COVID-19 pandemic may offer Turkey ‘huge opportunity’ as virus continues to impact world economy, says German businessman
Turkey can reposition itself in global supply chains in the long term as the novel coronavirus outbreak continues to impact the world economy, a longtime German businessman told Anadolu Agency.
Suggesting that the current extraordinary circumstances may offer opportunities, Thilo Pahl, head of the German-Turkish Chamber of Commerce and Industry, said: “In the long run, this virus crisis offers Turkey a huge opportunity to reposition itself in the global supply chain.”
More than 7,000 German companies operate in Turkey, providing jobs for 140,000 people, he said, adding that this number had the potential to grow.
“Many German small and medium-sized enterprises (SMEs) are well-aware of the country’s attractive market, but they are waiting with further investment because of the increased uncertainty in the area,” Pahl said.
However, he underlined that in the medium and long term, the Turkish economy offered many opportunities.
Pahl stressed that besides bringing a rise in exports, Turkish-German cooperation in third countries would be highly effective and sustainable.
Germany seeks partnership and cooperation with Turkey in areas such as food and agriculture, energy, infrastructure, construction and contracting, building materials, health, durable consumer goods and machinery, said Pahl.
“Turkish and German companies and related institutions shall come together to identify the opportunities, shortlist the countries and agree on the structure of cooperation,” he added.
Pahl highlighted that German firms that invested in Turkey stayed even in challenging times due to the strategic advantages of the Turkish market.
“The majority of German companies complain about political instability and sometimes unforeseeable changes in the regulatory framework.
“It is obvious that once this instability is overcome investments will increase,” he said.