Turkish and Chilean leaders vowed Monday to boost economic cooperation, having already doubled trade between the two countries since a free trade agreement came into force in 2011, Anadolu Agency reported.
Speaking at a news conference with his counterpart Michelle Bachelet, Turkish President Recep Tayyip Erdogan heralded economic relations between the two, with Chile being the "first and only country in the region with which Turkey has a free trade agreement".
Although trade between Turkey and Chile doubled since the March 2011 deal, there was $92 million drop in 2015 on the previous year.
According to the Turkish Economy Ministry's website, trade volume between Turkey and Chile was $562 million in 2014 but fell to an estimated $470 million last year.
"We give special importance to compensate this slowdown," Erdogan said, before adding that decisive steps could see trade "quickly exceed $1 billion".
Bachelet said energy, infrastructure and tourism were particular areas in which cooperation could be increased.
Erdogan is accompanied on his trip by a large delegation of Turkish entrepreneurs who are due to take part in a Federation of Chilean Industry conference.