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U.S.-Turkey Business Council Newsletter | April 28

29 April 2022 Friday

Newsletter | April 28

 

U.S.-Turkey Business Council Roundtable with Minister of Treasury and Finance of Turkey

 

On April 19, the U.S.-Turkey Business Council hosted a roundtable with H.E. Dr. Nureddin Nebati, Minister of Treasury and Finance of Turkey and private sector representatives in Washington, D.C.. Minister Nebati briefed companies about Turkey’s positive growth divergence post-pandemic and the strong fundamentals contributing to Turkey’s resilient economic outlook. The Minister offered insights about Turkey’s new economic model, and its borrowing strategy to continue strong economic growth and combat inflation.  Companies engaged the Minister in a discussion session about business and policy updates in Turkey.

 

Latest Developments in U.S.-Turkey Relations

 

A U.S. congressional delegation visited Turkey that included senators Richard Shelby, Debra Fischer, Roger Marshall, Thomas Tuberville; members of the House of Representatives Norvell Kay Granger, Jerry Carl and some other officials, including US Ambassador to Ankara Jeff Flake. The delegation met with Chief Advisor to President Erdogan Ibrahim Kalin and Justice and Development (AK) Party's Ankara deputy Ali Ihsan Arslan. During the meeting, they discussed energy security, defense cooperation, bilateral political and economic relations, and regional issues such as Syria, Azerbaijan, Armenia, Israel and Russia-Ukraine War.

 

In Case You Missed It

 

U.S.-Turkey Joint Statement on the Strategic Mechanism

State Department | April 4, 2022

In keeping with the commitment made by Presidents Biden and Erdogan during their meeting in Rome in October 2021, the United States and Turkey launched the U.S.-Turkey Strategic Mechanism on April 4 in Ankara. Under Secretary of State Victoria Nuland and Deputy Foreign Minister Sedat Onal, with their respective delegations, met in Ankara to review topics of mutual interest, including economic and defense cooperation, counterterrorism, and key areas of shared regional and global interest.  They reiterated their shared commitment to the sovereignty and territorial integrity of Ukraine.

Readout of Undersecretary of Commerce Marisa Lago's Visit to Turkey
International Trade Administration Press Release | April 6, 2022

Between April 5-6, Under Secretary Lago traveled to Ankara, Turkey, where she participated in a series of engagements to advance the U.S.-Turkey commercial relationship and promote clean and secure energy alternatives in the region. Her visit included in-person opening remarks at the groundbreaking Eurasia Small Modular Reactor Forum, an event organized by ITA and designed to catalyze exports of clean, innovative energy technologies.

The Under Secretary also held bilateral engagements with Deputy Minister of Energy Alparslan Bayraktar, Deputy Minister of Trade Mustafa Tuzcu, and the President of the Turkish Space Agency Serdar Huseyin Yildirim, during which she discussed bilateral coordination and opportunities to further deepen the U.S.-Turkey commercial relationship.

 

U.S. Says Potential Sale of F-16 Fighter Jets to Turkey would serve U.S. interests and bolster NATO unity

Daily Sabah| 6 April 2022

The Biden administration believes a potential sale of F-16 fighter jets to NATO ally Turkey would be in line with U.S. national security interests and would also serve NATO's long-term unity, the U.S. State Department said in a letter to Congress that fell short of explicitly supporting the deal.

The letter comes after Turkey made a request in October to the United States to buy 40 Lockheed Martin-made F-16 fighters and nearly 80 modernization kits for its existing warplanes.

The State Department letter, first reported by Reuters, is dated March 17 and signed by the agency's top legislative official Naz Durakoğlu. She acknowledges the strained relations while at the same time describing Turkey's support and defense ties with Ukraine as "an important deterrent to malign influence in the region."

While the letter doesn't provide any assurance or a timeline for the sale, it emphasizes that Washington's punitive actions after Ankara's purchase of the Russian S-400 systems represent "a significant price paid."

