South Korean Minister of Trade, Industry and Energy Sung Yun-mo said, “Even though we are facing the worst economic crisis due to Covid-19, our countries’ activities will be enough to overcome the obstacles. Turkey is adept at overcoming such crises.”
Minister Yun-mo participated in the Turkey-Korea Business and Investment Meeting organized by the Foreign Economic Relations Board (DEIK) and the Korean Chamber of Commerce and Industry via video conference.
Mr. Yun-mo stated that the relations between the two countries go back a long time and that the relations were strengthened with the Korean War and that they became two brotherly countries.
Stating that the ongoing emotional bond between the countries has enriched economic cooperation, Yun-mo said, “Turkey-Korea Free Trade Agreement (FTA) was successfully put into effect in 2013, thus laying the foundations of our economic cooperation. Our countries have become closer and closer. Currently, more than 300 Korean companies in Turkey contribute to the country’s economic growth and employment.”
Stating that economic relations were not affected by the pandemic, Yun-mo said that bilateral trade has grown year by year.
Pointing out that the global economy faces challenges as the pandemic prolongs, Yun-mo continued as follows:
“The pandemic necessitates structural transformations. Both governments continue to manage the pandemic. They are trying to revitalize the green and digital industry with warning packages. In July, Korea announced an agreement that it defines as both green and digital. With this agreement, we aim to increase investment and employment. Turkey also showed the importance it attaches to the green economy in its 5-Year Development Plan announced last year. We should focus our economic cooperation on green and digital industry despite COVID-19. Thus, we should show that we are ready for the post-Covid-19 era. We need to evolve our cooperation from traditional manufacturing to green and digital industries.”
“The pandemic will create new opportunities in our trade”
Sung Yun-mo stated that cooperation should be expanded in the field of green economy for sustainable development and said, “Green mobility attracts attention at this point. It is necessary to encourage electric vehicle industries in Turkey. Because Turkey wants to introduce electric vehicles into mass production by 2023. We can strengthen this with our cooperation based on our competence and technology.”
Stating that digital transformation will contribute to diversifying cooperation, Yun-mo said:
“When we diversify our cooperation, we will benefit mutually. Let’s face it, Covid-19 brought an economic shock. Even though we are facing the worst economic crisis due to Covid-19, I am confident that the activities of our countries will be enough to overcome the obstacles to come. Turkey is a master in overcoming such crises. I think business people in both countries will quickly adapt to any changes in the future. The pandemic will even create new opportunities for our trade.”
“Our bilateral trade volume can become much more balanced”
DEIK President Nail Olpak said that investments should now be diversified and efficient cooperation should be ensured.
Emphasizing the importance of carrying the existing relations even further, Olpak made the following assessments:
“Our bilateral trade volume can reach a much more desired level and become much more balanced. We are also aware that this issue is the responsibility and duty of business circles. It is the business circles and representatives of the business world who should work for this purpose.
In the last 8 years, our bilateral relations between Turkey and Korea have turned into a strategic partnership. This is the result of regular events attended by investors and business people from both countries… With the pandemic, we need more cooperation and solidarity than ever before. (Regarding the FTA signed 8 years ago) I would like to emphasize that the business circles in Turkey want to benefit more from this in a more balanced and advantageous way. I hope we can realize this goal.”
Olpak pointed out that they are in a process where glocalization and accessibility are widely talked about, and said, “The pandemic has shown that accessibility is more important than proximity or distance. We have all realized that diversification of the market and supply chain is of great importance. Turkey and Korea are two countries that have managed to sustain their production during the pandemic. We would like companies in Turkey to contribute more to the supply chain in Korea.”
“We must turn the pandemic obstacle into an opportunity”
Park Yongmaan, President of the Korean Union of Chambers of Commerce and Industry (KCCI), reminded that the visit of the Korean business delegation to Turkey in March was postponed due to the pandemic, and stated that it was pleasing to come together, albeit via the internet.
Pointing out that bilateral relations have become stronger despite Covid-19, Yongmaan said, “Our heads of state established a meaningful dialogue during the pandemic, decided to fight the pandemic together and draw a path for further cooperation. As business representatives, we should turn the pandemic obstacle into an opportunity. We must diversify our areas of cooperation. We should focus our cooperation on digital and health technology.”
“Our goal is to increase the number of consortia”
Ali Kibar, President of DEİK/Turkey-Korea Business Council, stated that Turkish and Korean companies have signed many mega projects with the consortium and that their goal is to increase the number of these consortiums to include third countries.
Reminding that the service trade and investment agreements were put into effect in 2018, Kibar stated that this work will encourage direct investments in the coming years.
Referring to the importance of Turkey not suspending its production during the pandemic period, Kibar noted that Turkey provides a great advantage to Korean companies due to its logistics location.
Kibar also emphasized that the business community in Turkey is ready to realize the benefits of the FTA in a more sustainable and advantageous way.
Source: https://www.aa.com.tr/tr/ekonomi/deik-baskani-olpak-guney-kore-ile-ticaret-hacmimiz-cok-daha-istenilen-seviyeye-cikabilir/1981657
