Turkey and UK Increase Trade Relations to Boost Economy

Posted on 25 June 2009

Turkey and the UK have signed a memorandum of understanding on the establishment of a joint economy and trade committee. The move is designed to make trade easier between the two countries, and broaden the horizons for entrepreneurs in both countries, according to UK trade minister Mervyn Davies.

Davies addressed a press conference in Turkey earlier today, and he said that recent reports that trade is about to collapse in the UK are baseless. He highlighted the fact that Britain has the sixth largest production industry in the world, and said that foreign entrepreneurs may benefit from the fact that Britain is a free-market economy.

“We offer foreign entrepreneurs vast opportunities and incentives,” he said, adding that they expect more Turkish businessmen to take their place in the UK market, which primarily rests on the machinery and technology industry.

It is unclear whether this will be true in the reverse; whether incentives will be laid on to attract British investors and entrepreneurs into Turkey.

Either way the move is likely to be mutually beneficial. The UK has long been a popular place for Turkish entrepreneurs to come and open businesses like restaurants and such like. If this number grows further so too will worker remittances make up a larger part of Turkish GDP growth.

The businesses will need premises and if they are successful it will bring investment into British regions, and hopefully also employment further down the line.

Turkey’s tourism industry is a massive growth sector, and property in Turkey is much cheaper than in the UK. Buying a large property in Turkey and setting up as a guest house or hotel could be a very successful business.

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