"The Administration believes that there are nonetheless compelling long-term NATO alliance unity and capability interests, as well as U.S. national security, economic and commercial interests that are supported by appropriate U.S. defense trade ties with Turkey," the letter said.

"The proposed sale will require a Congressional notification if the Department of State were to approve it," it added. Read the full article here.

 

Upcoming Events

For more information, please contact U.S.-Turkey Business Council staff.

 

Supported Events

 

New Member Announcements

 

Established in 2007 and headquartered in Istanbul, Alvimedica is a manufacturer of IC products including stent delivery systems, cardiac catheters, guidewires and PTCA balloon catheters, and peripheral vascular products including self expandable and balloon catheter systems. They are a a global innovator of unique interventional medical devices, committed to continuing the development and manufacturing of globally recognized and highly innovative product portfolios in both endovascular and interventional cardiology.

With two manufacturing facilities located in Istanbul, Turkey and one in Turin, Italy,  R&D centers located in both countries, and 6 direct sales offices (France, Italy, Malaysia, Singapore, Thailand, Turkey) and 600+ employees selling in more than 80 countries worldwide, Alvimedica continues to expand its distribution network every year.

 

 

Mars has been proudly family owned for over 100 years. It’s this independence that gives us the gift of freedom to think in generations, not quarters, so we can invest in the long-term future of our business, our people and the planet — all guided by our enduring Principles.

They believe the world we want tomorrow starts with how we do business today. And their bold ambitions must be matched with actions today from our 130,000 Associates in 80 countries around the world.

In 2003 Mars opened office in Istanbul. Whether it's the simple pleasure of savoring the world's best-loved chocolate and confectionery, or the warmth that a healthy pet brings to your family, Mars is the company behind many of the enduring brands Turkish citizens have come to know and trust. These brands are SNICKERS®, M&MS®, TWIX®, ORBIT®, SKITTLES®, MARS®, BOUNTY®, WHISKAS®, KITEKAT®, SHEBA®, PEDIGREE®, PERFECT FIT®, DREAMIES®.

United Group was founded in Turkey in 1974. Along with the transformation in 2014, the Group began producing creative solutions to sectoral needs through activities in the fields of; Facility management, Security - Surveillance, Professional Cleaning, Automotive, Construction, Training and Technology (Telemetry, Automotive and Defense Industry). Today, United Group is a holding composed of over 13,000 white and blue collar employees with a turnover of 1.5 billion TL. United Group is a venture capital and private equity group focusing in International Business Development, collaborating and joining forces with strategic partners and distributors for its 12 subsidiaries in 3 main sectors: corporate services, construction, and technology. Some of its subsidiaries include UFS, UnitedYapi, Ortem, and Mahrek Teknoloji.

 

Members in the News

 

Amazon to open Turkey site with more than $100 milion investment

Reuters| March 23, 2022

Amazon.com Inc (AMZN.O) said on Wednesday it will set up a logistic base in Turkey to meet rising demand, with a more than $100 million investment.

It said the facility will create more than 1,000 jobs in its first year, and will support the domestic and export operations of the small- and mid-sized businesses that sell products on the site.

The Istanbul-based logistic centre will open in the autumn this year, the e-commerce giant added.

Microsoft Turkey R&D Center Opened

Railly News | March 18, 2022

The R&D center, which will operate within Microsoft Turkey, was opened. Center; public stakeholders and Turkey's start-up ecosystem will be brought together, and studies will be carried out to reveal the potential of Turkish companies in domestic software and innovation. Noting that the R&D center will contribute to the innovation ecosystem of our country, Minister of Industry and Technology Mustafa Varank said, “Our door is always open to all technology companies that want to invest in Turkey. Come invest in Turkey, together kazanbuy,” he said.

The opening of the Microsoft Turkey R&D Center, Industry and Technology Minister Mustafa Varank, President of the Presidency Digital Transformation Office Dr. Ali Taha Koç, Microsoft Europe, Middle East and Africa Region President Ralph Haupter and Microsoft Turkey General Manager Levent Özbilgin.

