Türkiye, Czech Republic aim to raise bilateral trade volume to $10B in 3 years

Türkiye and the Czech Republic aim to raise their bilateral trade volume to $10 billion in three to four years, Turkish trade minister told Anadolu.

On the sidelines of the Türkiye-Czech Republic Joint Economic and Trade Commission (JETCO) meeting in Prague, Omer Bolat said: "The Czech minister and I signed the Türkiye-Czech Republic JETCO agreement, and now, the relations between the two countries are more constructive and friendly."

Czech Trade Minister Jozef Sikela attended the meeting along with ambassadors from both Türkiye and the Czech Republic.

"The two NATO members, Türkiye and the Czech Republic, support each other in political, military, and defense fields," he added.

- Potential in renewable energy

Bolat noted that the volume of foreign trade between Türkiye and the Czech Republic multiplied by 13 since 2002, from $450 million to $5.8 billion. Of this, the Czech Republic's exports to Türkiye amount to $3.8 billion, he said.

"Czech firms have investments amounting to $660 million in Türkiye, while Turkish investors invested $40 million in Czechia," said Bolat.

"The Czech Republic has a strong economy in the automotive, energy, porcelain, crystal, and machinery sectors. Additionally, they have many investments in hydraulic dams and power plants in Türkiye," he added.

Citing the important opportunities to be seized in renewable energy, Bolat underlined that 42% of Türkiye's total energy production comes from water, wind, and solar energy.

"We have a long way to go to reach our goal of a carbon-free economy by 2053," he said.

- Commitment to reach $10B foreign trade volume in 3-4-years time

Bolat mentioned that the tourism between Türkiye and the Czech Republic continues to improve with nearly 100,000 Turkish citizens visiting the Czech Republic on an annual basis, while Czech citizens coming to Türkiye reached around 400,000.

He highlighted Türkiye's successful and competitive services sector, saying: "Tourism, logistics, health, education, and cultural tourism of Türkiye provide great opportunities, and coupled with the Czech Republic's strong economy and industry sector, the two countries have complementary sectors. We made a commitment for Türkiye and the Czech Republic to reach a trade volume of $10 billion in the next three to four years, and we will accomplish this together with the private sector, as well as increasing participation in international expos and business forum meetings."

- Czech Republic's support in Türkiye-EU relations expected for visa facilitation

Bolat stated that he expects the support of the Czech Republic in terms of relations with the European Union for visa facilitation for Turkish nationals.

He noted that the Czech Republic wants the Turkish economy to develop further and stabilize, as it aims to do more business in Türkiye.