the export target in 2022 is to reach 250 billion dollars.
Information Desks Will Be Established to Assist Turkish Companies
Echoing the words of Livio Manzini, Izmir Italian Chamber of Commerce and Industry President Pietro Alba commented on the matter. Alba said that information desks would be established to inform companies on how they can make their business more efficient to contribute to the development of trade between the two countries.
Furthermore, Pietro Alba made statements about the Turkish economy and the commercial relations between Italy and Turkey. He also commented on the activities of the Izmir Italian Chamber of Commerce during the weekly conversations.
Additionally, Alba gave more details about Italy’s export plans with Turkey. “The target is for the two countries to reach a trading volume of 30 billion dollars. The economic relations between Italy and Turkey show themselves in bilateral investments. There are more than 1,500 Italian companies operating in Turkey. According to the data, the number of Italian origin investments in Turkey has reached 4.5 billion dollars since 2002.”
Italy is Turkey’s Number One Investor
“Italy became Turkey’s number one investor with $977 million in 2020. Italian companies in Turkey operate in a wide range of sectors, from energy to finance, from automotive to agri-food and pharmaceuticals. Between 2002 and 2020, Italy became the 9th EU country to invest in Turkey. In the same period, Italy ranks 4th among EU countries in the number of companies investing in Turkey. Now the target is to increase the trade between the two countries from 20 billion dollars to 30 billion dollars.”
Furthermore, “In 2022, we plan to make our presence and action much more effective in the Aegean region. As of March, the first office of our chamber will be opened in the Aydın Chamber of Industry. Thanks to our cooperation with the Chamber, we will be in touch with many local small and medium-sized enterprises for firms to find new Italian partners to develop and internationalize their business,” said Alba.
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