 

Recent News

 

International Relations

Turkey aims to further develop ties with Uruguay: FM Çavusoglu
DAILY SABAH | April 24, 2022
Turkey hails 'deep-rooted' bilateral relations with Kuwait
YeniSafak | April 23, 2022
Defense minister urges Greece to respond to Turkey’s call for ‘friendship’
Hurriyet Daily News | April 22, 2022
Some NATO members want longer war in Ukraine to weaken Russia, Turkiye says
MEMO | April 21, 2022
Turkiye sends 2 more trucks of humanitarian aid to Ukraine
MEMO | April 21, 2022
Palestinian cause, ties with Israel different cases: Erdogan
Hurriyet Daily News | April 20, 2022
Erdogan, Herzog to speak amid Israeli intervention against Palestinians
MEMO | April 19, 2022
Turkey and US move closer to the same wavelength
Arab News | April 17, 2022
Turkey discusses Russia-Ukraine war with Italy
YeniSafak | April 13, 2022
Putin ‘still trusts’ in Istanbul talks with Ukraine: Austria’s Nehammer
DAILY SABAH | April 11, 2022

Turkiye one of the most active countries seeking peace in Ukraine, says envoy
Anadolu Agency | April 08, 2022
Turkey ratifies six international agreements
YeniSafak | April 07, 2022
American companies view Turkey as regional hub, US official says
YeniSafak | April 07, 2022
Ankara considering opportunities to start talks with Syria: Hurriyet
Arab News | April 06, 2022
Erdogan discusses Russia-Ukraine war with Slovenian, Japanese leaders
YeniSafak | April 05, 2022
Turkey moving to build ties with Syria regime
MEMO | April 04, 2022
Turkey offers assistance to curb desertification in Iraq
Shafaq News | April 03, 2022
Turkey now Bahrain’s ‘Approved Partner’: Finance Minister
News of Bahrain | April 01, 2022
Turkey, Uzbekistan level up ties to comprehensive strategic partnership
Hurriyet Daily News | March 30, 2022
Turkey eyes more investments from US
Hurriyet Daily News | March 30, 2022
Erdogan calls for Russia-Ukraine cease-fire ahead of Istanbul peace talks
YeniSafak | March 29, 2022
Turkey expects positive developments in ties with Greece: Akar
DAILY SABAH | March 28, 2022
Israeli Prime Minister Bennett may visit Turkey: President Erdogan
DAILY SABAH | March 25, 2022

UAE, Turkey discuss boosting private sector investments
TradeArabia | March 24, 2022
Erdogan to visit Belgium for extraordinary NATO summit
DAILY SABAH | March 23, 2022
US' envoy to UN welcomes Turkish, Israel presidents' meeting in Ankara
YeniSafak | March 22, 2022
Turkish FM addresses diplomats’ meeting in UAE
Hurriyet Daily News | March 21, 2022
Turkey sends humanitarian aid to Lebanon
Hurriyet Daily News | March 20, 2022
US appreciates Turkey’s mediation in Ukraine crisis
Hurriyet Daily News | March 19, 2022
Turkey-US economic ties could get to ‘higher standards’
Hurriyet Daily News | March 19, 2022
Turkish, Algerian parliaments form friendship committee
DAILY SABAH | March 16, 2022
Turkish trade delegation to hold meetings in US
Hurriyet Daily News | March 15, 2022
Uganda eager to continue growing cooperation with Turkey: FM Odongo
Defense News | March 12, 2022

Energy

Turkey of pivotal importance in EU’s energy diversification: EU Official
DAILY SABAH | April 22, 2022
Sakarya Gas Field to get investment of $10 billion
Hurriyet Daily News | April 21, 2022
Turkey to extend incentives for $10B Black Sea gas field development
DAILY SABAH | April 20, 2022
Pressure piles on Turkish energy importer amid soaring costs
DAILY SABAH | April 15, 2022
Algerian LNG vessel arrives in Turkiye
Anadolu Agency | April 13, 2022
Turkey looks to curb energy imports through nuclear power, local gas
DAILY SABAH | April 12, 2022
Iraq ready to supply 500 MW of electricity imported from Turkey in summer
RUDAW | April 12, 2022

