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Bilateral Trade Between UK and Turkey

The bilateral trade volume between Turkey and the UK amounted to 17 billion Dollars in 2016 (Exports: 11.7 billion Dollars, Imports: 5.3 billion Dollars). The UK ranked 2nd in terms of Turkey’s exports and 11th in terms of It’s imports in 2016.


As of 2016, there were 2,983 British companies operating in Turkey. The direct investments of the UK in Turkey between 2002 and 2016 amounted to 9.53 billion Dollars. The UK ranked 4th in terms of FDI during the said period.


Around 90 Turkish firms operated in the UK by the end of 2016. The total Turkish investments in the UK in the period of 2002-2016 reached 2 billion Dollars. More than 1.7 million English tourists visited Turkey in 2016 with a decrease of 31.8 percent compared to 2015. (1)


Since 2003, Turkey has directly invested in just over 1,100 projects across the world creating an estimated 222,000 jobs and an estimated Capital Investment of £31.8 billion. The UK is the 8th most popular destination for Turkish FDI attracting 2.6 per cent of these projects. (2)


The number of Turkish people living in the UK has increased over the past decade. Around 72,000 people who were born in Turkey now live in the UK and around 28,000 British nationals have immigrated to live in Turkey.


Levels of inward investment from Turkey to the UK Since 2003, Turkey has directly invested in just over 1,100 projects across the world creating an estimated 222,000 jobs and an estimated Capital Investment of £31.8 billion. The UK is the 8th most popular destination for Turkish FDI attracting 2.6 per cent of these projects. This is some-way behind the leader Germany who attracted 16 per cent of projects. (3)


Turkish Goverment support Turkish companies to enter new markets, provide sustainable export increase in existing markets and increase their competitive power in international markets. Some of the activities which are supported by Turkish Goverment under this cover are exhibiting trade shows abroad, Unit, trade mark and promotion activities abroad, branding of Turkish products abroad, Market Resarches, Development of International Competitiveness. In 2017, 2655 trade shows abroad were supported by Turkish Goverment under governmental incentive package and 104 of them were the ones organized in the UK. (4)


The total number of trade shows abroad which are under the exhibiting incentives at 2017 are Turkish Goverment Under governmental incentive package at 2017 were 2655 and 104 of these shows were organized in the U.K.


References:
  • www.mfa.gov.tr/commercial-and-economic-relations-between-turkey-and-england.en.mfa
  • www.dacbeachcroft.com/media/823304/bilateral-trade-between-turkey-and-the-uk.pdf
  • publications.parliament.uk/pa/cm201617/cmselect/cmfaff/615/61506.html
  • smenetworking.gov.tr/detay.cfm?MID=108