Turkey and South Korea Determined to Improve Economic Relations
Turkey, seeking ways to boost exports amid worsening economic signals in the US and Europe, yesterday signed a free trade agreement with South Korea.
Speaking at the signing ceremony, Economy Minister Zafer Caglayan said that South Korean investments totaling $1.5 billion are expected soon, but gave no further details.
Despite the geographical distance between Turkey and Korea the two countries have strong historical relations from the past as Turkish Armed Forces fought shoulder to shoulder with Korean soldiers in the Korean war.
In time the two countries have also developed their cultural and economic relations. Despite the recent decrease in the the trade between Turkey and Sout Krea a figureof more than 3 billion USD is in question.
Both governments however have been contributing to improvement of economic and commercial relations between two countries. Turkish Prime Minister Recep Tayyip Erdogan’s visit to South Korea in 2004 added a new momentum to bilateral relations and since then economic and commercial relations have been on the rise.
South Korea is currently the second important trade partner of Turkey in the Far East.
In fact, there are about 160 companies, with Korean capital, operating in Turkey and their registered capitals are around 550 million USD. As for tourism, the number of Korean tourists has risen in the recent years.
BUSINESS TURKEY TODAY
12.08.2011