Turkiye's daily power consumption down 1.01% on April 8
Anadolu Agency | April 09, 2022
Turkey joins IEA-led action to release 120M oil barrels to cool prices
DAILY SABAH | April 08, 2022
Turkiye's Yavuz drill ship to set sail for milestone operation in Sakarya gas field
Anadolu Agency | April 07, 2022
Turkey among 4 nations with high offshore wind energy potential: GWEC
DAILY SABAH | April 05, 2022
Turkey’s Karpowership to send 5th floating power plant to Cuba
DAILY SABAH | April 04, 2022
Turkey’s daily wind power generation hits all-time high
DAILY SABAH | April 03, 2022
Turkey hikes natural gas prices for industry, households
DAILY SABAH | April 01, 2022
Gas pipeline with Israel not possible in short term: Turkey
DAILY SABAH | March 31, 2022
KRG in Iraq to start energy exports to Turkey soon: PM Barzani
DAILY SABAH | March 29, 2022
Turkey labeled strategic energy hub for Europe amid Ukraine crisis
DAILY SABAH | March 27, 2022

Coal mines can host enough solar panels to power 7M Turkish homes
DAILY SABAH | March 23, 2022
Solar plant in central Turkey cuts gas imports by $30M from 2019
DAILY SABAH | March 22, 2022
Turkey, EU can jointly put clean transition strategy to reduce gas imports
DAILY SABAH | March 15, 2022
Turkey could ‘easily’ transmit Israeli gas abroad: Dönmez
DAILY SABAH | March 13, 2022
Turkey best option for East Med gas transit to Europe: Experts
DAILY SABAH | March 10, 2022

Financial Services

Turkish central bank revises regulations on reserve requirements
DAILY SABAH | April 24, 2022
Turkish Central Bank revises reserve requirement regulation
YeniSafak | April 23, 2022
Turkish FinMin meets representatives of top US firms
YeniSafak | April 20, 2022
Turkish central bank holds rate at 14% despite inflation fears
Gulf Times | April 14, 2022
Boosting Financial and Investment cooperation with Turkish counterparts: BAB
BIZ Bahrain | April 11, 2022

Turkey’s inflation jumps to 20-year high as energy prices surge
Gulf Times | April 05, 2022
Turkey inflation hits 61% climbing to new 20-year high
MEMO | April 04, 2022
Turkiye affected by global economic challenges: President
Anadolu Agency | April 02, 2022

Central government gross debt stock at $209 bln in February
Hurriyet Daily News | March 23, 2022
Turkish economy growing in ‘balanced way’: Minister
Hurriyet Daily News | March 21, 2022
Int'l demand for Turkey's dollar bonds at more than triple issue size
YeniSafak | March 18, 2022
Turkish private sector’s foreign debt down in January
Hurriyet Daily News | March 17, 2022
Turkish lira weakens for ninth day, data shows economic woes
Shafaq News | March 11, 2022
Turkish bank, IFC ink $100M loan deal to support women's employment
DAILY SABAH | March 10, 2022

Travel and Tourism

Antalya gears up for ‘most dynamic’ Eid holiday as bookings boom
DAILY SABAH | April 24, 2022
Turks’ tourism spending soars in 2021 but still below pre-pandemic period
DAILY SABAH | April 22, 2022
Demand still strong for sailing holidays this summer
Hurriyet Daily News | April 20, 2022
Turkish Airlines, GOL in codeshare, loyalty agreement
TradeArabia | April 19, 2022
Turkey expects high tourism movement during Ramadan Bayram
DAILY SABAH | April 17, 2022

