Trade

A new Turkish Trade Center opened in the heart of one of the world’s largest financial centers – New York’s Manhattan last week.

“New York is where everything begins, is designed, born and distributed all around the world,” Turkish Economy Minister Nihat Zeybekci said at the opening ceremony.

He added: “New York’s gross domestic product is around $1.4 trillion, higher than the GDP of Russia.” Located near Fifth Avenue, the center will provide offices for Turkish companies that want a physical presence in the world’s biggest economy to access the U.S. market. The 2,500 square meters (26,900-square-feet) of space is divided into four sectors – home textile, apparel, carpet and business contacts. The goal of the center is to increase the volume of Turkish exports to the U.S.

“Turkey’s export volume to the U.S. was $6.6 billion last year, while import volume was $10.9 billion,” Mehmet Büyükekşi, chairman of the Turkish Exporters Assembly (TİM), said.

Outlining ways to avoid debt and a current account deficit, Zeybekci highlighted attracting sustainable foreign investment and transferring Turkey’s resources toward exports. “That’s why, as a government, we are providing $3 million per annum to support the Turkish Trade Center in New York,” he said.

The center follows similar Turkish enterprises in Iran, Dubai and Chicago. Others are due to be opened in Moscow, Frankfurt, London, Tokyo and Oslo, Zeybekci said.

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