NEWS

Investment to top Erdogan’s agenda during South Korea visit

At the top of President Recep Tayyip Erdoğan’s agenda during his upcoming visit to South Korea on May 2-3 will be investments and cooperation in the defence industry, South Korean Ambassador to Turkey Choi Hong-ghi has said.  

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“We have great expectations for the visit. Relations between both countries are already at a good level but we want to get tangible results from the visit,” Choi told state-run Anadolu Agency.     

Choi said one-on-one meetings between Erdoğan and representatives of big Korean firms are expected to be held.

“I think that this visit will be very useful to boost investments. Turkish investors who accompany the president will also come together with Korean businesspeople and we hope to see cooperation between them,” he added.     

Choi recalled the trade volume target of $10-15 billion set during Prime Minister Binali Yıldırım’s visit to South Korea last year.

“I think Yıldırım meant not only increasing trade volume between the two countries but also improving economic cooperation,” he said.

Choi noted that the volume has risen consistently since the Trade in Goods (TiG) Agreement, which aims to gradually eliminate tariffs on goods, became operational under the scope of Free Trade Agreement (FTA) between South Korea and Turkey.     

“The Framework Agreement Establishing Free Trade Area between the Republic of Turkeyand Republic of Korea” was signed in August 2012 and entered into force in May 2013.     

Choi said the two governments’ role was to provide an investment-friendly environment for businesses to reach their goals.

He added that agreements regarding investments and trade in services under the scope of FTA were signed but still waiting for approval at the Turkish Parliament.

 

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