Turkey to lure budget-conscious travelers this year: Study
Hurriyet Daily News | April 09, 2022
Huge cruise ship docks at Turkey's Kusadasi with 2,460 on board
DAILY SABAH | April 07, 2022
France removes Turkey from COVID-19 travel restriction list
DAILY SABAH | April 05, 2022
Istanbul tops Mena’s list of preferred destinations
TradeArabia | April 04, 2022
Turkey ranked 4th on world tourism list in 2021
Hurriyet Daily News | March 30, 2022
British tourists arrive at Bodrum airport after two-year hiatus
Hurriyet Daily News | March 29, 2022
Turkiye entices growing number of Serbian tourists as arrivals soar: Envoy
Anadolu Agency | March 25, 2022
Turkey, Russia could opt for ruble-lira exchange for tourism
DAILY SABAH | March 25, 2022

Some 2,400 years old city walls to be brought to tourism
Hurriyet Daily News | March 24, 2022
Russian oligarch Abramovich’s 2nd superyacht docks in Turkey
DAILY SABAH | March 22, 2022
Winter summit endeavors to unearth Turkish ski tourism potential
DAILY SABAH | March 21, 2022
Turkey sees over 1.5M foreign tourist arrivals in February
YeniSafak | March 21, 2022
New touristic sea route to connect Turkey to Israel, Lebanon, Libya
DAILY SABAH | March 20, 2022
SunExpress returns profit, aims to shoulder Turkish tourism
DAILY SABAH | March 15, 2022
Turkey's ancient city Ani visited by 34,500 tourists in 2 months
DAILY SABAH | March 14, 2022

Industry and Digital Economy

Coinbase in talks to buy Turkey’s BtcTurk for about $3.2B: Report
DAILY SABAH | April 22, 2022
Turkish fintech startup Mükellef seals investment deal at $20M valuation
DAILY SABAH | April 22, 2022
Top shareholder says $8.6B invested in Istanbul Airport so far
DAILY SABAH | April 18, 2022
Turkcell, Ericsson partner for digital transformation
TradeArabia | April 17, 2022
Turkey exports $56.8B tech-oriented products in Jan-March
DAILY SABAH | April 11, 2022

Turkish digital entertainment platform raises $2M funding
DAILY SABAH | April 08, 2022
Minister unveils major investment plans for transport infrastructure
Hurriyet Daily News | April 06, 2022
EXCLUSIVE: Technology investments between Qatar-Türkiye to grow, says President of Türkiye’s Investment Office
Doha News | April 05, 2022
E-commerce meeting in Turkey generates $1.5B trade volume
YeniSafak | April 02, 2022
Turkey's Borusan Holding plans 12 bln lira investment
Reuters | March 31, 2022
Kalyon cements top Istanbul Airport shareholder spot as Limak, Mapa exit
DAILY SABAH | March 29, 2022
Turkey’s Gözen orders 100 eVTOL air taxis from lessor Avolon
DAILY SABAH | March 29, 2022
Top UAE-Turkish contractors set for key Dubai roundtable
TradeArabia | March 27, 2022

Turkish wealth fund, Abu Dhabi’s ADQ set up $300 million tech fund
DAILY SABAH | March 24, 2022
Turkish company to begin implementing Al-Anbar airport project
Shafaq News | March 24, 2022
New regulation in Turkey revs up support for EV charging stations
DAILY SABAH | March 22, 2022
Istanbul to host preeminent home-textile trade fair in May
TradeArabia | March 21, 2022
Turkish president announces ‘digital mobilization’
Hurriyet Daily News | March 21, 2022
Turkish food giant Ülker enters UAE in online foray into MENA region
DAILY SABAH | March 21, 20221
Turkey holds potential to create its own Silicon Valley: Erdogan
DAILY SABAH | March 21, 2022
Turkish firms to display latest space, satellite tech at Satellite 2022
DAILY SABAH | March 20, 2022
Turkish students’ satellite to be launched with NASA's facilities
Anadolu Agency | March 19, 2022
Turkish manufacturers, exporters see huge opportunities in Africa
DAILY SABAH | March 18, 2022
UK, Turkey agree clean transport deal worth $2.3 billion
Hurriyet Daily News | March 18, 2022
Turkish startup Getir becomes Europe's 1st grocery delivery decacorn
Anadolu Agency | March 17, 2022
House sales in Turkey surge 20%, backed by foreign purchases
DAILY SABAH | March 15, 2022
Turkey, US joint venture Ford Otosan acquires Ford Romania shares
DAILY SABAH | March 14, 2022

