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Türkiye envisages increasing exports to Islamic countries

Economy Materials 18 September 2023 17:14 (UTC +04:00)
Türkiye envisages increasing exports to Islamic countries
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, September 18. Türkiye aims to increase the share of Islamic countries in its exports from 26 percent to 30 percent by 2028 in accordance with the "Export Development Strategy with Islamic Countries", Turkish Trade Minister Omar Bolat said, Trend reports.

The minister said efforts are being made to identify potential sectors and products by studying each country's market structure.

"We will organize trade delegation meetings and fairs under the coordination of our ministry to increase exports to Muslim countries and promote our export products within the identified potential products and sectors. On the other hand, work is also underway under the Export Promotion and Marketing Review 2028 plan. "A roadmap will be developed for the 'Export Promotion and Marketing Activities' of our exporters to ensure export growth," the minister said.

He emphasized that in order to increase exports, various projects will be implemented in the target countries, including conferences, screenings of Turkish TV series, public meetings of actors, etc.

According to the minister, the global competitive environment is changing every day, and new concepts, organizations, and tools are emerging, which makes it necessary to work hard and develop different ways and methods to achieve success.

"An important place in our ministry's policy is given to projects aimed at ensuring market and product diversity. In this regard, we will increase our exporters' trade and economic cooperation with countries from the Far East to Latin America through the "Far Country Strategy" created to increase our exports to 18 countries with an average distance of 8,500 kilometers," he added.

Through this strategy, we aim to increase our exports from $20 billion to $80 billion. In the issue of export financing, which is one of the most important problems for our exporters, we, with the participation of an important shareholder in export investment "Türk Eximbank", have supported our exporters with a total amount of $25.9 billion as of the end of August 2023. We think that Türk Eximbank, whose capital has been increased, will support more exporters with additional credit support in the coming period," the minister emphasized.

Omar Bolat also noted that the Export Development Fund (GE A.Ş.) was launched in March 2022 to expand, support, and facilitate access to finance.

"This fund has facilitated access to finance for all our exporters who are trustworthy but have collateral problems, especially small and medium-sized enterprises (KOBİ). To date, the fund has guaranteed loans worth 41.7 billion liras ($1.5 billion), and it is planned to guarantee loans worth 90 billion liras ($3.3 billion) by the end of 2023," Bolat summarized.

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