Business

DEIK organized a webinar to increase Turkey-Estonian trade

A webinar titled “Foreign Direct Investment and Business Environment and Success Stories in Estonia” was organized by the Turkey-Estonia Business Council by the Foreign Economic Relations Board (DEIK). At the seminar, Turkey’s Ambassador to Tallinn Inan Ozyildiz stated that Turkey-Estonia trade volume reached $241 billion in the January-September period.

Turkey’s Ambassador to Tallinn, Inan Ozyildiz, stated that the Turkey-Estonia trade volume reached $241 billion in the January-September period and said, “10 years ago, our bilateral trade was half a billion dollars. So, I can say that we still have an area open to development.”

Webinar titled “Foreign Direct Investment and Business Environment and Success Stories in Estonia” by the Foreign Economic Relations Board (DEIK) Turkey-Estonia Business Council, was held with the participation of Turkey’s Ambassador to Tallinn; Inan Ozyildiz, Estonia’s Ambassador to Ankara; Annely Kolk, and DEIK Turkey-Estonia Business Council President; Engin Tumbaz.

In his speech at the opening of the seminar, Ozyildiz said that the participation of respected companies and business people from different sectors to the seminar is valuable as it shows the importance given to Turkey-Estonia trade.

Wishing the effects of the epidemic to end by the end of the year, he stated that the bilateral trade between Turkey and Estonia is promising.

Pointing out that the next year will be much better in bilateral trade, Ozyildiz said, “Our most important value between the two countries is our flights. Turkish Airlines (THY) organizes 5 flights a week and operates directly to Istanbul. Thanks to the Tallinn-Istanbul flight, which takes about three hours, all investors, business people and those who show interest in Estonia benefit from this convenience. I hope that with the end of the epidemic restrictions, we would like to host Turkish businesspeople in Tallinn again.”

Commenting on the trade volume between Turkey and Estonia, Ozyildiz said, “The total trade between the two countries in the January-September period of 2021 has reached $241 million. We have $97 million of exports and $114 million of imports from Estonia. 10 years ago, our bilateral trade was around half a billion dollars. So I can say that we still have an area open to development. Many incentives are offered to foreign direct investors in Estonia.”

Mentioning that Estonia is in a strategic position geographically, Ozyildiz emphasized the importance of a balanced and bilateral increase in the trade between the two countries.

“TURKEY IS A LARGE AND AMAZING MARKET”

Estonia’s Ambassador to Ankara Annely Kolk thanked DEIK Turkey-Estonia Business Council for organizing the webinar and said that the seminar will contribute to the strengthening of economic ties between the two countries.

Expressing that Estonia and Turkey have historically very good relations, Kolk continued as follows:

“I hope that this good relationship will also be reflected in economic activities. Turkey is a very large and admirable market. Although Estonia is small in size, it is a developed country in terms of innovation, innovation economy and solutions. In Estonia you can do everything digitally from home. I would like to make a call to business people in Estonia and Turkey; The business environment between the two countries can be further improved, companies can do more business. It is also possible to share products, services, experiences and applications, and to make ups and downs together.”

Kolk thanked Turkish Airlines for continuing the flights even during the epidemic period and providing Estonia’s access to the whole world.

“OUR TARGET FOR BILATERAL TRADE VOLUME IS $500 MILLION”

Estonian Commercial Counselor Umit Atesagaoglu stated that Estonia, which is one of the countries that stand out especially with its “e-residency” and digital applications, is one of the most suitable countries for Turkish companies doing business with the European Union to open their companies or units.

Stating that bilateral trade is increasing day by day, Atesagaoglu said that an export increase of 64% was achieved from Turkey to Estonia in the 9-month period of the year compared to the same period of the previous year, and a total trade volume of more than $300 million is expected between the two countries in 2021.

Atesagaoglu stated that it is aimed to gradually increase the total trade volume between the two countries to $500 million and then to $1 billion in the next period, and said, “For this, our exporting companies need to turn to the Baltic countries that are waiting to be discovered. Our trade consultancy and embassies are always ready to help our companies.”

DEIK Turkey Estonia Business Council President Engin Tumbaz also stated that as the Council, they are working to further strengthen business ties, increase trade and investment, and stated that they aim to realize the trade potential between Turkey and Estonia and to make the business world realize this potential.

Tumbaz added that the current trade volume between the two countries does not reflect the potential, and that the potential can be realized by raising the awareness of companies on the Turkish and Estonian side.

THY Tallinn Manager Halit Tellan briefed the participants about the flights between Estonia and Turkey and the potential of Estonia in tourism and trade.

After the speeches, Estonian Investment Agency Business Development Director Andres Labi and Sirel & Partners Wealth Planning Head Turgay Kuleli made a presentation on examples of foreign investment in Estonia and investment incentives in the country.

Source: Sabah / Translated by Irem Yildiz

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