Defense and Aerospace

Anti-PKK op in Iraq marks first engagement for Turkish combat Akinci drone
DAILY SABAH | April 24, 2022
Success at its best: The Turkish defense industry
DAILY SABAH | April 22, 2022
Turkish, Tajikistani defense chiefs sign Military Framework Agreement
YeniSafak | April 21, 2022
Turkey continues to bombard northern Iraq
MNA | April 20, 2022
Turkey says its warplanes hit Kurdish militant targets in northern Iraq
Arab News | April 18, 2022
Slovakia considers buying Turkish Bayraktar TB2 combat drones
DAILY SABAH | April 14, 2022
Turkey integrates Anka UCAVs with radar to detect stray mines in Black Sea
DAILY SABAH | April 13, 2022
Serbia wants to buy Bayraktar drones from Turkey: President
YeniSafak | April 12, 2022
Turkey FM: Canada may follow UK in lifting ban on arms exports amid Ukraine war
MEMO | April 10, 2022

Turkish, Italian, British defense ministers discuss Ukrainian territorial integrity
YeniSafak | April 09, 2022
Turkey delivers ATAK helicopter to Philippines
Hurriyet Daily News | April 07, 2022
Turkish development agency calls for int'l cooperation at WindEurope
DAILY SABAH | April 07, 2022
Turkish defense firms to attend fair in Chile
Hurriyet Daily News | April 05, 2022
Turkey’s Havelsan to export commando training simulator to Malaysia
DAILY SABAH | April 03, 2022
Turkish defense giants to showcase products in Latin America
Anadolu Agency | April 02, 2022
Turkey and Italy hint at return to SAMP/T air defense efforts
Defense News | April 01, 2022
Turkey wants to buy up to 100 South Korean tank engines
Defense News | March 29, 2022
Otokar aims to strengthen its presence in Asia-Pacific
TradeArabia | March 28, 2022
Turkish defense industry to take stage at major Asian fair
DAILY SABAH | March 27, 2022
Turkish leader spoke with France, Italy about co-producing Eurosam missiles: Top Turkish diplomat
Anadolu Agency | March 26, 2022
Turkish firm to showcase advanced defense technologies in Kuala Lumpur
Anadolu Agency | March 25, 2022

Ankara urges US to supply F-35 jets, Patriot systems ‘without preconditions’
Hurriyet Daily News | March 24, 2022
Turkey says idea to send its S-400s to Ukraine 'quite unrealistic’
DAILY SABAH | March 24, 2022
Turkish defense firm exhibiting naval projects, UAV systems at fair in Qatar
YeniSafak | March 22, 2022
Maritime defense fair DIMDEX kicks off in Qatar with huge participation from Turkey
DAILY SABAH | March 21, 2022
Turkey’s unmanned vessel to showcase at Qatar fair
Hurriyet Daily News | March 21, 2022
Turkey’s Borsa Istanbul ends week with record
Hurriyet Daily News | March 20, 2022
U.S. suggested Turkey transfer Russian-made missile system to Ukraine
Reuters | March 20, 2022
Turkiye ‘very important for the defense of NATO’s eastern flank’: Netherlands
Anadolu Agency | March 19, 2022
Turkish defense industry racing ahead with great success
DAILY SABAH | March 18, 2022
Turkey's Nurol Makina opens 1st company abroad in Hungary
DAILY SABAH | March 17, 2022
Turkey delivers 1st batch of tanks developed with Indonesia
DAILY SABAH | March 15, 2022
Interest in Turkey’s defense industry increasing, official says
Hurriyet Daily News | March 13, 2022
Time to lift ‘unjust’ bans on Turkey’s defense sector: Erdogan to Biden
DAILY SABAH | March 11, 2022

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